Which of the following statements is are correct with respect to the Electoral Bonds 1 Elector...........

Indian Polity Elections

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Which of the following statements is/are correct with respect to the Electoral Bonds?

1. Electoral Bonds will be issued from the Specified Branches of the State Bank of India (SBI).

2. The party can convert these bonds back into money via their bank accounts.

Codes:

1 only

2 only

Both 1 and 2

None

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Explanation:

• Electoral Bond is a financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash).
• 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 the Specified Branches of the State Bank of India (SBI).
• These bonds shall be redeemable in the designated account of a registered political party within the prescribed time limit from issuance of bond.
• The bonds will likely be bearer bonds and the identity of the donor will not be known to the receiver.
• The party can convert these bonds back into money via their bank accounts. The bank account used must be the one notified to the Election Commission and the bonds may have to be redeemed within a prescribed time period.