We provide NBFC registration services in Dumka at affordable price and within a limited time frame of 90 days. We have incorporated and are aiding various NBFCs in Bihar and Jharkhand, we not only harmony with registration or combination but we also give after registration services at affordable prices that makes it simple for entities to Begin there take steps in a hassle pardon manner.
WHAT IS A NBFC?
Non Banking Financial Company is just bearing in mind bank, registered under Companies Act of India and having a genuine license issued by the Reserve Bank of India. NBFCs are enthusiastic in the issue of loans, advances, accepting deposits, insurance, asset organization and supplementary financial attributable as allowed by the Reserve bank of India.
RESTRICTIONS ON NBFCs.
A Non Banking Financial Company cannot undertake following transactions as forbidden by the Reserve Bank of India:
- A NBFC cannot take demand deposits.
- NBFC cannot event 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 gain license for RBI for NBFC registration lonesome if its principal concern involves financial activities. In order to separate any vagueness the departments has clarified that for a company financial to-do 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 test is popularly known as 50-50 test for NBFC.
COMPANIES INVOLVED IN FINANCIAL ACTIVITIES BUT ARE NOT LIABLE TO TAKE LICENSE OF NBFC FROM RBI:
Some companies involved in financial happenings are not required to apply for or come by NBFC license form the Reserve Bank of India this is because of the fact that they are monster governed by further 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 full of zip in financial sector must have ascribed 50-50 test as prescribed for NBFCs
The company must have a minimum Net Owned Funds of Rs. 2 crores.