In the Union Budget 2021 22 the govt plans to allow the incorporation of one person companies with n...........

Current GK (IBPS-CL) Banking Awareness

In the Union Budget 2021-22, the govt plans to allow the incorporation of one-person companies with no restriction on paid-up capital and turnover. Which of the following is true regarding this?

This questions was previously asked in

IBPS Clerk Mains (28 Feb, 2021 Shift 1)

View All IBPSCl Previous Year Papers

Non-resident Indians will also be allowed to incorporate one-person companies in India

This will boost revenues of big companies

The residency limit for an Indian citizen is reduced to set up an OPC from 182 days to 120 days

Only citizens of India will also be allowed to incorporate one-person companies in India

Only 1 and 3

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Explanation:

- Option 1: Non-resident Indians are indeed allowed to incorporate one-person companies, which is a move aimed at encouraging NRIs to start businesses in India.

- Option 2: The focus of this policy is on small entrepreneurs and startups, not specifically on boosting revenues of big companies. It's about easing incorporation and growth for smaller players.

- Option 3: The residency period for Indians to establish an OPC is reduced from 182 days to 120 days, making it easier for people to meet the residency requirement.

- Option 4: This option is slightly misleading as the policy also includes NRIs, not just Indian citizens.