What are the key components of the electoral bonds scheme in India
The question pertains to the electoral bonds scheme in India and seeks to understand its key components.
The electoral bonds scheme in India has the following key components:
- Issuer: Electoral bonds are issued by notified banks, authorized by the government.
- Denominations: Electoral bonds are available in various denominations, ranging from INR 1,000 to INR 1 crore.
- Eligible buyers: Only individuals and entities who are eligible to make donations to political parties as per the Representation of the People Act, 1951, can buy electoral bonds.
- Validity: These bonds have a tenure of 15 days, during which they can be used to make donations to political parties.
- Anonymity: The scheme allows for the donation to be made anonymously, as the donor's identity is kept confidential.
- Redemption: Electoral bonds can be redeemed only by political parties through their authorized bank accounts within a specific time frame.
- Transparency: The government periodically releases reports on the value and volume of electoral bonds issued to promote transparency.
- Regulatory oversight: The scheme is regulated by the Reserve Bank of India and the Election Commission of India to maintain accountability and prevent misuse.
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