We come up with the grant for NBFC registration services in Bhagwanganj at affordable price and within a limited mature frame of 90 days. We have incorporated and are aiding various NBFCs in Bihar and Jharkhand, we not only concurrence with registration or engagement but we also come in the works with the maintenance for after registration facilities at affordable prices that makes it easy for entities to Begin there proceed in a hassle forgive manner.
WHAT IS A NBFC?
Non Banking Financial Company is just taking into consideration bank, registered below Companies Act of India and having a legal license issued by the Reserve Bank of India. NBFCs are lively in the business of loans, advances, accepting deposits, insurance, asset paperwork and extra financial attributable as allowed by the Reserve bank of India.
RESTRICTIONS ON NBFCs.
A Non Banking Financial Company cannot say you will following transactions as prohibited by the Reserve Bank of India:
- A NBFC cannot take 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 come by license for RBI for NBFC registration forlorn if its principal event involves financial activities. In order to sever any ambiguity the departments has clarified that for a company financial protest shall be considered as principal activity if:
- Financial Assets contribute 50% or more of the sum assets
- And income from financial assets contribute 50% or more of the total gross income.
This exam 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 operational in financial activities are not required to apply for or attain NBFC license form the Reserve Bank of India this is because of the fact that they are being 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 below Companies Act, 2013.
- Company if already operational in financial sector must have recognized 50-50 test as prescribed for NBFCs
The company must have a minimum Net Owned Funds of Rs. 2 crores.