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    Question

    According to the Banking Regulation Act, 1949 what is

    the requirement of minimum paid-up capital in case of a banking company incorporated outside India?
    A Aggregate value of its paid-up capital and reserves shall not be less than five lakhs of rupees Correct Answer Incorrect Answer
    B Aggregate value of its paid-up capital and reserves shall not be less than twenty lakhs of rupees Correct Answer Incorrect Answer
    C Aggregate value of its paid-up capital and reserves shall be such as may be decided by the RBI Correct Answer Incorrect Answer
    D Aggregate value of its paid-up capital and reserves shall not be less than fifteen lakhs of rupees Correct Answer Incorrect Answer
    E Aggregate value of its paid-up capital and reserves shall not be less than thirty-five lakhs of rupees Correct Answer Incorrect Answer

    Solution

    Section 11 -Requirement as to minimum paid-up capital and reserves Section 11(2)(a) In the case of a banking company incorporated outside India - the aggregate value of its paid-up capital and reserves shall not be less than fifteen lakhs of rupees and if it has a place or places of business in the city of Bombay or Calcutta or both, twenty lakhs of rupees.

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