Money lending business
This query is : Resolved
01 November 2012
I WANT TO START THE MONEY LENDING BUSINESS IN MUMBAI. I WILL OBTAIN A MONEY LENDING LICENCE. CAN ANYONE EXPLAIN ME THAT THE MAXIMUM TENURE FOR WHICH THE LOAN CAN BE GIVEN. FURTHER CAN I TAKE THE REPAYMENT ON EMI BASIS.
04 November 2012
It is really very difficult (next to impossible) to get such a liscense. Well the answers are... tenure is 10 years. and EMI kind of repayment is very much possible.
14 November 2012
You have to procure the licence from RBI for money lending and only then you should do the business. There is no time limit for lending the money. Generally if no payment is received then within 3 years you have to file the suit for recovery whatever may be the terms of year you have agreed but after 3 years it will be time barred if the borrower does not make the payment or part payument
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
