Political system in India
Ahead of Karnataka assembly elections, the government approved issuance of electoral bonds on April 3.
About Electoral Bond:
- The government announced the Electoral Bond Scheme, on January 2, 2018.
- Electoral Bond is a financial instrument for making donations to political parties.
- The bonds are issued in multiples of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs. 10 lakh and Rs. 1 crore without any maximum limit.
- State Bank of India is authorised to issue and encash these bonds, which are valid for fifteen days from the date of issuance.
- These bonds are redeemable in the designated account of a registered political party.
