CURRENT AFFAIRS

Detailed explanation-1: -The 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.

Detailed explanation-2: -The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank. 2. State Bank of India (SBI), in the XXIII Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) w.e.f. 09.11.

Detailed explanation-3: -The only political parties eligible to receive electoral bonds are those that are registered under Section 29A of the Representation of the People Act, 1951, and that received at least 1% of the votes cast in the most recent general election for the state’s legislative assembly or house of representatives.

Detailed explanation-4: -Electoral Bonds Scheme was launched in 2018 to to cleanse the political funding in India. The central idea behind the electoral bonds scheme is to bring about transparency in electoral funding in India.

Detailed explanation-5: -An Electoral Bond is like a promissory note that may be purchased by a person who is a citizen of India or incorporated or established in India. A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals.