Electoral Bonds क्या होते हैं | Supreme Court of India's verdict on electoral bonds | #shorts
Channel: Prabh Academy
Date: 2024-02-17

Electoral Bonds क्या होते हैं | Supreme Court of India's verdict on electoral bonds | #shorts 


 *  Content  *

Electoral Bond used to be a mode of funding to political parties in India. The scheme of Electoral Bond was introduced in The Finance Bill, 2017 during Union Budget 2017-18. It was struck down as unconstitutional by the Supreme Court on 15 February 2024.
The election funding system, which was in place for seven years, was stopped with immediate effect by a five-judge bench headed by Chief Justice D. Y. Chandrachud, who directed the State Bank of India to stop issuing these bonds.
Although introduced in early 2017, the Department of Economic Affairs in Ministry Of Finance notified the Electoral Bond Scheme 2018 in a Gazette on 2 January 2018.
Electoral Bond is a type of instrument that functions like a Promissory Note and an interest-free banking tool. Any Indian citizen or organization registered in India can buy these bonds after fulfilling the KYC norms laid down by the RBI. 
It can be procured by a donor solely through the means of cheque or digital payments in various denominations, such as one thousand, ten thousand, one lakh, ten lakh, and one crore from specific branches of the State Bank of India (SBI). 
Within a span of 15 days of issuance, these electoral bonds can be redeemed in the designated account of a legally registered political party under the Representation of the People Act, 1951 (u/s 29A) which got at least 1% of the votes in the last election. 
The stanches of bonds will be available for purchase for 10 days in the month of January, April, July, and October with an additional time-frame of 30 days in the year of General Elections for Lok Sabha.

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