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Question

What is the time period within which a Banking Company is required to deal or trade in any immovable property acquired by it for its own use?

A Period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is earlier Correct Answer Incorrect Answer
B Period not exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is later Correct Answer Incorrect Answer
C Period not exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is earlier Correct Answer Incorrect Answer
D Period not exceeding seventeen years from the acquisition thereof or from the commencement of this Act, whichever is earlier Correct Answer Incorrect Answer
E Period as may be decided by the Reserve Bank of India in any particular case, as may be required Correct Answer Incorrect Answer

Solution

Section 9. Disposal of non-banking assets- Notwithstanding anything contained in section 6, no banking company shall hold any immovable property howsoever acquired, except such as is required for its own use, for any period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is later or any extension of such period as in this section provided, and such property shall be disposed of within such period or extended period, as the case may be.

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