Government Issues Details of Electoral Bonds

To curb the use of illegal money in politics, the finance ministry has notified the details of the proposed electoral bonds. Donors will be able to buy these through select SBI branches The bonds will be available for 10 days in January, April, July and October. This period will be extended to 30 days in the year general elections are held. The donors will have to buy in multiples of ` 1,000, ` 10,000, ` 1 lakh, ` 10 lakh or ` 1 crore. These will be interest-free instruments resembling promissory notes; SBI will be the custodian of the funds until the parties are paid. The name of the payee will not appear on the bonds, though the donors will have to make KYC disclosures to SBI.