Money lending business
This query is : Resolved
01 November 2012
I WANT TO START THE MONEY LENDING BUSINESS IN MUMBAI. I WILL OBTAIN A MONEY LENDING LICENCE. CAN ANYONE EXPLAIN ME THAT THE MAXIMUM TENURE FOR WHICH THE LOAN CAN BE GIVEN. FURTHER CAN I TAKE THE REPAYMENT ON EMI BASIS.
04 November 2012
It is really very difficult (next to impossible) to get such a liscense. Well the answers are... tenure is 10 years. and EMI kind of repayment is very much possible.
14 November 2012
You have to procure the licence from RBI for money lending and only then you should do the business. There is no time limit for lending the money. Generally if no payment is received then within 3 years you have to file the suit for recovery whatever may be the terms of year you have agreed but after 3 years it will be time barred if the borrower does not make the payment or part payument
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Applicability of Ind As to associate of associate
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
