Question

deals with the transfer of surplus to Central Government under RBI Act, 1934

• A. Section 47
• B. Section 4
• C. Section 50

Answer 1

The correct option is A Section 47

Section 47 in The Reserve Bank of India Act, 1934: Allocation of surplus profits.After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation fund and for all other matters for which] provision is to be made by or under this Act or which are usually provided for by bankers, the balance, of the profits shall be paid to the Central Government.