Question
Under Section 58B of the RBI Act, 1934, a person who
wilfully makes a false statement in any return or furnishes false particulars under the Act shall be punishable with imprisonment which may extend to what term?Solution
Section 58B(1) provides that whoever, in any application, declaration, return, statement, information or particulars made or furnished under the Act, wilfully makes a false statement knowing it to be false, or wilfully omits to make a material statement, shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine. This penal provision falls under Chapter V. The maximum term of imprisonment for such a false statement is three years.
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