(A) The aim of this scheme is to bring about transparency in the funding process of political parties.
(B) Only the political parties recognized by the Election Commission which secured not less than two percent of the votes polled in the last general election to the House of People or the Legislative Assembly of the State shall be eligible to receive the Electoral Bonds.
(C) Electoral Bonds shall be valid for fifteen calendar days from the date of issue.
(D) The Electoral Bond deposited by an eligible political party in its account shall be credited on the same day.
Which of the above statements are correct?
Correct Answer: (d) Only (A), (C) and (D)
Solution:The Electoral Bond scheme was notified by the Government of India on 2nd January 2018.
Electoral Bond may be purchased by a person, who is a citizen of India, or incorporated or established in India. A person being an individual can buy electoral Bonds, either single or joining with other individuals.
Only the Political Parties registered under Section 29 of the Representation of People Act, 1951 and which secured not less than 1% of the votes polled in the last General Election to the House of the People or the legislative assembly of the state, shall be eligible to receive the Electoral Bonds.
It may be noted that the Electoral Bond shall be valid for 15 days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after the expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.
State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds through its 11 Authorised Branches. The move is expected to bring the much-required transparency in the funding process of the Political Party.
