RAJ KUMAR (FINANCE MANAGER) (1393 Points)
11 April 2013HELLO FRIENDS, PLS. TELL ME WHETHER AN INDIVIDUAL OR PARTNERSHIP FIRM CAN START FINANCE BUSINESS SUCH AS PROVIDING HOME LOANS, GOLD LOANS ETC.
NBFC GUIDELINES ARE TO BE FOLLOWED BY COMPANIES ONLY NOT PARTNERSHIP FIRMS
IS THERE ANY OTHER LEGAL FORMALITIES FOR PARTNERSHIP FIRM OR INDIVIDUALS.
PLS. HELP ME.
THANKS.
sourav jain
(INTERNAL AUDITOR)
(128 Points)
Replied 11 April 2013
Hello Raj kumar ji
Individual and Firm can provide Financial service and can lend as much money as he want, but restriction is only on deposits
As per section 45s reserve bank of india act 1934,
Individual cannot accept deposits from more than 25 depositer excluding relatives
Firm cannot Accept deposits from more than 25 person w.r.t each partners.
for detail https://indiankanoon.org/doc/941778/
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