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The government introduced amendments to which of the following laws to introduce electoral bonds?
1. Representation of the People Act of 1951
2. Companies Act of 2013
3. Income Tax Act of 1961
Select the correct answer code:
- a)1, 2, 3
- b)1, 2
- c)2, 3
- d)1, 2
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
The government introduced amendments to which of the following laws to...
The correct answer is option 'A' - 1, 2, 3.
Explanation:
The government introduced amendments to the following laws to introduce electoral bonds:
1. Representation of the People Act of 1951:
The Representation of the People Act, 1951 is an act of the Parliament of India that provides for the conduct of elections of the Parliament of India and the State Legislatures. The government introduced amendments to this act to introduce electoral bonds.
2. Companies Act of 2013:
The Companies Act, 2013 is an act of the Parliament of India which regulates the incorporation, operation, and dissolution of companies in India. It is the primary legislation governing companies in India. The government introduced amendments to this act to introduce electoral bonds.
3. Income Tax Act of 1961:
The Income Tax Act, 1961 is the statute under which the government levies and collects income tax in India. It provides for the assessment of various types of income and the computation of tax liability. The government introduced amendments to this act to introduce electoral bonds.
Electoral bonds are financial instruments that can be purchased from specified branches of State Bank of India (SBI) by any person, who is a citizen of India or an entity incorporated or established in India. These bonds can be used to make donations to registered political parties. The objective of introducing electoral bonds was to bring transparency in political funding and reduce the use of cash for political donations.
The introduction of electoral bonds through amendments to the Representation of the People Act, 1951, Companies Act, 2013, and Income Tax Act, 1961 was aimed at streamlining the process of political funding and ensuring accountability and transparency in the use of funds by political parties. These amendments provided the legal framework for the issuance, use, and redemption of electoral bonds, and also specified the conditions and restrictions for the purchase and utilization of these bonds.
Explanation:
The government introduced amendments to the following laws to introduce electoral bonds:
1. Representation of the People Act of 1951:
The Representation of the People Act, 1951 is an act of the Parliament of India that provides for the conduct of elections of the Parliament of India and the State Legislatures. The government introduced amendments to this act to introduce electoral bonds.
2. Companies Act of 2013:
The Companies Act, 2013 is an act of the Parliament of India which regulates the incorporation, operation, and dissolution of companies in India. It is the primary legislation governing companies in India. The government introduced amendments to this act to introduce electoral bonds.
3. Income Tax Act of 1961:
The Income Tax Act, 1961 is the statute under which the government levies and collects income tax in India. It provides for the assessment of various types of income and the computation of tax liability. The government introduced amendments to this act to introduce electoral bonds.
Electoral bonds are financial instruments that can be purchased from specified branches of State Bank of India (SBI) by any person, who is a citizen of India or an entity incorporated or established in India. These bonds can be used to make donations to registered political parties. The objective of introducing electoral bonds was to bring transparency in political funding and reduce the use of cash for political donations.
The introduction of electoral bonds through amendments to the Representation of the People Act, 1951, Companies Act, 2013, and Income Tax Act, 1961 was aimed at streamlining the process of political funding and ensuring accountability and transparency in the use of funds by political parties. These amendments provided the legal framework for the issuance, use, and redemption of electoral bonds, and also specified the conditions and restrictions for the purchase and utilization of these bonds.
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Community Answer
The government introduced amendments to which of the following laws to...
Using the money bill route to bypass the Rajya Sabha, the government introduced regressive amendments to laws, including the Income Tax Act of 1961, the Companies Act of 2013, and the Representation of the People Act of 1951, to introduce electoral bonds.
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The government introduced amendments to which of the following laws to introduce electoral bonds?1. Representation of the People Act of 19512. Companies Act of 20133. Income Tax Act of 1961Select the correct answer code:a)1, 2, 3b)1, 2c)2, 3d)1, 2Correct answer is option 'A'. Can you explain this answer?
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