Consider the following statements with reference to the Electoral Bond Scheme 2018 Only the Politica...........

Indian Polity Elections

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Consider the following statements with reference to the Electoral Bond Scheme 2018:

Only the Political Parties registered under Section 29A of the RPA 1951 and which secured not less than 1 % of the votes polled in the last General Election to the House of the People shall be eligible to receive the Electoral Bonds.
Electoral Bonds shall be valid for one year from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period.
The bonds will be issued in multiples of ?1,000, ?10,000, ?1 lakh, ?10 lakh and ?1 crore and will be available at specified branches of all the scheduled banks.

Which of the statements given above is /are incorrect?

1&2 only

2&3 only

1&3 only

All of the above

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Explanation:

Recently, Government of India has notified the Electoral Bond Scheme 2018. Only 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 the Legislative Assembly of the State shall be eligible to receive the Electoral Bonds. Hence statement 1 is correct. The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank. Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. Hence statement 2 is wrong. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day. The bonds will be issued in multiples of ?1,000, ?10,000, ?1 lakh, ?10 lakh and ?1 crore and will be available at specified branches of State Bank of India. They can be bought by the donor with a KYC-compliant account. Hence statement 3 is wrong.