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Section 58B of the RBI Act, 1934 lays down penalties for various contraventions. What is the maximum punishment for wilfully making a false statement in an application, declaration or particulars given under the Act?
Answer & Solution
Correct answer: B.
1. Section 58B(1) prescribes the punishment for wilfully making false statements.
2. The maximum imprisonment is three years.
3. The convicted person is also liable to a fine in addition to imprisonment.
4. The shorter or fine-only options do not capture the Section 58B(1) maximum.
_Source: ICSI CS Executive Paper 7 (Economic, Business and Commercial Laws) — Lesson 1: Reserve Bank of India Act, 1934, pp. 8-21._
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