For adding a Partner in LLP following procedure is to be followed as per the Provisions of LLP Act,2008:
Designated Partner in LLP
Eligibility Criteria for becoming a Designated Partner in LLP:
Only Individual can be appointed as Designated Partner in LLP.
The Person wish to appointed as a Designated Partner in LLP must have a Valid Director Identification Number.
Director Identification Number may be obtained by Filling FORM DIR-3 available on www.mca.gov.in after completing the form and attaching supporting documents, this form require pre-certification from Practicing Professional i.e. Company Secretary,Chartered Accountant or Cost Accountant. For obtaining Director Identification Number or Professional Certification.
After obtaining Director Identification number an individual is eligible for appointment as a Designated Partner.
Procedure to be followed after obtaining Director Identification Number:
After obtaining Director Identification number, the proposed Designated Partner is required to intimate his DIN to the LLP.
The LLP is than will call a Meeting of Existing Partner for considering the appointment of Proposed Designated Partner. For getting draft of resolution passed in the Meeting and Preparing Minutes of the Meeting .
After approval of Existing Partners in duly conveyed Meeting for appointment of Proposed Designated Partner, A supplementary LLP Agreement is required to be made for draft of Supplimentry LLP Agreement .
A consent from Proposed Designated Partner is also required to be obtained in prescribed form.
Intimation to Registrar of Companies about Appointment of New Designated Partner:
After Appointment of Designated Partner LLP is required to inform concerned Registrar of Companies i.e. in whose jurisdiction Registered office of LLP is situated, In E-FORM LLP-4 available on Www.mca.gov.in, within 30 days of appointment. you may visit Fastlegal for preparation of Forms and Pre Certification by Professional by CS, CA OR CMA
LLP is also required to file Supplementary LLP agreement in LLP FORM-3 within 30 days of such Appointment.
Note: Please ensure to file necessary forms within Prescribed time as late fee is Rs.100/- per day for each day of delay which has no upper limit.
DeFi stands for “Decentralized Finance,” and it refers to a set of financial services and applications that are built on decentralized blockchain networks, primarily on the Ethereum platform. Unlike traditional financial systems that rely on intermediaries like banks, brokers, and exchanges, DeFi aims to provide open, permissionless, and inclusive financial services directly to users, without the need for centralized control.
Key components of DeFi:
1. Smart Contracts: DeFi applications are powered by smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts automate financial transactions, removing the need for intermediaries.
2. Decentralized Applications (DApps): These are applications built on blockchain platforms that enable users to access various financial services, such as lending, borrowing, trading, and more. DApps can be accessed through web browsers or mobile apps.
3. Liquidity Pools: DeFi platforms often rely on liquidity pools, which are pools of funds locked into smart contracts. These pools facilitate trading, lending, and borrowing activities by providing liquidity to the platform.
How DeFi works:
1. Decentralized Exchanges (DEXs): DEXs allow users to trade cryptocurrencies directly with one another, without the need for intermediaries. Users can connect their digital wallets to DEXs and execute trades through smart contracts.
2. Lending and Borrowing: DeFi platforms enable users to lend their cryptocurrencies and earn interest or borrow assets by collateralizing their holdings. These processes are governed by smart contracts that automatically execute the terms of the loan.
3. Yield Farming: Yield farming involves providing liquidity to DeFi platforms by depositing funds into liquidity pools. In return, users receive rewards, typically in the form of additional tokens or fees generated by the platform.
4. Stablecoins: Stablecoins are cryptocurrencies pegged to stable assets like fiat currencies (e.g., USD) or commodities. They are widely used in DeFi to mitigate price volatility and facilitate trading and lending activities.
Benefits of DeFi:
1. Accessibility: DeFi opens up financial services to anyone with an internet connection and a digital wallet, regardless of their location or financial status.
2. Transparency: DeFi applications are built on public blockchains, making all transactions and smart contract code visible and auditable.
