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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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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? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 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? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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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