Finance Ministry

In-built security and privacy features in Electoral Bonds-Govt. clarification

in-built security and privacy features in Electoral Bonds

Government clarifies in-built security features of the Electoral Bonds

Random Serial Number, invisible to the naked eye, present on the Bond not linked to any party transaction or cannot be used for tracking the transactions SBI does not share the serial number with anybody, including the Government and users

The Government notified the scheme of Electoral Bonds on Jan. 02, 2018. Electoral Bond is a bearer instrument in the nature of a Promissory Note.

The Purchaser is allowed to buy electoral bond (s) only on due fulfillment of all the extant KYC norms and by making payment from a bank account. The Bond does not carry the name of payee or any other details by which the buyer can be identified. Likewise no detail of political party depositing the bonds is noted on the electoral bonds. Thus, any particular bond cannot be identified or associated with any particular buyer or political party deposits it.

The Electoral Bonds have some built in security features to eliminate chances of forgery or presentation of fake bonds. These include a random serial number invisible to the naked eye. This number is not noted by the SBI in any record associated with buyer or political party depositing a particular electoral bond. It is, thus not linked to any party transaction when the Bank issues a bond to the buyer. As such the number is not being used or can be used to track the donation or the buyer.

SBI does not share the serial number with anybody, including the Government and users.

Source: Press Release of MoF

Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information

The prima facie satisfaction u/s 148 cannot be stretched to a non-existing information or incorrect information - ITAT In a…

21 hours ago

SEBI

Mutual Funds to value physical Gold and Silver by using the polled spot prices

Mutual Funds to value physical Gold and Silver by using the polled spot prices published by the recognized stock exchanges…

1 day ago

bankruptcy

SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor

Supreme Court allows simultaneous CIRP proceedings against principal debtor and its corporate guarantor, declines to frame any guidelines In a…

1 day ago

Income Tax

Merely because sales were declared for only one month, same cannot be treated as bogus

Merely because assessee had declared sales for only one month, the same cannot be treated as bogus on the basis…

2 days ago

Income Tax

ITAT deleted addition as method of accounting had been accepted in earlier years

ITAT deleted addition as the method of accounting had been accepted by the department in earlier years and the entire…

3 days ago

Benami

Orders passed under Benami Act cannot be challenged under IBC 2016 – SC

Orders passed under Benami Act cannot be challenged under Insolvency and Bankruptcy Code, 2016 - SC In a recent judgment,…

4 days ago