Question
What is the minimum amount of loan outstanding of a
borrower or guarantor, for them to be classified as a Wilful Defaulter?Solution
As per the RBI (Treatment of Wilful Defaulters and Large Defaulters) Directions, 2024: • A wilful defaulter is a borrower or guarantor who has deliberately defaulted despite having the ability to repay. • The minimum threshold for classification is ₹25 lakh and above in outstanding loans (or as may be revised by RBI from time to time). • For companies, the liability extends to its promoters and directors, while for non-corporate entities, it extends to persons in charge of management. • This framework aims to deter willful mismanagement and fraud, ensuring accountability in the credit system. Thus, the threshold amount is ₹25 lakh.
Which of the following account has a Credit Balance?
Which ICDS deals with Accounting Policies?
The concept of 'Substance over Form' implies that:
The per unit expenses of the ____(1) ___ portion of factory overhead varies with the volume of production while ___ (2)___ portion remains the same with...
Claims paid during year = ₹150 crore; Outstanding claims at year-end = ₹20 crore; Outstanding at beginning = ₹15 crore. Calculate claims incurred.
Revenue as per Ind AS -18 is not categorised into which one of the following types:
A person shall be eligible for appointment as an auditor of a company only if he is a _______________
Factory overhead = ₹60,000; Direct labor = ₹1,20,000. Compute overhead rate as % of labor cost.
Section 24(b) of the Income Tax Act refers to:
What is the role of GeM in promoting the "Make in India" initiative?
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