An amount meets all the conditions of the genuine-business-receipt exclusion in section 2(4)(l) of the…
Section 2(4)(l) excludes specified business-connected receipts when its conditions are met. Its refund provisos can make particular sums deposits after the statutory period,…
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An amount meets all the conditions of the genuine-business-receipt exclusion in section 2(4)(l) of the Banning of Unregulated Deposit Schemes Act, 2019, including the applicable refund provisos. How is it treated under the deposit definition?
Answer and explanation
Correct answer A
Section 2(4)(l) excludes specified business-connected receipts when its conditions are met. Its refund provisos can make particular sums deposits after the statutory period, including the relevant fifteen-day rule and approval-related qualification. Calling a receipt ordinary business income or borrowing does not by itself establish the exclusion.