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NIDHI Company is a company incorporated below Companies Act, 2013 later than the objective of cultivating the infatuation of thrift and addition among members. This means that a NIDHI Company can take deposit and lend child support to its members subject to determined restriction as may be imposed on it from period 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 full of zip 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 past conditions in order to keep working:
- Must increase 200 members within 1 year of its incorporation.
- Must lend maintenance and accept deposit and no-one else to/from its members.
- Must not advertise practically its facilities in any ventilate what as a result ever.
- Must not admittance office in supplementary district and a maximum of 2 other offices in the thesame 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 improvement only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of inclusion charged on loan shall not in any suit exceed 7.5% of the highest rate of raptness provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing captivation method.
MEMBERS
Conditions for membership of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least part worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his relationship 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 statement or utility tally in the proclaim 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 taking into account the word NIDHI LIMITED