Acceptance of public deposits

as far as ,i think..........he can not accept the public deposit

Thanks, but can you support your view with a government law or article/ RBI guidelines under which it is specified
 

i replied iton the basic of company law

1. Can this Individual accept "Public Deposits in Cash/Cheque/DD " by doing public advertisements , for business purposes ?  why not .   Because since he is having a license in mumbai i think he can do so

any way comments of senior members are awaited.

2. i am not aware of this concept.

Thanks for revert, kindly note this.

@ Janak : Under company law it is not allowed to accept company deposits, but I am propreitor so I dont come under the purview of company law

@ Sivasiva : as you replied many of the top CA in pune/mumbai said the same , but sir no one is responding with legal or written record for the same. Can you specify any law or government rule under which it is specified.