Electoral Bonds Scheme

electoral bonds

Question-On January 2nd, 2018, the Central Government has notified the notification of ‘Electoral Bonds Scheme’. Consider the following statements related to this:
(i) Under this scheme, any citizen or company of the country can purchase election bonds ranging from one thousand rupees to one crore rupees from the Reserve Bank to fund the registered political parties.
(ii) Only those parties will be able to receive donations from electoral bonds which have received at least one percent of the votes in the previous Lok Sabha or state assembly elections.
(iii) Political parties will be able to get this election bond deposited in their fixed bank accounts.
Which of the above mentioned statements is / is correct?

(a) Only (i)
(b) (i) and (ii)
(c) (ii) and (iii)
(d) All of the above
Answer: (c)
Related Facts:

  • On January 2, 2018, the Central Government has issued the notification of ‘Electoral Bonds Scheme’.
  • It is notable that Finance Minister Arun Jaitley had announced the release of election bonds to make political funding transparent in the country in the budget speech of 2017-18.
  • Under this scheme, any citizen or company of the country can purchase election bonds from one thousand rupees to one crore rupees from select branches of State Bank of India (SBI) to fund donations to registered political parties.
  • These election bonds will be of one thousand rupees, ten thousand rupees, one lakh rupees, ten lakh rupees and one crore rupees.
  • The names of those who purchase electoral bonds will not be made public.
  • The information that to which party he will give to this bond will be secretive, its information will also be kept secret.
  • Political parties will be able to get this election bond deposited in their fixed bank account. The information of which it will have to give to the Election Commission.
  • Only those parties will be able to get the donation from electoral bonds, which have received at least one percent of the votes in the previous Lok Sabha or Vidhan Sabha elections.
  • The political parties will have to tell the Election Commission how much election funding has been received by them from the election bond.
  • These electoral bonds will be available for sale in January, April, July and October for 30 days in the general election year.
  • In these normal years, this bond will be available for sale only for 10 days in the said four months. The period of the bond will be 15 days.

Reference:
https://economictimes.indiatimes.com/news/politics-and-nation/with-electoral-bonds-on-table-take-the-full-steps/articleshow/62359803.cms
http://www.thehindubusinessline.com/news/national/finance-minister-arun-jaitley-announces-details-of-electoral-bonds-for-political-funding/article10008953.ece

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