What is the turnover limit of small and medium companies (SMC), as per the definition issued by the Corporate Affairs Ministry?
Answer with explanationAnswer: Option B
The Union Ministry of Corporate Affairs has enlarged and expanded the definition of small and medium companies (SMC).
As per the new definition, small and medium companies are unlisted entities which are not banks, financial institutions or insurance firms. They should have a turnover of up to Rs 250 crore and borrowings up to Rs 50 crore in the immediately preceding accounting year.
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