Module: General Practice
Q10: Which of the following statements regarding penalties for reporting irregularities are correct?
For delayed reporting of a "net deposit," a flat penalty of ₹50,000/- is levied.
For delayed reporting of a "net withdrawal," penal interest is charged at 2% over the prevailing Bank Rate.
For "wrong reporting" of any kind, penal interest is also charged at 2% over the prevailing Bank Rate.
No penal interest is charged for delayed reporting of a "net deposit" instance.
For delayed reporting of a "net withdrawal," penal interest is charged at 2% over the prevailing Bank Rate.
For "wrong reporting" of any kind, penal interest is also charged at 2% over the prevailing Bank Rate.
No penal interest is charged for delayed reporting of a "net deposit" instance.
✅ Correct Answer: D
The penalty structure distinguishes between types of failures.
Delayed "net deposit" reporting incurs a flat ₹50,000 penalty (no penal interest). However, delayed "net withdrawal" or any wrong Currency Chest Reporting attracts penal interest at 2% over the prevailing Bank Rate.
Delayed "net deposit" reporting incurs a flat ₹50,000 penalty (no penal interest). However, delayed "net withdrawal" or any wrong Currency Chest Reporting attracts penal interest at 2% over the prevailing Bank Rate.