Posted on : 03 Dec 2019Views: 505
- It is like a promissory note that can be bought by any Indian citizen or company incorporated in India from select branches of State Bank of India. The citizen can then donate the same to any eligible political party of his/her choice.
- Issued in multiple values of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore, these bonds can only be encashed by political parties, which had secured at least 1 per cent of the votes polled in the most recent Lok Sabha or state election.
- Monies received from electoral bonds will be deposited in a bank account verified by the Election Commission. All the transactions for electoral bonds can be done only through that account.
- Every party which is registered under section 29A of the Representation of the Peoples Act, 1951 and has secured at least 1% votes polled in the most recent Lok Sabha or State election will be eligible to receive fund through electoral bonds.
- Every donor has to provide his KYC detail to the banks.
- Name of electoral bond purchaser will be kept confidential by the banks.
- Electoral bonds will be valid for 15 days from the date of purchase.
- No interest will be given by the banks on these bonds.
- These bonds can be bought from selected branches of State Bank of India only.
- The banks will have full information about the purchasers of the Electoral bonds.
Article Related Questions
Electoral Bonds are always criticized for its lack of transparency; consider the following statements regarding these bonds
1.It is like a promissory note that can be bought by any Indian citizen or company incorporated in India.
2.Electoral bonds will be valid for 30 days from the date of purchase.
3.These bonds can be bought from selected branches of State Bank of India only.
Which of the following statement is/are correct?
1.1 and 2 only
2.2 and 3 only
3.1 and 3 only
4.1, 2 and 3
Right Ans : 1 and 3 only