Regarding registration of money lending business

VIKAS (Querist) 08 July 2016 This query is : Resolved
Dear Sir,

Thanks! in advance.
One of my friend has started a business of money lending two months ago. Now, he wish to legally registered under any act because of difficulty in recovery.
He has listen from someone (MONEY LENDING BUSINESS IS ILLEGAL IN INDIA). So he can not run this business.
Please advise what is legal and way to registered?

regards
vikas

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R.K Nanda (Expert) 08 July 2016
He must take money lending license from concerned local authority.

Rajendra K Goyal (Expert) 09 July 2016
For getting necessary permission as per law, consult local consultant.

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