Describe the major functions of the Reserve Bank of India (RBI) in regulating the Indian economy. How does it manage currency, payment systems and…

Yes, a non-profit organization can be registered as a company under the Companies Act,2013 by following the provisions of section 8 of the Companies Act,2013. Section 8 of the Companies Act,2013 deals with the formation of companies which are formed to: promote the charitable objects of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment etc. Such company intends to apply its profit in: promoting its objects andprohibiting the payment of any dividend to its members. The Central Government has the power to issue license for registering a section 8 company. (i) Section 8 allows the Central Government to register such person or association of persons as a company with limited liability without the addition of words ‘Limited’ or ‘Private limited’ to its name, by issuing licence on such conditions as it deems fit. (ii) The registrar shall on application register such person or association of persons as a company under this section. (iii) On registration the company shall enjoy same privileges and obligations as of a limited company.