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
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