Govt launches electoral bonds | Current Affairs, Current Affairs 2017

Govt launches electoral bonds

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Aiming to bring transparency in the electoral process and political funding, the Union Government has outlined the basic contours of the electoral bonds scheme.
Introducing the fund in Lok Sabha, Finance Minister Arun Jaitely said, ‘Electoral bonds 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 will be eligible to purchase the bond. The purchaser will be allowed to buy electoral bonds only on due fulfilment of all the extant KYC norms and by making payment from a bank account. It will not carry the name of the payee.’
These bonds available in multiples of ₹1,000, ₹10,000, ₹10 lakh, and ₹1 crore from specified branches of the State Bank of India (SBI). The bonds, aimed at increasing transparency in political funding, will have a life of 15 days during which they can be used to make donations to registered political parties that have secured not less than 1% of the votes polled in the last election to the Lok Sabha or Assembly. It is available for a period of 10 days each in the months of January, April, July and October.

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