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Please help

20 July 2020

The minimum level of liquid asset is to be maintained by NBFC is 15% of public deposit outstanding as on the last working day of the second preceding quarter.

please help with the meaning of last working day of the second preceding quarter?

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 26 July 2020

Last working day of the Second Preceding Quarter means, with respect to a subject quarter, the quarter that is two (2) quarters earlier than the subject quarter. For example, the Second Preceding Quarter to the fourth (4th) quarter would be the second (2nd) quarter and last working day of second quarter.