Section 29 of BRA : Section 29: Accounts And Balance-Sheet

BRA

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Explanation using Example

Imagine a scenario where XYZ Bank, which is incorporated in India, has completed its financial year on December 31, 2022. As per Section 29(1) of the Banking Regulation Act, 1949, XYZ Bank is required to prepare a balance-sheet and profit and loss account for the year ending on that date. If the Central Government had specified a different date for the financial year-end in the Official Gazette, XYZ Bank would have to prepare its financial statements for the period ending on that specified date instead.

In compliance with Section 29(2), the balance-...

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