can i take raise money from people

You will have to get RBI permission & registration certificate, IF you are a company incorporated under the Companies Act

.OR.

If you are a Private individual or a Partnership firm,  then you need to take license from the State Cooperative Dept.

Keep Smiling .... Hemant Agarwal

You are expressedly prohibited under law to raise such funding from general public, in order to raise such borrowings/deposits you require permission of RBI & other agencies under which the business is registered.

Hi,

You may go in for a contract and sign a common agreement with all the stake holders, documenting clearly the purpose of the fund.  You should have a collateral value much higher than the amount you wish to raise.  Each one of the stake holders should know the whereabouts of the others.  All the fund invested should be at to pay back as promised,  the sole consent of the stake holders.

However, RBI permission is needed for all this.

while agreing with our collegues i may suggest to contact a charted accountant

who can give u possible solution

Thanks SS, for a positive reply, i will indeed use this, i do have no intent to do any kind of fraud i am using the funds for an ecommerce business setup for india.And what the other member's say who  denied for the same. I would definitely like to know their suggestions on this. And May i know the detailed procedure about the same , like where to start ?

Thank you!