New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    What is the sum which a company is required to deposit

    in the deposit repayment reserve account?
    A Less than twenty per cent of the amount of deposits Correct Answer Incorrect Answer
    B Not be less than ten per cent of the amount of its deposits Correct Answer Incorrect Answer
    C Not be less than twenty per cent of the amount of its deposits Correct Answer Incorrect Answer
    D Not be less than thirty per cent of the amount of its deposits Correct Answer Incorrect Answer

    Solution

    Section 73. Prohibition on acceptance of deposits from public: (2) (c) depositing, on or before the thirtieth day of April each year, such sum which shall not be less than twenty per cent. of the amount of its deposits maturing during the following financial year and kept in a scheduled bank in a separate bank account to be called deposit repayment reserve account.

    Practice Next