Rearrange the following eight sentences/ group of sentences (A), (B), (C), (D) and (E) in the proper sequence to form a meaningful paragraph; then answer the questions given below them.
- He also stressed that the RBI is working hard to aid people tackle the cash crunch by modifying the ATMs and thanked the people for taking part in the demonetisation revolution.
- However, customers with non-KYC accounts will be subject to the stiff conditions imposed by the RBI on December 19 for depositing old notes.
- After receiving much criticism, the Reserve Bank made a U-turn today on customers depositing demonetised notes over Rs.5000 till December 30 and formed new guidelines for the same.
- This is a huge relief to the legitimate citizens who were disturbed by bank’s earlier notification which said that old currency in excess of Rs.5000 into a bank account will be received for credit only once during the remaining period.
- Clarifying further doubts, the Finance Minister himself assured people that their if their money is legit, it will be safe.
- The new guidelines made clear that there will be no questions asked either in case of one-time or repeat deposits if the accounts are KYC – compliant.
1. Which of the following should be the SECOND sentence after rearrangement?
Rearrange the following eight sentences/ group of sentences (A), (B), (C), (D), (E) and (F) in the proper sequence to form a meaningful paragraph; then answer the questions given below them.
- “Such overseas funds and fund managers were designated as ‘Eligible Investment Funds’ and ‘Eligible Fund Managers’ respectively” and to become an ‘Eligible Fund Manager’, managers need to be registered with Sebi under specified regulations.
- Existing portfolio managers may pursue this activity on submission of declarations to SEBI and new applicant should seek registration with SEBI, as laid out in the Chapter II-A.
- The Securities and Exchange Board of India (SEBI) has amended the Portfolio Managers Regulations, 1993, for registration of fund managers providing their services to overseas funds and the changes were made with an aim to develop and promote fund management industry in India.
- SEBI has identified certain regulations of the PMS Regulations which would not be applicable to Eligible Fund Managers pertaining to their activities as fund manager to Eligible Investment Funds like audit of overseas fund, minimum investment requirements of Rs 25 lakh, the release said.
- According to a statement issued by the regulator, Section 9A of the Income Tax Act, 1961 was brought to facilitate a ‘safe harbour’ to overseas funds availing fund management services from India-based managers.
- The move provides a separate Chapter II-A for ‘Eligible Fund Managers’ and permit existing portfolio managers, new applicants, compliant with requirements specified under Section 9A of Income Tax Act.