BABU (CONSULTANT) 02 November 2020
Sir, I am planning to start up a small finance business at CHENNAI of lending money to shops say for example B2B , finance to shop from Rs5000 to Maximum Rs10000 and collect the lended money on daily basis say for example Rs10000/100 days = Rs 100 per day collection. I want to do it properly will necessary liscense and document, can any one throw light on this. Please let us know the liscense and document required on this.
Regards,
Babu
G.L.N. Prasad (Retired employee.) 03 November 2020
The license is mandatory, contact /liceses PAN a local Chartered Accountant who is also an advocate for guiding you properly and helping in getting such permissions, PAN, GST numbers etc.
P. Venu (Advocate) 03 November 2020
Most of the States have enacted law prohibiting money lending without a valid license.
BABU (CONSULTANT) 03 November 2020
Thanks Venu sir for your reply, iam from Chennai could you please tell me what kind of liscense and document required to start up.
Dr J C Vashista (Advocate) 04 November 2020
Money lending by private persons (other than Banking and Non-Banking financial institutions) is governed by State Laws qua grant of licence, contact and consult a local prudent lawyer for professional guidance and necessary proceeding
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