Q: Explain Section 58 of companies act, 2013 ?

Ans: Section 58A of the Companies Act also empowers compaines to accept deposits form the public. The Central Government has power to regulate such deposits in consultation with the Reserve Bank of India. Such rules may prescribe for the limits upon which the manner in which and the terms and conditions on which deposits may be invited or accepted. Merely accepting such deposits by such companies shall not be deemed to carry the business of banking within the meaning of Section 5(b) of the Banking Regulation Act, 1949.
 
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