Money Lending Business

ravi (senior accountant) (507 Points)

15 July 2011  

We have a small money lending business or finance business for that people say that we need money lending licence from Registrar of Moneylending in our area.

Is this correct? if it is correct, we are operating as a small business (annual income not more than Rs.250000) should we need to obtain the said licence or there is any exemption limit for income for not going for a formal license pls suggest.