The 19ṭh tranche of electoral bonds, which have been pitched as an alternative to cash donations, were on sale, ahead of the upcoming Assembly elections in five States.
- In the past, the Supreme Court has raised the possibility of misuse of money received by political parties through electoral bonds.
- This may defeat the original idea of the introduction of these bonds to bring transparency in electoral funding and keep a check on the criminalization of politics.
About Electoral Bonds:
- These bonds are issued in multiples of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs. 10 lakh and Rs. 1 crore without any maximum limit.
- State Bank of India is authorised to issue and encash these bonds, which are valid for fifteen days from the date of issuance.
- These bonds are only redeemable in the designated account of a registered political party.
- The bonds are available for purchase by any citizen of India for a period of ten days each in the months of January, April, July and October as may be specified by the Central Government.
- A person being an individual can buy bonds, either singly or jointly with other individuals.
- The donor’s name is not mentioned on the bond.