BUISENESS MANAGEMENT
TAXES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
The computation of statutory income for resident banking business should not be separated from non-banking and offshore business.
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Explanation:
Detailed explanation-1: -As per RBI Act 1934, Reserve Bank of India (RBI) has the powers to regulate and control the Non-Banking Financial Companies. As per RBI Act, RBI can exercise surveillance, supervise, inspect, issue directions, lay down policies and regulate the Non-Banking Financial Companies (NBFC’s).
Detailed explanation-2: -Income from non-performing assets (NPA) is not recognised on accrual basis but is booked as income only when it is actually received. Therefore, banks should not take to income account interest on non-performing assets on accrual basis.
Detailed explanation-3: -Reserve Bank of India has set up a separate internal department for fintech (Financial technology).
There is 1 question to complete.