Under the Banning of Unregulated Deposit Schemes Act, 2019, advance payment for supply or hire of goods…
Section 2(4)(l) excludes amounts received in the course of, or for the purpose of, business and "bearing a genuine connection to such business", including an advance for the…
Choose your answer
Under the Banning of Unregulated Deposit Schemes Act, 2019, advance payment for supply or hire of goods is excluded from "deposit" when:
Answer and explanation
Correct answer A
Section 2(4)(l) excludes amounts received in the course of, or for the purpose of, business and "bearing a genuine connection to such business", including an advance for the supply or hire of goods or the provision of services. No Reserve Bank approval or monetary ceiling applies, and the mode of payment does not matter.