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TMI BlogIntroduction - Electoral Bond Scheme, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... l Bond (EB) would be a bearer instrument in the nature of a Promissory Note and an interest free banking instrument. A citizen of India or a body incorporated in India is eligible to purchase the bond. * Electoral bond would be issued for a certain value denominations from the specified branches of the State Bank of India (SBI). * Tenor of the Electoral Bonds is for 15 days during which it can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can be purchased only after making payment through a KYC compliant account. Further, the bond shall be encashed by an eligible political party only through a designated bank account with the authorised bank. Electoral Bond is envisaged as an additional banking instrument for giving donations to registered political parties. [ source ] Government has notified time to time press release in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bly of the State, shall be eligible to receive the Electoral Bonds. The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorised Bank. [ source ] Land Mark Judgement * As per land mark Judgement of the case Association For Democratic Reforms & Anr. Versus Union of India & Ors. - 2024 (2) TMI 812 - Supreme Court (LB) para No. 79. I, theref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties and the State Bank of India, which has issued the Bonds, and the bankers of the political parties and thereupon disclose the details and names of the donor/purchaser of the Bonds and the amounts donated to the political party. The said exercise would be completed as per the timelines fixed by the Hon'ble the Chief Justice; * (vi) Henceforth, as the Scheme has been declared unconstitutio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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