The residual AP will have a substantial resource gap to finance it's expenditure due to?
1. Section 46(1)of the act
2. Section 5 & 8 of the act
3. Section 6 of the act
4. None of the above
Answers
Answer:
Explanation:
) These directions shall be known as the “Residuary Non-Banking Companies (Reserve Bank) Directions, 2016”.
(b) These directions shall come into force with immediate effect.
2. Applicability of the Directions
(1) These directions shall apply to every residuary non-banking company, that is to say, a non-banking institution, being a company, which receives any deposit under any scheme or arrangement, by whatever name called, in one lump sum or in instalments by way of contributions or subscriptions or by sale of units or certificates or other instruments, or in any other manner and which, according to the definitions contained in the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 or, as the case may be, the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016, is not -
an equipment leasing company
a hire purchase finance company
an investment and credit company
a housing finance company
an insurance company
a factor
a mutual benefit financial company
a miscellaneous non-banking company and
a mutual benefit company
(2) This Direction consolidates the regulations as issued by Department of Non-Banking Regulation, Reserve Bank of India. However, any other Directions/guidelines issued by any other Department of the Bank, as applicable to a Residuary Non-Banking Company shall be adhered to by it.
Chapter II
Definitions
3. In these directions, unless the context otherwise requires, -
(a) "Act" means the Reserve Bank of India Act, 1934 (Act 2 of 1934);
(b) "Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934;
(c) "deposit" shall have the same meaning as assigned to it in section 45I(bb) of the RBI Act;
(d) "depositor" means any person who has made the deposit with the company;
(2) Words or expressions used but not defined herein and defined in the RBI Act, shall have the same meaning as assigned to them in that RBI Act. Any other words or expressions not defined herein or in the RBI Act shall have the same meaning as assigned to them in the Companies Act, 1956 (Act 1 of 1956) or Companies Act 2013 (Act 18 of 2013) as the case may be.
Chapter III
Requirement of Maintenance of Liquid Assets
4. In exercise of the powers conferred under sub section (1) of section 45 IB of the Act, from 31 January 1998 the percentage of assets to be maintained by a Residuary Non-Banking Company shall be ten per cent of the deposits outstanding at the close of business on the last working day of the second preceding quarter.
Chapter IV
Acceptance of Deposits
5. Acceptance of Deposits by Residuary Non-banking Companies
On and from April 12, 1993, no residuary non-banking company shall receive any deposit repayable on demand or on notice or after a period of less than 12 months or more than 84 months from the date of receipt of such deposit or renew any deposit received by it whether before or after that date, unless such deposit, on renewal, is repayable not earlier than 12 months and not later than 84months from the date of such renewal.
Explanation - Where a deposit is received in instalments, the period of deposit sh
Answer:
The right answer of the given question is option 1. Section 46 (1) of the act.
The residual AP will have a substantial resource gap to finance it’s expenditure due to section 46 (1) of the act. Here rest of the options are eliminated. In the Income Tax Act, 1995 (1) Notwithstanding anything contained in section 45, where the assets of the company are distributed to its shareholder on its liquidation.