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      Question

      Under Section 47 of the RBI Act, 1934, after making

      provision for bad and doubtful debts, depreciation and other matters, the balance of the profits of the Bank shall be paid to whom?
      A The Reserve Fund Correct Answer Incorrect Answer
      B The shareholders of the Bank Correct Answer Incorrect Answer
      C The Central Board Correct Answer Incorrect Answer
      D The Central Government Correct Answer Incorrect Answer
      E The National Bank Correct Answer Incorrect Answer

      Solution

      Section 47 provides that after making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other matters for which provision is usually made by bankers, the balance of the profits shall be paid to the Central Government. This provision was substituted by Act 62 of 1948 following the transfer of the Bank to public ownership. The surplus profits of the Bank are therefore paid to the Central Government.

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