NIDHI Company is the easiest habit for to enter into financial market, we incorporate NIDHI Company in Jharkhand in less than 15 days time. We also allow after captivation return filing and 1 year pardon consultancy service. We are the experts in amalgamation and compliance of NIDHI Company. Very few firms in Jharkhand are managing NIDHI Companies as providing legitimate aid to such company is not everyone’s mug of tea, but we took care of whatever your business needs in a compliance kind manner.
NIDHI Company is a company incorporated below Companies Act, 2013 as soon as the intention of cultivating the dependence of thrift and addition among members. This means that a NIDHI Company can accept deposit and lend money to its members subject to sure restriction as may be imposed on it from era 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 in force of NIDHI Company.
RBI has vide Notification Clarified that NIDHI Companies i.e. a non-banking financial company -notified under 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 in the tune of conditions in order to save working:
- Must be credited with 200 members within 1 year of its incorporation.
- Must lend allowance and accept deposit single-handedly to/from its members.
- Must not advertise nearly its services in any vent what correspondingly ever.
- Must not approach office in supplementary district and a maximum of 2 supplementary offices in the thesame state
WHAT KIND OF DEPOSITS A NIDHI CAN ACCEPT?
A NIDHI can take following type of deposits
- Fixed Deposit
- Recurring Deposit
- Saving Deposit
Rate of interest upon these deposits shall not exceed rate of concentration 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 grant in the form of improve only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of engagement charged upon loan shall not in any suit exceed 7.5% of the highest rate of engagement provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing captivation method.
MEMBERS
Conditions for association of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least ration worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his attachment 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 assertion or utility bank account in the post 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 description and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends in the same way as the word NIDHI LIMITED