Money Lender's License

Sanchari Nandi (Querist) 01 July 2011 This query is : Resolved
Whether its mandatory for a Company to obtain a Money Lenders License for lending money to another corporate entity/ individual?

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adv. rajeev ( rajoo ) (Expert) 01 July 2011
Not money lenders lincese, company has to obtain the permission from the RBI.

M V Gupta (Expert) 02 July 2011
Money lending business is regulaed by the money lenders act of the state concerned.Most of the state Acts require any person including companies and corporates to obtain license undeer the Act to cary on the business of money lending. RBI does not grant licenses for the business. However if the Company proposes to accept deposits from the public, then it has to register itself as NBFC under the RBI Act.

prabhakar singh (Expert) 02 July 2011
Expert M V Gupta is right

Abhishek Marvi (Expert) 02 July 2011
i agree with m v gupta,if individual givin loan to another person then money lending licience is necessery.

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