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Consider the following statements with reference to Electoral Bonds:
1. The maximum limit for which the electoral bonds are issued is 5 crore.
2. Any National Bank is authorised to issue and encash these bonds.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements with reference to Electoral Bonds:1....
Understanding Electoral Bonds
Electoral bonds are a financial instrument launched by the Government of India to facilitate donations to political parties. However, there are specific regulations regarding their issuance and encashment.
Statement 1: Maximum Limit of Electoral Bonds
- The maximum limit for which electoral bonds can be issued is not 5 crore. Instead, electoral bonds can be issued in denominations of 1,000, 10,000, 1 lakh, 10 lakh, and 1 crore.
- Therefore, the statement claiming the limit is 5 crore is incorrect.
Statement 2: Issuance and Encashment
- Electoral bonds can only be issued by the State Bank of India (SBI), which is the sole authorized bank for this purpose.
- Hence, the statement that any national bank can issue and encash these bonds is incorrect.
Conclusion
Both statements provided in the question are incorrect.
- As a result, the correct answer to the question is option 'D' (Neither 1 nor 2).
This emphasizes the importance of understanding the regulations surrounding electoral bonds, especially for candidates and parties involved in the electoral process.
Electoral bonds are a financial instrument launched by the Government of India to facilitate donations to political parties. However, there are specific regulations regarding their issuance and encashment.
Statement 1: Maximum Limit of Electoral Bonds
- The maximum limit for which electoral bonds can be issued is not 5 crore. Instead, electoral bonds can be issued in denominations of 1,000, 10,000, 1 lakh, 10 lakh, and 1 crore.
- Therefore, the statement claiming the limit is 5 crore is incorrect.
Statement 2: Issuance and Encashment
- Electoral bonds can only be issued by the State Bank of India (SBI), which is the sole authorized bank for this purpose.
- Hence, the statement that any national bank can issue and encash these bonds is incorrect.
Conclusion
Both statements provided in the question are incorrect.
- As a result, the correct answer to the question is option 'D' (Neither 1 nor 2).
This emphasizes the importance of understanding the regulations surrounding electoral bonds, especially for candidates and parties involved in the electoral process.
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Community Answer
Consider the following statements with reference to Electoral Bonds:1....
Electoral Bonds
- These bonds are issued in multiples of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs. 10 lakh and Rs. 1 crore without any maximum limit. Hence statement 1 is not correct.
- State Bank of India is authorised to issue and encash these bonds, which are valid for fifteen days from the date of issuance. Hence statement 2 is not correct.
- These bonds are only redeemable in the designated account of a registered political party.
- The bonds are available for purchase by any citizen of India for a period of ten days each in the months of January, April, July and October as may be specified by the Central Government.
- A person being an individual can buy bonds, either singly or jointly with other individuals.
- The donor’s name is not mentioned on the bond.
- Donors who contribute less than Rs. 20,000 to political parties through purchase of electoral bonds need not provide their identity details such as PAN, etc.
- The central idea behind the electoral bonds scheme was to bring about transparency in electoral funding in India.
- The government had described the scheme as an “electoral reform” in a country moving towards a “cashless-digital economy”.
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Consider the following statements with reference to Electoral Bonds:1. The maximum limit for which the electoral bonds are issued is 5 crore.2. Any National Bank is authorised to issue and encash these bonds.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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