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Consider the following about Electoral bonds in India.
1) It can be purchased by any citizen of India or a body incorporated in India.
2) The electoral bonds will not bear the name of the donor.
3) It will be available at all commercial banks, small banks and payment banks.
4) It will be payable to the bearer on demand and free of interest.
Select the Solution using the codes below.
1, 2 and 3 only
1, 2 and 4 only
3 and 4 only
1, 2, 3 and 4
An electoral bond is designed to be a bearer instrument like a Promissory Note — in effect, it will be similar to a bank note that is payable to the bearer on demand and free of interest. It can be purchased by any citizen of India or a body incorporated in India. The electoral bonds will not bear the name of the donor. Statement 3: 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. Donors can donate the bonds to their party of choice which can then be cashed in via the party’s verified account within 15 days. Every party that is registered under section 29A of the Representation of the Peoples Act, 1951 (43 of 1951) and has secured at least one per cent of the votes polled in the most recent Lok Sabha or State election will be allotted a verified account by the Election Commission of India. Electoral bond transactions can be made only via this account.
By: Parvesh Mehta ProfileResourcesReport error
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