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Indian Trust Act and Banking Quiz

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Questions and Answers

What are demand liabilities according to Section 5(f)?

Liabilities to be met on demand (correct)

Liabilities with fixed repayment schedules

Liabilities that are exempt from repayment

Liabilities that can be deferred indefinitely

Under Section 6(1), what is included in the banking business as defined?

Selling agricultural produce

Operating a construction company

Running a clothing store

Dealing in foreign exchange (correct)

What does Section 5(n) define as Secured Loans and Advances?

Loans secured by assets of equal or greater value than the loan amount (correct)

Loans secured by assets of lesser value than the loan amount

Loans without any security

Loans secured by government bonds

According to Section 6(2), what restriction is placed on banking companies?

They are restricted from engaging in any business other than those listed in Section 6(1) Signup and view all the answers

Who is allowed to use terms like Bank, Banker, Banking or Banking Company according to the text?

Only banking companies Signup and view all the answers

What is the maximum period a Chairman/MD of a banking company can hold office for?

5 years Signup and view all the answers

What is the minimum paid-up capital required for foreign banks operating in Bombay or Calcutta?

Rs. 15 lakh Signup and view all the answers

How much of its profits must a bank transfer to the reserve fund as per Section 17(1)?

20% Signup and view all the answers

What restriction does Section 19(2) place on banks regarding holding shares in a company?

Not exceeding 30% of paid-up share capital Signup and view all the answers

What is the consequence stated in Section 21A regarding transactions between a bank and its debtor?

Transactions cannot be renegotiated Signup and view all the answers