3. Security: DeFi relies on decentralized networks, reducing the risk of single points of failure and potential security breaches.
4. Financial Inclusion: DeFi can provide financial services to the unbanked and underbanked populations who lack access to traditional banking systems.
Despite its advantages, it’s essential to note that DeFi also comes with risks, including smart contract vulnerabilities, market volatility, and regulatory uncertainties. Users should conduct thorough research and exercise caution when participating in DeFi activities.
In this article we will discuss Drug Licence in Rajasthan, Drug Licence in Rajasthan is compulsorily required to be obtained from Rajasthan Drug Controller Organisation.
Popular Type of Drug Licence in Rajasthan for Medical Establishment
Retail License
Wholesale License
Retail Drug Licence in Rajasthan
Retail Drug Licence is required for opening of Retail Medical Shop in Rajasthan, to apply for a retail license in Rajsthan for medical shop following information and documents are required :
Information and Documents required for Obtaining Retail Drug Licence in Rajasthan
Partnership Deed, MOA, and AOA in case of Private Limited Company
Aadhar Card of Applicant/Authorised person
PAN Card of Applicant/ Authorised Person
Mobile No
Email id
Details of Registered Pharmacists
Aadhar Card
Pharmacist Reg. No
Experience
PAN Card
Mobile No
Email id
Registration Certificate
Specimen Signature
Office Address
Electricity Bill of Office Address
Rent/Lease Agreement, if a shop is on rent
Blueprint of Shop
Ward No of Office Address
Police Station Details of Office Address
Refrigerator Details, if any
Capacity of Refrigerator
Model of Refrigerator
Refrigerator Purchase Voucher/ Declaration
Licenses Fee for Application of Retail Drug Licence in Rajasthan:
Govt Fee Rs. 3000
Following Arrangement Should be Made in Shop
Shop height is greater than 8 feet
The Name of Firm Displayed On Upperside of Shutter With Paint Including Mobile Number/ Chemist And Drugist Mentioned For Retail Sale Shop
For Keeping Expired Drugs With Display “Expired Drugs Not For Sale”
For Storing Veterinary Drugs With Display “Veterinary Drugs Not For Human Use- Treatment Of Animals Only
Wholesale Drug Licence in Rajasthan
If you are doing medicine wholesale business by supplying it to medical stores across in Rajasthan , than you are required to obtain Drug Licence in Wholesale Category
Information and Documents required for Obtaining Wholesale Drug Licence in Rajasthan
Name of Firm
Type of Firm- Proprietorship Firm/Partnership Firm/LLP/Private Limited
Partnership Deed, MOA, and AOA in case of Private Limited Company
Aadhar Card of Applicant/Authorised person
PAN Card of Applicant/ Authorised Person
Mobile No
Email id
Details of Competent Person/ Registered Pharmacists
Aadhar Card
Pharmacist Reg. No
Experience
PAN Card
Mobile No
Email id
Registration Certificate
Specimen Signature
Office Address
Electricity Bill of Office Address
Rent/Lease Agreement, if shop is on rent
Blueprint of Shop
Ward No of Office Address
Police Station Details of Office Address
Refrigerator Details, if any
Capacity of Refrigerator
Model of Refrigerator
Refrigerator Purchase Voucher/ Declaration
In the case of Wholesale drug Licence above requirements of the retail license is required except that in place of registered pharmacist details of any other competent person having experience may be given.
Inspection by Drug Inspector for Drug Licence:
Every establish is inspected by drug Inspector of the area in which your business is located.
