Details of Electoral Bonds submitted by SBI Part- I and II

Electoral bonds were introduced by the Ministry of Finance, Government of India, in the year 2018. These, as per the Ministry’s Department of Economic Affair, were “bearer instrument[s] in the nature of a promissory note” on which no interest was payable. A bond could be bought singly or jointly by a citizen of India or a company, firm or association incorporated or established in the county. It could only be used to donate to political parties recognised under the Representation of the People Act, 1951, which had secured at least one per cent of the votes polled in the last general elections to the Lok Sabha or a Legislative Assembly.The State Bank of India (SBI) was the body authorised for the issue and encashing of electoral bonds. These bonds – issued in denominations of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs...