In a bid to clean up election funding, Finance Minister Arun Jaitley today came out with contours of new 'electoral bonds' that can be bought from specified branches of SBI and used to donate money to political parties. The bearer instrument will not carry the name of the payee and can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore, he said in a statement in the Lok Sabha. Although called a bond, they will be interest-free debt instruments that resemble promissory notes where the SBI will be the custodian of the donor's funds until the political parties are paid.

In a bid to clean up election funding, Finance Minister Arun Jaitley today came out with contours of new 'electoral bonds' that can be bought from specified branches of SBI and used to donate money to political parties. The bearer instrument will not carry the name of the payee and can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore, he said in a statement in the Lok Sabha. Although called a bond, they will be interest-free debt instruments that resemble promissory notes where the SBI will be the custodian of the donor's funds until the political parties are paid.