Mindyard | The government has amended the Electoral Bond Scheme, 2018. The Ministry of Finance on November 7, 2022, issued a notification for amending the scheme to provide “an additional period of 15 days” for their sale “in the year of general elections to the Legislative Assembly of any States or Union Territories with Legislature”. The bonds under this scheme are usually made available for purchase by any person for a period of ten days each in the months of January, April, July, and October, when specified by the Union Government. The original scheme had provided for an additional period of thirty days, as specified by the Government, in the year when Lok Sabha elections are held, while the amendment adds another 15 days. Since Assembly elections to various States and Union Territories are held every year, the amendment effectively means that there will be 15 additional dates annually during which the bonds can be sold. Immediately after issuing the notification, the Union Government also announced the sale of electoral bonds under the 23rd tranche from the 9th to 15th of November 2022. The notification said the sale of bonds would take place through the 29 authorised branches of the State Bank of India. The notification said the sale of bonds would take place through the 29 authorised branches of the said bank from November 9 to November 15, 2022. Like in previous rounds of sale, the electoral bonds shall be valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible political party in its account shall be credited on the same day. [Extracted, with edits and revisions, from “Electoral Bonds Scheme Amended To Allow Sale for Additional 15 Days in Assembly Election Years”, by Gaurav Vivek Bhatnagar,The Wire] Assad buys an electoral bond worth 1,00,000/- on November 9, 2022 and plans to give the bond to the Popular People’s Party (the “PPP”), which he has been supporting for many years. On November 10, he must travel out of station on some urgent business, and he only hands the bond over to a representative of the PPP on November 14, 2022. The PPP’s representative deposits the bond in the Party’s account on November 16, 2022, but the bank refuses to credit the bond to the party’s account, on the grounds that it was no longer valid. Is the bank correct? No, since Assad was a long-time supporter of the PPP., Yes, since the bonds were only issued from November 9 to November 15, 2022 and were invalid after that., Yes, since the party representative had not deposited the bond with an authorised branch of the bank., No, since the bond was valid on November 16, 2022.

The government has amended the Electoral Bond Scheme, 2018. The Ministry of Finance on November 7, 2022, issued a notification for amending the scheme to provide “an additional period of 15 days” for their sale “in the year of general elections to the Legislative Assembly of any States or Union Territories with Legislature”. The bonds under this scheme are usually made available for purchase by any person for a period of ten days each in the months of January, April, July, and October, when specified by the Union Government. The original scheme had provided for an additional period of thirty days, as specified by the Government, in the year when Lok Sabha elections are held, while the amendment adds another 15 days.

Since Assembly elections to various States and Union Territories are held every year, the amendment effectively means that there will be 15 additional dates annually during which the bonds can be sold. Immediately after issuing the notification, the Union Government also announced the sale of electoral bonds under the 23rd tranche from the 9th to 15th of November 2022.

The notification said the sale of bonds would take place through the 29 authorised branches of the State Bank of India. The notification said the sale of bonds would take place through the 29 authorised branches of the said bank from November 9 to November 15, 2022. Like in previous rounds of sale, the electoral bonds shall be valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible political party in its account shall be credited on the same day.

[Extracted, with edits and revisions, from “Electoral Bonds Scheme Amended To Allow Sale for Additional 15 Days in Assembly Election Years”, by Gaurav Vivek Bhatnagar,The Wire]

Assad buys an electoral bond worth 1,00,000/- on November 9, 2022 and plans to give the bond to the Popular People’s Party (the “PPP”), which he has been supporting for many years. On November 10, he must travel out of station on some urgent business, and he only hands the bond over to a representative of the PPP on November 14, 2022. The PPP’s representative deposits the bond in the Party’s account on November 16, 2022, but the bank refuses to credit the bond to the party’s account, on the grounds that it was no longer valid. Is the bank correct?

Options

No, since Assad was a long-time supporter of the PPP.

Yes, since the bonds were only issued from November 9 to November 15, 2022 and were invalid after that.

Yes, since the party representative had not deposited the bond with an authorised branch of the bank.

No, since the bond was valid on November 16, 2022.