GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1984
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1986
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1987
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1989
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Detailed explanation-1: -The BIFR was established under The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The board was set up in January 1987 and became functional as of 15 May 1987.
Detailed explanation-2: -Expert-Verified Answer. Answer: Board for industrial and financial reconstruction is now replaced by IRDA.
Detailed explanation-3: -Board for Industrial and Financial Reconstruction (BIFR): BIFR was established under the Sick Industrial Companies (Special Pro-visions) Act 1985 (SICA). It is an agency of Government of India, part of the Department of Financial services of the Ministry of Finance.
Detailed explanation-4: -As per the notification issued by the Government on 25.11. 2016, BIFR stands abolished with effect from 01.12. 2016.