How to Apply for Drug Licence in Rajasthan Online with Fastlegal
Decide Type of Firm in which you want to carry on Business
Register your Firm or Company ( We will help you for Firm/Company registration also)
Collect all necessary documents
Email us all the documents at mail@fastlegal.in
We will apply your Licence application
Fastlegal provide Drug Licence Registeration services in Rajasthan, Place your request below or call us at 9782280098
This article will be discussing the procedure required for starting the photography business in India
The photography business is gaining popularity among the people in India as the market is sitting among the digital community and in digital space, you know the important aspects to show your product is a photos videos so the increase for the photographers for videographers have increased significantly in the recent years
If you are passionate in the photography e is the perfect business you can have right now
Here is how you can start , register and manage your photography business
Decide what type of photography you will do
The first thing you need to do is to decide the what type of photography you will do the photography can be different types like for a real estate developer it can be the photography of real estate products portfolio you can also carry on a photography for royal wedding can carry on photography business for a Photoshop and I will different websites as well
You can also do the photography for products that are sold on eCommerce platforms, photography can be done for nature for tourism and many other things it is very important to focus on what you are choosing initially and you can explain your project portfolio further.
Making a business plan
the next thing you have to do is to make a proper business plan for your photography Business business plan you need to take consideration of all the aspects that are required at movement and also how the future implications in a technological changes could be taken care of
In business plan you need to consider all the aspects that you business has to follow like a how you will market your business what marketing strategies you will follow for promoting your business online you can take care of Instagram and other social media marketing platforms for initially promoting your business and once you make the sales you can go with a period as well you need to decide the geographic for your business where you can operate and you should target the perfect audience on that.
Now you have to decide the pricing plan for your portfolio they take how much you will charge for doing things you love for per day basis for project basis of things will work for you.
Start your own website
Now just buy a domain name from domain service provider and create a simple wordpress website with full portfolio photos that you already shooted this will help you to gain access to prospective clients and create your brand identity
Create a website you need to have your own business logo, you can tell help of the online logo maker like canva.com and other alternatives.
Register your business
Now what you have to do is to register your photography business legally in India registration of photography business is same as doing any other business and does not require many formalities you can start with sole proprietorship business if you are a single individual, you can also start a one-person company
Photography business is of more than two or more individuals then you can go with a partnership or private limited company registration
If you are going to pitch the corporate clients it is advisable to go with a private limited company registration as it provides more credibility among your prospective clients.
Documents Required for photography business registration in India
PAN Card
Aadhar Card
Bank Statement with current address
Mobile No
Email id
Electricity Bill of office address
Rent Agreement, if rented
NOC from Owner
please note that your home address can also be your business address so you can start your business from your home address also
Getting the first client for your photography business
First client for your photography business only say for every business is the most important aspect because ultimately the clients are only people who provides sales to your business so start promoting your fishes online among the large part of your audience you can take help of digital marketing by doing the Facebook ads or Instagram ads, for doing all your digital marketing activities you can hire the digital marketing people available on Profit sharing basis as well this will help you to to get good amount of clients with less risk
Regularly you will be getting a good portfolio and you will start getting automatically will help you to generate regular flow of Business and you can now hire another people for your business with you and scale as much as you can.
Issuing of first sales invoice
Now once the client is finalized you can offer him to issue the sales invoice and get the payment, it is advisable to get the sales invoice formatted rightly has per the Indian laws, you can take help of the invoicing software available online and make a profile of your business and issue the first sales invoice
Filing of company returns
If you register your business online as a private limited company then you need to file regular compliance returns for your company as per Indian companies act, filing of returns are mandatory and non filing can lead to you very high amount of penalties so you need to regularly get in touch with your legal advisor who handles your business filings.
Please be noted that even if your sales and purchases are NIL, you are required to file your business returns in mandatory.
Filing of GST returns
You are registered under the GST then you are required to file the GST returns regularly, non-filing of GST returns attracts penalties and you can consult with your legal advisor for your business.
How to take the help of the Fast legal team for carrying on your legal filings and business registration formalities.
Filing of income tax returns
Every business needs to file their own income tax return beside company and GST returns and under income tax you have to pay the taxes on the profit earned on your business
Is always advisable to take help of a chartered accountants or other tax practitioner for filing of your income tax returns online.
