- Tag results for Electoral Bonds
Maintaining that the anonymity of the donors is maintained, the finance ministry in a statement said the random serial number on the bonds is not visible to naked eye.
The bonds will be sold at main branches of SBI in four metro cities -- New Delhi, Mumbai, Kolkata and Chennai.
Though the EC had expressed its reservations earlier, the new Chief Election Commissioner (CEC) O P Rawat said the commission was preparing the final paper and would reveal it soon.
Electoral bonds would be issued for a certain value denominations from the specified branches of the State Bank of India.
The plea claimed that government's decision entitles political parties to receive unlimited donations without recording its source.
The Supreme Court sought the Centre's response on a plea by the CPI(M) and its general secretary Sitaram Yechury challenging the government's decision on issuing electoral bonds.
CPI-M General Secretary Sitaram Yechury pitched for state funding of political parties and a ban on flow of corporate funds directly to them.
Congress spokesperson Manish Tewari said the electoral bond scheme was an exercise in ensuring that the ruling party garners all the funds.
In a Facebook post, Jaitley said the conventional practice of funding the political system was to take donations as well as undertake expenditures in cash.
Introduction of electoral bonds underline the government's commitment on electoral reforms, and, curbing corruption and black money in politics, BJP chief Amit Shah said.
To prevent misuse of proposed electoral bonds, the government is likely to cap the validity at 15 days within which such bonds -- bearer in nature -- have to be redeemed by political parties.
The government today said it will go ahead with electoral bonds even if consensus eludes on the issue as political parties have not come up yet with any suggestion on the proposal.