hire purchase business

atish agrawal (Querist) 19 November 2010 This query is : Resolved
HELLO......
I RUN A SMALL AUTOMOBILE HIRE PURCHASE BUSINESS AND I WANT TO KNOW THAT IS THERE ANY LICENCE REQUIRED TO RUN THE HIRE PURCHASE BUSINESS.

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Sri Vijayan.A (Expert) 19 November 2010
State to state rules may differ to lend money

adv. rajeev ( rajoo ) (Expert) 19 November 2010
Refer the money lenders act of your state. Normally it requires license.

A V Vishal (Expert) 19 November 2010
Although state rules may differ with regard to lending business, it is necessary to obtain license of the RBI to run a hire purchase business.

s.subramanian (Expert) 19 November 2010
yes

Sachin Bhatia (Expert) 19 November 2010
Agree with Mr.Vishal

Guest (Expert) 20 November 2010
I do agree with Mr. Vishal.

DEFENSE ADVOCATE.-firmaction@g (Expert) 21 November 2010
No permission required for HP transections., in any State.

Khaleel Ahmed Mohammed (Expert) 25 November 2010
You can carry your hire purchase business as usual as any other business.It is not money lending business, so no licence is required from RBI or any co operative society.

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