Fastlegal provides income tax return filing services for your business you can take help of fastlegal team members
In the Recent Notification dated 22nd Jan, 2019 Ministry of Corporate Affairs has mandated every Company to Report outstanding and Advances to MCA in E Form DPT-3 within 90 days of this notification.
The MCA has amended the existing deposit rules in which MCA has clarified that that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company.
Who is Required to File Form DPT-3
Every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits,
in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to the date of publication of this notification in the Official Gazette, as specified
in Form DPT-3
within ninety days from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014
Every Company : Means Every company whether Private Company, Public Company, Small Company, OPC, Nidhi Company etc
What Information to be provided in Form DPT-3 for Amounts which are not considered as Deposits:-
Any amount received from or as Loan or Financial Assistance –
the Central Government; or
a State Government; or any amount received from any other source whose repayment is guaranteed by the Central Government or State Government; or
any amount received from a local authority; or
any amount received from statutory authority constituted under an Act of Parliament or a State Legislature.
Foreign Governments
Foreign or international banks
Multilateral financial institutions
Foreign Governments owned development financial institutions;
Foreign export credit agencies
Foreign collaborators
Foreign body corporate
Foreign citizens
Foreign authorities
Persons residents outside India subject to the provisions of Foreign Exchange Management Act, 1999 (42 of 1999)
A loan or facility from any banking company
From the state Bank of India or any of its subsidiary banks
From a banking institution notified by the Central Government under section 51 of the Banking Regulation Act
A corresponding new bank as defined in clause( d )of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); or
From a cooperative bank as defined in clause (b-ii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934)
Public Financial Institutions notified by the Central Government;or
Any regional financial institutions
Insurance companies; or
Scheduled Banks as defined in the Reserve Bank of India Act,1934(2 of 1934).
Any amount received against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India
Any amount received by the company from any other company
Any amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscription to any securities including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of securities applied for
Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or the relative of the director of a private company
Any amount raised by the issue of bonds or debentures secured by a first charge or a charge ranking pari passu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company
Any amount raised by the issue of non-convertible debentures not constituting a charge on the assets of the company and listed on recognized stock exchange as per applicable regulations made by Securities and Exchange Board of India
Any amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit
Any non-interest bearing amount received and held in trust
Any amount received in course of , or for the purposes of the business of the company-
As an advance for supply of goods or provision of services accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty five days from the date of acceptance of such advance.
As advance accounted for in any manner whatsoever, received in connection with consideration for immovable property under an agreement or arrangement, provided that such advance is adjusted against such property in accordance with the terms of agreement or arrangement.
As security deposit for performance of the contract of supply of goods or provision of services
As advance received under long term projects for supply of capital goods except those covered under item (b) of subclause (xii) clause (c) of sub- rule (1) of rule (2) of the Companies (Acceptance of Deposits) Rules, 2014.
As an advance towards consideration for providing future services in the form of a warranty or maintenance contract as per written agreement, if the period for providing such services does not exceed the period prevalent as per common business practice or five years, from the date of acceptance of such service whichever is less.
As advance received and allowed by any sectoral regulator or in accordance with directions of Central or State Government.
As an advance for subscription towards publication, whether in print or electronic to be adjusted against receipt of such publications.
Any amount brought in by promoters of the company by way of unsecured loans in pursuance of the stipulation of any lending financial institution.
Any amount received by a Nidhi company in accordance with the rules made under section 406 of the Act.
Any amount received by way of subscription in respect of chit under the Chit Funds Act, 1982(4 of 1982)
Any amount received by company under any collective Investment scheme in compliance with regulations framed by the Securities and Exchange Board of India
Any amount of twenty five lakh rupees or more received by a start up company, by way of convertible note (convertible into equity shares or repayable within a period not exceeding five years from the date of issue) in a single tranche, from a person
Any amount received by a company from –
Alternate Investment Funds
Domestic venture Capital Funds
Infrastructure Investments Trusts
Real Estate Investment Trusts
Mutual Funds registered with the Securities and Exchange Board of India.
