New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    As per the revised norms of Ministry of Corporate

    Affairs (MCA), a small company is which has a paid-up Capital from not exceeding _______ & turnover not exceeding _____________.
    A 2 crore & 20 Crore Correct Answer Incorrect Answer
    B 4 crore & 20 crore Correct Answer Incorrect Answer
    C 4 crore & 40 crore Correct Answer Incorrect Answer
    D 1 crore & 10 crore Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Ministry of Corporate Affairs (MCA) has taken several measures in the recent past towards ease of doing business and ease of living for the corporates.  These included decriminalisation of various provisions of the Companies Act, 2013 & the LLP Act, 2008, extending fast track mergers to start ups, incentivising incorporation of One Person Companies (OPCs) etc. Earlier, definition of “small companies” under the Companies Act, 2013 was revised by increasing their thresholds for paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” and turnover from “not exceeding Rs 2 crore” to “not exceeding Rs 20 crore”. This definition has, now, been further revised by increasing such thresholds for paid up Capital from “not exceeding Rs. 2 crore” to “not exceeding Rs. 4 crore” and turnover from “not exceeding Rs. 20 crore” to “not exceeding Rs. 40 crore”.

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