Todays CA Final Law paper..

Page no : 3

Nidhiii (Audit) (642 Points)
Replied 09 May 2017

Yes bank can't keep it as it was for commercial use and not personal use. So it must have disposed it off after 7years which it didn't..so it is liable to penalty. That was my answer :)

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manoj (student) (5205 Points)
Replied 09 May 2017

As per Provio to section 9 it can keep for more 5 years total 12 years

1 Like

Thomas (Student) (315 Points)
Replied 09 May 2017

Originally posted by : Joey Tribbiani
	Actually it had application of 2 sections,Section 6 and section 9,in which bank can keep non banking asset,however only for maximum period of 7 years. Pg 26.2 and 26.3 in Munish Bhandari's november 2016 edition handbook.

What? There is no section 9 in Study Material. Where did they ask this question from?

From where did you guys learn these sections and proviso's? I thought ICAI material covers everything

Edit: I just checked the ICAI study material and practice manual. There is NO section 9 of Banking Regulation Act 1949 anywhere in our syllabus!

So ICAI is now expecting us to study Munish Bhandari book also?

Joey Tribbiani (fdg) (2010 Points)
Replied 09 May 2017

Originally posted by : Thomas
	Originally posted by : Joey Tribbiani Actually it had application of 2 sections,Section 6 and section 9,in which bank can keep non banking asset,however only for maximum period of 7 years. Pg 26.2 and 26.3 in Munish Bhandari's november 2016 edition handbook. What? There is no section 9 in Study Material. Where did they ask this question from? From where did you guys learn these sections and proviso's? I thought ICAI material covers everything

This guy has a point,there is actually no section 9 in study mat or PM.

Thomas (Student) (315 Points)
Replied 09 May 2017

Originally posted by : Joey Tribbiani
	This guy has a point,there is actually no section 9 in study mat or PM.

Yeah, this is really surprising to me. I can only study the ICAI materials, but i always study it maximum, but i still cant seem to score more than 45-50 in theory papers.

Who knows how many such missing sections are there in the ICAI materials.

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Hardik (article) (36 Points)
Replied 09 May 2017

Sorry friends but I don't accord with all of you at all. Paper was quite easy if you have read bare act (same thing I did) It was difficult to retain, but as soon as I got the paper, fear was dead. So I suggest, read bare act & don't get panic, you will Not be able to digest easily but that will give you rewards in exam.

Hardik (article) (36 Points)
Replied 09 May 2017

Yash Kumar (Professional) (210 Points)
Replied 09 May 2017

The bank can retain the bldg. (Pm pg 21.9). MB book is good when ans matches with icai material, otherwise MB book gives lots of disclaimers, so better to solve as per icai material on those debatable parts.