In India Electoral Bonds are being pitched as an alternative to cash donations made to political par...........

Indian Polity Elections

In India, Electoral Bonds are being pitched as an alternative to cash donations made to political parties and bring transparency in political funding. In this context, consider the following statements:

Electoral Bonds were introduced in the Union Budget 2017-18.
There is compulsion of KYC fulfilment before issuing the Electoral Bonds.
The funding through Electoral Bonds has been made available only to political parties with minimum one per cent of the votes polled in the last general election to the House of the People or a Legislative Assembly.

Which of the statements given above is/are correct?

3 only

1&3 only

2&3 only

All of the above

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Explanation:

Statement 1 is correct: Electoral Bonds were introduced in Union budget 2017-18.Umder which a citizen of India or a body incorporated in India will be eligible to purchase the bond. Electoral Bond (s) would be issued/purchased for any value, in multiples of Rs. 1,000, Rs. 10,000, Rs. 1,00,000, Rs. 10,00,000 and Rs. 1,00,00,000 from specified Branches of the State Bank of India (SBI).

Statement 2 is correct: The purchaser would be allowed to buy Electoral Bond(s) only on due fulfilment of all the extant KYC norms and by making payment from a bank account. It will not carry the name of payee.

Statement 3 is correct: Electoral Bonds would have a life of only 15 days during which it can be used for making donation only to the political parties registered under section 29A of the Representation of the People Act, 1951 and which secured not less than one per cent of the votes polled in the last general election to the House of the People or a Legislative Assembly.