In all the above cases which are not considered as Deposit , Specific Amount with each case is required to Reported in the E form.
What if company does not have any amount that is required to be reported ?
In this case company is not required to file Form DPT-3
Is DPT-3 is One Time Return or to be Filed Every Year :
Non Deposit Amounts are to be Reported One Time Only
Income Tax is a Tax that is imposed on Individual or entities (Tax-Payer) on their income or profits earned during a particular tax period. Income Tax is charged as a percentage of taxable income that varies on the basis income of the tax-payer. The Financial year (April to March in India) in which the income is earned by the tax-payer is known as previous year and the next financial year in which such income is taxed or assessed is known as assessment year. For the financial or previous year 2018-19 the assessment year is 2019-20.
Every individual tax payer & HUF whose income during a previous year exceeds the basic exemption limit (currently Rs.250000/-) is required to file Income Tax Return, in case of other tax payers filing of return is mandatory irrespective of their income.
Type of Taxpayers:
For the classification purpose,Tax payers are divided into following categories under income tax: –
Individual
Hindu Undivided Family
Company
Firm
An Association of persons or a body of individuals
A Local Authority
Mode of Filing of Return
Every person is required to file his Income Tax Return electronically except following:
Individuals of the age of 80 years or more whose income does not exceed 5 lakh rupees and who does not claim any refund in his return may file return in paper form, if he is filing his return in Form ITR-1 & Form ITR-4. Everyone else is required to file his return electronically.
Heads of Income
Income earned by a tax payer is divided into following five categories or heads under income tax:-
Salary: – Existence of relationship of employer and employee is must between the payer and payee to tax the income under this head. Income under the head salaries includes the following;
Wages
Annuity
Pension
Gratuity
Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
Advance of Salary
Leave Encashment
Annual accretion to the balance of Recognized Provident Fund
Transferred balance in Recognized Provident Fund
Contribution by Central Government or any other employer to Employees Pension Account
House Property: The Income is taxable under this head if the tax-payer ownsa house property consisting of any building or land appurtenant thereto and the house property is not being used for the purpose of business or profession carried on by the tax-payer.
Capital Gains: The Income is taxable under this head if the tax-payer earns any profit or gains by the transfer of a Capital Asset during the previous year. Capital Asset includes the following:
Any kind of property held by tax-payer, whether or not connected with business or profession of the tax-payer.
Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.
Income from Business or Profession:The Income is taxable under this head if it is earned by the tax-payer as a result of his Business (trading, manufacturing etc.) or profession (Doctor, Engineer, Advocate, Company Secretary etc.).
Income from other sources: Any income which cannot be charged under any of above heads will be charged under this head. Dividend Income, Interest on securities,Composite rental income from letting of plant, machinery or furniture with buildings if such income is not chargeable under the head business or profession are some example of such income.
Slab of Income:
For individual tax-payers tax is levied on the basis of slab system where different rates have been provided for different slabs and such tax slabs may change during every union budget. Income tax slab for all the tax-payers for the assessment year 2019-20 are summarized in below table: –
Income tax slab for Financial Year 2018-19
Type of Taxpayer
Income Slab
Tax Rate
Health & Education Cess
Individual & HUF below 60 years of Age
Upto Rs.2.5 Lakh
Nil
Rs.250000 to 500000
5%
4% of tax
Rs. 500000 to 1000000
20%
4% of tax
Above 1000000
30%
4% of tax
Individual & HUF of age above 60 Years but Less than 80 Years.
Up to Rs 300000
Nil
Rs.300000 to 500000
5%
4% of tax
Rs. 500000 to 1000000
20%
4% of tax
Above 1000000
30 %
Individual & HUF of age above 80 Years.
Up to Rs 5,00,000
Nil
500000 to 1000000
20%
4% of tax
Above 1000000
30%
4% of tax
Domestic Companies
Gross Turnover Upto Rs. 250 Cr.
