Money lender

Asha (Querist) 24 December 2011 This query is : Resolved
Is a money lender's license transferable? There is a person who has sold his money lendering business but is clueless about the license. Can it be transferred to the new buyer or does he have to obtain a new license?
Is this in any way related to NBFC registration?
Thanks for any help!

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Guest (Expert) 24 December 2011
Business can be transferred, but not the license, as a license is granted to individual or his firm on fulfillment of certain terms and conditions and the constitution of the firm including the financial stability of the owner. Since the constitution and the owners of the business are changed, new license on fulfilling the terms and conditions by the new owner would be required. Of course, NBFC registration would also be required.

A V Vishal (Expert) 24 December 2011
What is the constitution of the client's business.

Advocate. Arunagiri (Expert) 24 December 2011
Money lender license is not transferable.

It has nothing to do with NBFC. NBFCs are monitored by RBI. No money lending license is required.

Money lending license is issued by State Govt, to the individuals and proprietor shops.

Dayananda Gowda (Expert) 24 December 2011
The money lender licence is only for limited time. after the lapse of licence it should be renewed. It can not be transferable.

prabhakar singh (Expert) 25 December 2011
Is a money lender's license transferable?
Answer:NO!
Is this in any way related to NBFC registration?
Answer:NO!

Sailesh Kumar Shah (Expert) 25 December 2011
Agree on common opinions.

Dr J C Vashista (Expert) 26 December 2011
I agree with experts opinion. Money lending licence is granted by DC/District and non-transferable.
Registeration of NBFC is under the provisions of RBI Act.

Devajyoti Barman (Expert) 28 December 2011
Yes I agree too with the views made above.
Do as suggested by them.

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