We allow NBFC registration services in Akilpur at affordable price and within a limited get older frame of 90 days. We have incorporated and are aiding various NBFCs in Bihar and Jharkhand, we not only settlement with registration or amalgamation but we also pay for after registration facilities at affordable prices that makes it simple for entities to start there behave in a hassle release manner.
WHAT IS A NBFC?
Non Banking Financial Company is just once bank, registered below Companies Act of India and having a legitimate license issued by the Reserve Bank of India. NBFCs are working in the thing of loans, advances, accepting deposits, insurance, asset meting out and supplementary financial attributable as allowed by the Reserve bank of India.
RESTRICTIONS ON NBFCs.
A Non Banking Financial Company cannot say yes following transactions as prohibited by the Reserve Bank of India:
- A NBFC cannot accept demand deposits.
- NBFC cannot business cheque in its own name
- Depositors of NBFCs are not covered by depositors Insurance.
WHEN DOES A COMPANY BECOMES LIABLE TO APPLY FOR NBFC LICENSE?
A company is required to get license for RBI for NBFC registration and no-one else if its principal concern involves financial activities. In order to separate any secrecy the departments has clarified that for a company financial objection shall be considered as principal objection if:
- Financial Assets contribute 50% or more of the total assets
- And allowance from financial assets contribute 50% or more of the total gross income.
This test is popularly known as 50-50 exam for NBFC.
COMPANIES INVOLVED IN FINANCIAL ACTIVITIES BUT ARE NOT LIABLE TO TAKE LICENSE OF NBFC FROM RBI:
Some companies functional in financial activities are not required to apply for or make a obtain of NBFC license form the Reserve Bank of India this is because of the fact that they are mammal governed by additional laws or enactments. Some of these companies are:
- NIDHI Company – Regulated by Companies Act, 2013
- Housing Finance Companies – Regulated by the National Housing Bank
- Mutual Funds – Regulated by Securities and Exchange Board of India
- Insurance Companies – Regulated by Insurance Regulatory and Development Authority of India (IRDA)
- Stock Broking – Regulated by Securities and Exchange Board of India
ELEGIBILITY CRITERIA FOR APPLYING FOR A NBFC LICENSE IN INDIA.
- The entity must be a company either Private Limited or Public Limited registered under Companies Act, 2013.
- Company if already on the go in financial sector must have official 50-50 test as prescribed for NBFCs
The company must have a minimum Net Owned Funds of Rs. 2 crores.