Company law and rbi compliance for pvt. ltd co.
This query is : Resolved
22 May 2013
My client is a Pvt. Ltd. co. engaged in the jewellery industry. he is running below mention scheme:
1. Customer has to pay 12 installment of Rs
1000 each for 12 months
2. Co.(client)will pay 13th installment on
behalf of the customer
3. At the end of the 13th month customer
has to purchase jewellery of Rs. 13000
from his sister concern.
4. Sister concern invoice the jewellery
selected by customer to my client.
5. My client further invoice to the
customer for the jewellery selected
My query is that what are the RBI and Company law compliances, my client has to follow and whether such transactions can be treated as public deposit under aforesaid law.
1. Customer has to pay 12 installment of Rs
1000 each for 12 months
2. Co.(client)will pay 13th installment on
behalf of the customer
3. At the end of the 13th month customer
has to purchase jewellery of Rs. 13000
from his sister concern.
4. Sister concern invoice the jewellery
selected by customer to my client.
5. My client further invoice to the
customer for the jewellery selected
My query is that what are the RBI and Company law compliances, my client has to follow and whether such transactions can be treated as public deposit under aforesaid law.
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