25%
4% of tax
Gross Turnover exceeding 250 Cr.
30%
4 % of tax
Due Dates for Filing Return of Income for AY 2018-19
Due dates for filing Income tax return are as follows:
S.No.
Type of Taxpayer
Due Date
1
Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.)
31st July of relevant Assessment Year
2
Company, Taxpayers whose accounts need to be Audited, working partner (whose firm’s books need to be Audited)
30th September of the relevant Assessment Year
3
Individuals, HUF, BOI, AOP (Taxpayers with audit requirement)
A Share Certificate is a legal document which is issued by a private limited company in India to its shareholders in which the number of shares owned by them is mentioned. It is a legal document which serves as a proof of ownership of shares in the company and acts as a primary evidence of the same. It is usually signed by the company’s authorised signatory and the company’s seal is affixed on it. It is a crucial document which is required whenever the shareholder wishes to transfer or sell the shares.
In this article we will discuss about Udyam Registration process, MSME has now made Udyog Aadhar registration as Udyam registration. After registering the Udhyam, you will be able to take advantage of MSME schemes of government of India or your respective state governments.
Visit Udhyam Registration Portal
In the first step you are requried to visit the Offical Website of MSME Udhyam Registration , the offical website for Udhyam Registration is
Once you visit the portal , you are required to enter Aadhar Number of Applicant , and Mobile Number , Please note that OTP will be send to Aadhar Linked Mobile Number of Applicant. Once you enter the OTP , the Application will proceed further for more details.
Type of Organisation and Pan Verification
Once you visit the Portal, you are required to type of Organisation and pan verification is Applicant. Fill the Details.
GSTIN and ITR Details
Do you have GSTIN and ITR so fill the details Otherwise click no.
Udyam Applicant Details
Detalis the udyam Applicant as name, Email. Mobile no, and Category Gender specially abied business and unit name Etc.
Plant Location details
Give the your plant location detalis as unit name, flat budding and town, block, road, city and pin etc.
Official Address Details
Give the your official address detalis as flat, buddling, town, block, road, city and pin etc.
Previous EM-2/UAM Details
already you have em-2/uam Click the EM-2/UAM option and fill the all details otherwise click nil option.
Enterpris Detalis
Give the enterpris detalis as incorportion, whether production and commencement.
Bank and Activity unit details
Give the bank detalis as bank name, ifs code and applicant account number.and fill the activity unit detalis.
NIC Code detalis
Give the detalis NIC code According your name of Enterprise. NIC code 3 colam and differnt type NIC code.
Number of Employed details
give the detalis employed as male, female, and other, fill the correct number of employed.
Investment and Turnover Details
Fill the correct investment and turnover details and give the district industries center. and the last step click submit and get final OTP. and wait some time.
After some time you see the next window open. enter the OTP and verification code and click the final submit. and wait some time.
after you see new window open and your Udyam Registration Process completed.
Step By Step Nidhi Company Registration Procedure:
Obtaining Digital Signature Certificate (DSC ) for All the members/Shareholders and Directors
Preparation of requried Declarations and Documents for Nidhi Company Registraiton
Application for Approval of name
Preparation and Drafting of Incorporation documents
Signing of Incorporation Documents
Application for Incorporation of Nidhi Company with ROC
Approval by ROC, after verifying all the required documents and information.
Minimum Requirements For Nidhi Company Registration
1. Required Minimum 3 Directors and 7 Shareholders/members 2. Can Accept Deposits From its members 3. Body Corporate and Benefits of Limited Liability 4. Can Land Money to its Members 5. Can Provide Locker Facility to its members 6. Required to have a Minimum of 200 members within one year of Incorporation 7. Best suited for Small lending and deposit Business 8. Minimum Capital Rs. 5 Lakh at the time of Incorporation and Thereafter required to have Rs. 10 Lakh.
