money lending licence

Querist : Anonymous (Querist) 17 November 2010 This query is : Resolved
Dear Sir,
i m interested to start money lending business, i want to know in mumbai wether it is necessary to obtain lic. and where to apply? what should be min. amount to start with?

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adv. rajeev ( rajoo ) (Expert) 17 November 2010
You have to obtain the license, it is mandatory. IN karnataka license will be issued by registrar of co-opertaive societies who is also the right to issue money lender license. So contact the any tax consultant or advocate in mumbai.

Sri Vijayan.A (Expert) 20 November 2010
In TN, Tahsildar is issuing License.

But for hand loans, no license is needed.

Hand loan means, offering money as loan for urgent or family purposees which might be returned with inerest, but not as a regular business

bhagwant (Expert) 23 November 2010
For business purpuse lic. is as necessary under Money lenders act. Maharashtra otherwise may be prosecuted.

Khaleel Ahmed Mohammed (Expert) 23 November 2010
Licence of lending is mandatory. You are advised hereby to consult your local lawyer.

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