Explanation:
The National Housing Bank (NHB) was set up in 1988 as a wholly owned subsidiary of the Reserve Bank of India (RBI) to regulate and promote housing finance institutions. (Note: It was later transferred to the central government in 2019, but historically it was an RBI subsidiary).
A business paid ₹12,000 as insurance premium for the year ending 31st March 2025, out of which ₹3,000 relates to next year. Insurance expense for current year is:
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