Documents Required For Nidhi Company Registration
1. PAN of all Directors 2. Voter ID/DL/Aadhar Card/Passport of All Directors /members 3. Passport Photo of all Directors 4. Latest Bank Passbook/Statement or Electricity/Broadband Bill/Mobile Bill 5. Latest utility bill (electric bill/telephone bill) and Rent Agreement or latest tax receipt/ownership deep of the property for the property to be used for registered office
Net Owned Funds Requirements
Every Nidhi Company is required to have Minimum Net Owned Funds of Rs. 10Lakh all the time. Within one year from Registration of Company Should follow this requirement.
Net Owned Funds
Aggregate Amount of paid-up equity share capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet provided the amount representing the proceeds of the issue of preference share shall not be included for calculating net owned funds.
What Nidhi Company Cannot Do As Par Nidhi Rules
If you planning to Register this company , you must need to ensure that what you cannot do in Nidhi Company, Once Nidhi Company Registration is done, you must follow Nidhi Rules
Shall not carry any chit fund, hire purchase finance leasing finance insurance or acquisition of securities issued by any Body corporate
Not allowed to issue any kind of preference shares or any debt instruments by any name whatsoever.
Prohibited to open any current account with its members
Prohibited to do any compromise or arrangement or takeover unless it is passed by a Special Resolution in the General Meeting and also obtained the previous approval from the Regional Director having jurisdiction over such nidhi company
Carry on any business other than the business of borrowing or lending in its own name
Prohibited to accept deposits or lend amount other than its members
Pledge any of the assets lodged by its members as security
Prohibited to take deposits or lend money to any Body corporate
These companies are prohibited to enter into any partnership arrangement in its borrowing or lending activities
Prohibited to issue any advertisement in any form for soliciting deposits
How much loan a Nidhi Company can provide to its Member
Rs. 2 Lakh where a total amount of Deposits form its members is less than Rs. 2 crore
Rs. 7.50 Lakh where the total amount of Deposits form its members is more than Rs. 2 crore but less than twenty crore rupees
Rs. 12 Lakh where the total amount of Deposits form its members is more than Rs. 20 crore but less than Fifty crore rupees
Rs. 15 Lakh where the total amount of Deposits form its members is more than Rs. 50 crore
No fresh loans exceeding 15% of above can be if Nidhi is not profitable for continuously three preceding financial years.
Members who have taken a loan from Nidhi and defaulted in repayment of such loan shall not be allowed to take fresh loans form Nidhi.
Only Members of Nidhi Company can take loan form Nidhi Company
How Much Interest Can Be Charged On Loans By Nidhi Company
The rate of Interest to be charged on loan given by Nidhi shall not go above seven and a half percent(7.5%) above the highest rate of interest offered on deposits by Nidhi.
i.e.7.5% the gross margin that a Nidhi Company is able to earn from the operations.
Any Person who has vacant or un utilized land may choose to setup warehosue in Rajasthan and get rental Income through renting of warehouse. Further Central Government provides subsidy on Project cost for setting up warehouse in Rajasthan. Subsidy are provided through NABARD ( National Bank for Agriculture and Rural Development).
Following are details of Subsidy provided by NABARD:
How Much Subsidy is Provided by NABARD for setting up warehouse
If the Applicants applying for Subsidy are :
Women/Farmer/SC/ST Category : 33.33% of Project Cost
Others : 25% of Project Cost
Minimum Owner Contribution of Project Cost Required
The Applicant or Owner who is applying for subsidy for setting up warehouse must contribute minimum 20% of Project Cost of warehouse.
What is Project Cost
Project Cost means Cost Involved in Construction of warehouse and also Includes :
Cost of Boundry Walls
Cost of Internal Roads
Cost of Internal Drainage System
Cost of Weighing Kanta
Cost of Fire Fighting Equipments Etc.
Cost of Land (Maximum 10% )
How Much Loan is required from Banks
Applicants Getting benefits of Subsidy under this scheme, must require to obtain minimum 50% Loan from Banks of Project Cost.
