The electoral bonds scheme: The scheme was introduced in 2017 by the then Finance Minister Sh. Arun Jaitley. These were introduced through The Finance Bill 2017-18 and were classified as a Money Bill, Thus exempted from the compulsory requirement of being passed in the Upper House ( Rajya Sabha). The Finance Minister also proposed to amend the RBI Act for the issue of electoral bonds and their political funding.It allowed industries, corporate groups, and individuals to fund and donate money to any political party. The amount may be any or unlimited amount and it is done anonymously i.e. the name and identity of the individual or corporate group will not be disclosed with anyone not even with The Election Commission of India.Features·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-free, Promissory Note.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donations from individuals and corporate groups.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anonymity.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed within 15 days of issuance.What if the 15-day deadline (to redeem the electoral bond) is not met?The main feature of these electoral bonds is that they can be redeemed within 15 days of their issuance.If the 15-day deadline (to redeem the electoral bond) is over then neither the Donor nor the Political party gets the refund, in that case, the amount automatically goes to the Prime Minister Relief Fund.Which Political Party is eligible to receive the Electoral bond?<ul><li>Those political parties registered under Section 29A of the Representation of the People Act 1951.</li><li>Political parties which secured not less than 1% of the votes polled in the previous General election to Lok Sabha or the Legislative Assembly of the state.</li></ul>If all the above conditions are met then those political parties are eligible to receive the electoral bond.From where these bonds are issued and encashed?<ul><li>These bonds are issued and encashed through the State Bank of India only. No other bank other than SBI can issue these bonds.</li><li>Even they are not available in all the branches of the State Bank of India but only in authorized branches.</li><li>These are available for purchase for a period of 10 days in January, April, July, and October each</li><li>The additional 30-day period in general election year.</li></ul>What is the minimum value to purchase/issue the electoral bond?Any value in the multiples of ₹1000, ₹10000, ₹100000, ₹1000000, ₹10000000.

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