Under the Banning of Unregulated Deposit Schemes Act, 2019, amounts received from foreign Governments…
Under BUDS s.2(4)(d), amounts received from foreign Governments, foreign banks or persons resident outside India are excluded from deposit only if received subject to the…
Choose your answer
Under the Banning of Unregulated Deposit Schemes Act, 2019, amounts received from foreign Governments are excluded from "deposit" subject to compliance with:
Answer and explanation
Correct answer C
Under BUDS s.2(4)(d), amounts received from foreign Governments, foreign banks or persons resident outside India are excluded from deposit only if received subject to the Foreign Exchange Management Act, 1999 and rules made under it; the Companies Act, Income Tax Act and IBC play no role in this exclusion.