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      Question

      Under Section 30 of the RBI Act, 1934, when the Central

      Government supersedes the Central Board, within what maximum period must a full report be laid before Parliament?
      A Within one month from the issue of the notification Correct Answer Incorrect Answer
      B Within three months from the issue of the notification Correct Answer Incorrect Answer
      C Within two months from the issue of the notification Correct Answer Incorrect Answer
      D Within six months from the issue of the notification Correct Answer Incorrect Answer
      E Within thirty days from the issue of the notification Correct Answer Incorrect Answer

      Solution

      Section 30(1) empowers the Central Government, if in its opinion the Bank fails to carry out its obligations under the Act, to declare the Central Board superseded by notification in the Gazette of India. Under Section 30(2), the Central Government must cause a full report of the circumstances leading to the action, and of the action taken, to be laid before Parliament at the earliest opportunity, and in any case within three months from the issue of the superseding notification. The correct period is three months.

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