With reference to the electoral bonds, consider the following statements and choose the incorrect one.
1
State Bank of India is authorised to issue and encash these bonds.
2
Electoral bonds are purchased anonymously by donors and are valid for 30 days from the date of issue.
3
Only the political parties registered under Section 29A of the Representation of the People Act, 1951 are eligible to receive electoral bonds.
4
The bonds are issued in denominations of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.