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      Question

      Section 48 of the RBI Act, 1934 grants the Bank

      exemption from liability to pay which of the following?
      A Income-tax and super-tax Correct Answer Incorrect Answer
      B Stamp duty on bank notes Correct Answer Incorrect Answer
      C Customs duty on imports Correct Answer Incorrect Answer
      D Service tax on banking services Correct Answer Incorrect Answer
      E Property tax on its premises Correct Answer Incorrect Answer

      Solution

      Section 48(1) provides that, notwithstanding anything in the Income-tax Act, 1961 or any other enactment relating to income-tax or super-tax, the Bank shall not be liable to pay income-tax or super-tax on any of its income, profits or gains. The reference to the Income-tax Act, 1961 was substituted by Act 24 of 1978 for the earlier 1922 Act. The exemption under Section 48 is from income-tax and super-tax.

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