The maiden problem opened for subscription for 10 days starting March 1.
“The amount gathered from the sale of electoral bonds less than the very first problem of the scheme is Rs 222 crore as on March 9, 2018,” minister of state for finance P Radhakrishnan claimed in a created reply in Lok Sabha.
Finance minister Arun Jaitley introduced ‘electoral bonds’ in Union Finances 2017-18 as a measure to cleanse the funding to political get-togethers. Contrary to financial debt instruments, these bonds resemble promissory notes, which enable donors to shell out political get-togethers with banking companies as an middleman.
The bonds are obtainable for sale at designated branches of Point out Lender of India.
“SBI is the only authorised bank to problem and encash the Electoral Bearer Bonds less than the scheme,” he claimed.
To a independent issue, he claimed the Electoral Bond Scheme was notified in January this 12 months. The very first problem opened this month in place of January. Bonds were being obtainable for buy from March 1-10.
The curiosity-no cost banking instrument can be bought by a citizen of India or a human body included in India, he claimed.
“Tenor of electoral bonds is for 15 days all through which it can be utilized for producing a donation only to registered political get-togethers which have secured not fewer than just one per cent of the votes polled” in the previous Lok Sabha or assembly election, he claimed.
The minister claimed bonds less than the scheme shall be obtainable for buy for a interval of 10 days every in January, April, July, and Oct.
An additional interval of 30 days shall be specified by the central govt in the 12 months of normal election.
“The Electoral Bond Scheme is to deliver anonymity to the donors but at the exact same time build a transparent political funding system,” he claimed.
The bonds can be bought only after producing payment as a result of a KYC compliant account.
They can be encashed by an suitable political party only as a result of a designated bank account with the authorised bank.
“Electoral Bond is envisaged as an additional banking instrument for supplying donations to registered political get-togethers,” he added.
An electoral bond will be legitimate for 15 days from the day of problem. No payment would be built to any payee political party if the bond is deposited after the expiry of the validity interval.
The bond deposited by any suitable political party into its account would be credited on the exact same day.