Table of Contents
Can an individual lend money with interest in India?
Personal Lending of up to Rs 20,000 is allowed in CASH. In the case of cash dealing of a higher amount, please be ready for notice from Income Tax department. 2. The loan agreement is especially required for long term lending.
Can companies lend money?
To sum up even though companies are permitted to borrow from companies, directors and financial institutions they have to obtain the consent of the company prior to obtaining further loans if the aggregate of such loans exceed the aggregate of its paid up share capital and free reserves.
Can an individual take loan from another individual?
An indian can only accept loan from a Non-resident Indians(NRIs) or a person of Indian origin and not from other Non-residents. The period of this type of loan is also restricted to not more than three years. The fourth restriction is an Indian resident can only give loans to a Non-resident Indian (NRI) relative.
Are Nidhi Companies NBFC?
A Brief Comparison on Nidhi Company vs NBFCs Section 406 of the Companies Act 2013 governs Nidhi Companies & RBI Act govern NBFC. In this article, we will compare Nidhi Company vs NBFC. They belong to the non-banking Indian finance sector. Their main business is to borrow money or lend money to its members.
What is the maximum number of members in a Nidhi Company?
Minimum of seven members is needed to start a Nidhi Company, out of which three members must be the Directors of the Company….What are the Compliances of a Nidhi Company?
| Form No | Compliance | Due Date |
|---|---|---|
| Form MGT-7 | Annual Return | Within 60 days of the Annual General Meeting. |
What is the maximum amount of power that can be passed by Ombudsman for NBFC?
The compensation amount, if any, which can be awarded by the NBFC Ombudsman, for any loss suffered by the complainant, is limited to the amount arising directly out of the act or omission of the NBFC or rupees one million, whichever is lower.