License is required for finance bussines

neeraj (Querist) 16 July 2018 This query is : Resolved
if sombody giving money on interest as a bussines ( for this actvity is he required licence as he is a financer)

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R.K Nanda

(Expert) 16 July 2018
Yes, money lending license is needed.

Dr J C Vashista (Expert) 17 July 2018
Is it a banking or non-banking financial institution or private money lender?
In any case licence is mandatory.

Kumar Doab (Expert) 17 July 2018
GO thru RBI publication on Legislations on Money Lending
https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=513#money
For license also go thru rules as in your state…
e.g;
THE KERALA MONEY-LENDERS ACT
http://old.keralataxes.gov.in/documents/KML_ACT.pdf

Approach a very able senior LOCAL counsel of unshakable repute and integrity specializing in civil matters/CA and well versed with latest citations, LOCAL applicable rules/laws/ … and having successful track record…. and worth his/her salt…..

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