CMA Intermediate · Corporate Accounting and Auditing · Accounts of Banking, Electricity and Insurance Companies
The text of section 32(1) of the Banking Regulation Act, 1949 refers to accounts and balance-sheet furnished in accordance with which section?
Section 31 of the Banking Regulation Act, 1949. Section 32(1) applies where a banking company furnishes its accounts and balance-sheet in accordance with section 31, and it then must send three copies of them and the auditor's report to the registrar.
- ASection 27
- BSection 31Correct
- CSection 220
- DSection 11
Explanation
Section 32(1) begins with a banking company furnishing its accounts and balance-sheet in accordance with section 31. Section 27 concerns the Reserve Bank's power to call for statements, and section 220 belongs to the Companies Act, 1956.
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