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FINAL ACCOUNTS OF BANKING COMPANIES
What is the primary legislation governing the preparation of final accounts by banking companies in India?
The Banking Regulation Act, 1949 governs the preparation of final accounts by banking companies, along with the Companies Act, 2013 and guidelines issued by the Reserve Bank of India.
Which authority must approve the final accounts of a banking company before publication?
Board of Directors must approve before publication.
In which form must a banking company prepare its Balance Sheet as per the Banking Regulation Act, 1949?
A banking company must prepare its Balance Sheet in Form A as specified in the Third Schedule to the Banking Regulation Act, 1949.
Under which Schedule of the Banking Regulation Act are the forms for bank final accounts prescribed?
Third Schedule of the Banking Regulation Act, 1949.
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