NIDHI Company is the easiest artifice for to enter into financial market, we incorporate NIDHI Company in Postal Park in less than 15 days time. We also manage to pay for after amalgamation return filing and 1 year forgive consultancy service. We are the experts in combination and compliance of NIDHI Company. Very few firms in Jharkhand are managing NIDHI Companies as providing real aid to such company is not everyone’s mug of tea, but we took care of whatever your situation needs in a compliance kind manner.
NIDHI Company is a company incorporated below Companies Act, 2013 afterward the mean of cultivating the obsession of thrift and mass among members. This means that a NIDHI Company can accept deposit and lend child maintenance to its members subject to clear restriction as may be imposed on it from epoch to time.
IS NIDHI COMPANY REQUIRED TO APPLY FOR NBFC LICENSE OR ANY OTHER RBI REGISTRATIONS?
No, NIDHI Company is solely governed by the provisions of Companies Act, 2013 and Nidhi Rules, 2014 and RBI has interference in the on the go of NIDHI Company.
RBI has vide Notification Clarified that NIDHI Companies i.e. a non-banking financial company -notified below section 620A of the Companies Act, 1956 (Act 1 of 1956), as NIDHI Company shall be exempt from the provisions of Chapter III B of the RBI Act, 1934.
RESTRICTIONS ON NIDHI COMPANY?
After Registration NIDHI Company must fulfill subsequently conditions in order to keep working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend child support and take deposit by yourself to/from its members.
- Must not advertise virtually its facilities in any sky what hence ever.
- Must not approach office in supplementary district and a maximum of 2 new offices in the similar state
WHAT KIND OF DEPOSITS A NIDHI CAN ACCEPT?
A NIDHI can accept following type of deposits
- Fixed Deposit
- Recurring Deposit
- Saving Deposit
Rate of interest on these deposits shall not exceed rate of raptness prescribed by RBI for NBFC companies.
A company shall preserve not less that 10% of the sum deposits in the form of unencumbered term deposit, in the form of Fixed Deposit at any Nationalized Bank or Post Office.
LOAN
A Nishi can lend money in the form of build up only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of combination charged upon loan shall not in any court case exceed 7.5% of the highest rate of engagement provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing engagement method.
MEMBERS
Conditions for association of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least portion worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his association agreement.
Documents/Information Required for Incorporating a NIDHI Company
Members (Minimum 7)
- A copy of PAN
- A copy of Voter ID or Driving License or Aadhar Card
- Up to date bank passbook or bank verification or utility tally in the pronounce of members
- 2 Passport size photograph
- Mobile Number and E mail Id
- For Registered Office
A copy of Electricity Bill or A copy of Gas savings account and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends later the word NIDHI LIMITED