SBP POLICY ON DONATIONS AND FINANCIAL CONTRIBUTIONS
SBP thanks you for your interest in donating to SBP. Please read this section before contributing.
WHO CAN CONTRIBUTE
Eligibility to contiribute funds to SBP
As a political party registered under section 29A of the Representation of Peoples Act 1950, SBP must comply with all relevant Indian laws on how funds can be received and how these funds are to be reported. The following requirements are based on these laws. However, these do not intended to substitute for the laws. If in doubt, please check the relevant law.
Only Indian citizens (including NRIs) and companies that are permitted to donate to political parties under the Indian law (e.g. companies registered in India: the nationality of the shareholders of companies registered in India is not relevant ) can donate to SBP. Provided that where the nominal value of share capital is within the limits specified for foreign investments under the Foreign Exchange Management Act, 1999, or the rules and regulations made thereunder, then, notwithstanding the nominal value of the share capital of a company being more than one half of such value at the time of making the contribution, such company shall not be deemed a foreign source under the Foreign Contribution (Regulation) Act 2010 (FCRA).
No other person or entity should attempt to donate to SBP. Overseas Indian Citizens are NOT able to donate (OCI’s can, however, apply for honorary membership of the party, i.e. without payment of a membership fee).
SBP has a question to check citizenship before you donate. We cannot take responsibility for any payment received from a non-eligible source. If any such funding is identified, SBP will take all reasonably practical steps to return the funds.
Identity requirements
Please note that any donations of Rs.10,000 or above in a financial year require the identity of the donor to be clearly provided to the party, and donations of Rs.20,000 or more in a financial year also require the PAN number to be provided.
HOW TO CONTRIBUTE
Payment gateway for NEFT and credit card payments:
SBP has an agreement with CCAvenue to process payments, including from credit cards and internet banking (NEFT). Please pay here: http://swarnabharat.in/donate. Please note that credit cards issued abroad are not accepted. NRIs should consider alternative options to pay SBP.
Cash contributions
SBP is building systems to receive membership fee of Rs.100 (or Rs.11), in cash, from those who are unable to register online. These persons will be provided a “kuccha” receipt at first and a printed receipt and membership number within a few weeks of receipt of cash from them.
However, SBP current does not receive cash donations. In the future, when robust systems are developed, we may accept small amounts (say, of up to Rs.1000) in cash. Cash payments impose a very large administrative cost on SBP, and we would like to minimise such costs.
Donations in kind
We welcome donations in kind, by which you choose to spread SBP’s message personally through the social media or other means, or to support the local units of SBP in any way you can, such as by providing a venue for meetings, etc.
Direct NEFT payment
We do not recommend that you pay SBP’s bank account directly using NEFT. If, however, you do so, please ensure you you send an email to info@swarnabharat.in providing as many details as possible of your donation/ membership fee payment. Without such notification, we are unable to reconcile your payment and issue you with a receipt.
HOW TO CLAIM INCOME TAX EXEMPTION
Valid donors to SBP are eligible to deduct the entire contribution from their income for purposes of income tax under sections 80GGB & 80GGC of the Income Tax Act. To avail of the 80GGC tax exemption you must pay through cheque, demand draft or internet banking. Cash payments are not eligible for rebate. Also, donations in kind are not entitled to any tax benefit. You will need a receipt from SBP to avail your income tax rebate.
DISCLOSURE OF DONATIONS
All donations received to date are listed here: http://swarnabharat.in/sbp-donor-list. Details of donors will be provided to the Election Commission in Form 24A of the Representation of People Act 1950.
