HELLO FRIENDS, MY CLIENT HAS STARTED THE FINANCE BUSINESS IN PARTNERSHIP FIRM DURING THE LAST YEAR FOR THE LACK OF CAPITAL THEY HAVE ACCEPTED UN-SECURED LOANS FROM TWO PERSONS WHICH ARE RELATIVES OF PARTNERS.
IS IT OK OR IS IT A VIOLATION OF SEC 45S OF RBI ACT.
PLS. HELP ME.
THANKS.
Hello Raj kumar Ji
Deposit Accepted from relative is not attracted u/s 45S and even if you accept deposit from others, than also you are allowed to accept deposit from 25 person per partner upto max of 250 deposit altogether
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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