UPSC Express

The concept of electoral bonds was introduced by Mr. Jaitley during his Budget 2017 speech in order to bring some transparency to the electoral funding process.

• These bonds have to be authorised under a scheme under the Income Tax Act.
• It will open for a limited period of time during the elections, or maybe a little before the elections.
• A bond can be purchased by any donor only by cheque or electronic payment, only at authorised banks.
• These bonds can be donated only to a political party. These are redeemable in only one account of that party, registered with the Election Commission.