We provide NBFC registration facilities in Jamui 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 unity with registration or raptness but we also offer after registration facilities at affordable prices that makes it easy for entities to Begin there act out in a hassle pardon manner.
WHAT IS A NBFC?
Non Banking Financial Company is just gone bank, registered under Companies Act of India and having a valid license issued by the Reserve Bank of India. NBFCs are functional in the situation of loans, advances, accepting deposits, insurance, asset paperwork and new financial attributable as allowed by the Reserve bank of India.
RESTRICTIONS ON NBFCs.
A Non Banking Financial Company cannot understand following transactions as forbidden by the Reserve Bank of India:
- A NBFC cannot take demand deposits.
- NBFC cannot issue 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 unaccompanied if its principal business involves financial activities. In order to remove any secrecy the departments has clarified that for a company financial activity shall be considered as principal to-do 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 in action in financial endeavors are not required to apply for or get NBFC license form the Reserve Bank of India this is because of the fact that they are innate 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 under Companies Act, 2013.
- Company if already enthusiastic in financial sector must have approved 50-50 exam as prescribed for NBFCs
The company must have a minimum Net Owned Funds of Rs. 2 crores.