Which of the following statements about the electoral bonds is are incorrect ........

Indian Polity Elections

Which of the following statements about the electoral bonds is/are incorrect?

The Government of India (GoI) has recently notified that the State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds.

The bonds will be issued in multiples of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs. 10 lakh and Rs. 1 crore.

As per provisions of the Electoral Bond Scheme 2018, Electoral Bonds may be purchased by a person who is a citizen of India or incorporated or establiished in India.

All political parties shall be eligible to recieve the Electoral Bonds.

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Explanation:

The fourth statement is incorrect as the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than 1% of the votes polled in the most recent Lok Sabha or State election , shall be eligible to receive the Electoral Bonds.

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.