Is it really necessary to open a Current Account in a bank for a Proprietory Firm or is a Savings Account sufficient? Does any Act/Section clarify this requirement?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 21 July 2013
Savings Account is not permitted to be opened for business purposes. Hence Current Account will have to be opened in the given case.
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