#AnishPalkar #AyantikaMondal Can an Individual do this legally ?
3 years ago
Hi,
If any individual wants to launch RD of FD scheme on his/her name, not on firm name, where other people gives him deposit money & individual pays them interest, then, is it possible legally to do the same.
If yes, then, can the individual give that money as loan to others ?
A.1) You can make an individual FD in your name also and if the people will also give the deposit money to you….. by default the FD will be in your name only but it will be in the bank I suppose.
2) So if you want to make receipt and give then you will have to form “the co-operative credit society” / Nidhi/ NBFC for the FD what is so called “Pathpedi”.
3) Do let me know which is your state and city where you reside and so on.
4) You can form the “Pathpedi” in your name and accept deposits from the people also you can issue them the deposit money receipts. it is also having a legal validity you can give the loan from the source finance received in deposits ….but again what if the people do not repay you the basic amount ? how will you give the interest to the individuals who have invested in your name clarify… so that you can get a final solution to it. We can help you out with the legal procedure for the Finance firm formation
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Your query is answered in detail. We can help you in getting done the same & Complete Legal Documentation works. Hope this information is useful
ADV. ANISH PALKAR (High Court)
2) So if you want to make receipt and give then you will have to form “the co-operative credit society” / Nidhi/ NBFC for the FD what is so called “Pathpedi”.
3) Do let me know which is your state and city where you reside and so on.
4) You can form the “Pathpedi” in your name and accept deposits from the people also you can issue them the deposit money receipts. it is also having a legal validity you can give the loan from the source finance received in deposits ….but again what if the people do not repay you the basic amount ? how will you give the interest to the individuals who have invested in your name clarify… so that you can get a final solution to it. We can help you out with the legal procedure for the Finance firm formation
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Do show me the entire set of documents & I shall be able to guide you more into this matter.
Your query is answered in detail. We can help you in getting done the same & Complete Legal Documentation works. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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A.Dear Sir,
Now financial transactions are being dealt strictly as per RBI circulars. Discuss the issues in details with CA
Please give me Rank 5 if you feel my answer helped you.
Now financial transactions are being dealt strictly as per RBI circulars. Discuss the issues in details with CA
Please give me Rank 5 if you feel my answer helped you.
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A.Hi,
You can always give personal loan from your own amount, but when the matters come to collect the amount from others and handing over to 3rd party, you need to get some compliance ( license ) in place.
There are many state-specific law in place to deal with chit funds.
You can always give personal loan from your own amount, but when the matters come to collect the amount from others and handing over to 3rd party, you need to get some compliance ( license ) in place.
There are many state-specific law in place to deal with chit funds.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
You can always give personal loan from your own amount, but when the matters come to collect the amount from others and handing over to 3rd party, you need to get some compliance ( license ) in place.
There are many state-specific law in place to deal with chit funds.
You can always give personal loan from your own amount, but when the matters come to collect the amount from others and handing over to 3rd party, you need to get some compliance ( license ) in place.
There are many state-specific law in place to deal with chit funds.
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