ravi (senior accountant) (507 Points)
15 July 2011We have a small money lending business or finance business for that people say that we need money lending licence from Registrar of Moneylending in our area.
Is this correct? if it is correct, we are operating as a small business (annual income not more than Rs.250000) should we need to obtain the said licence or there is any exemption limit for income for not going for a formal license pls suggest.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 15 July 2011
https://www.rbi.org.in/scriptts/PublicationReportDetails.aspx?UrlPage=&ID=513
this is RBI guidelines for moneylanding business, apart from state guidelines, ( share your state of living to discuss state formalities.)
CAclubindia
