Permission from rbi
amar
(Querist) 19 May 2014
This query is : Resolved
If one is starting private locker business where people can keep their valuables/important documents
Is there any need to take permission from RBI ???
Thanks in Advance
Kiran Kumar
(Expert) 19 May 2014
Visit website of RBI to know the necessary law in this regard.
Otherwise I dont think there is any such enactment which protects such unorganized business.
Surrender K Singal
(Expert) 20 May 2014
Without such apprioval / licence, your prospective locker hirers may not be interested / assured of your credentials
Raj Kumar Makkad
(Expert) 21 May 2014
Permission from police department, fire station, shops and commercial activities are mandatory.
V R SHROFF
(Expert) 09 June 2014
In chawl??where u reside???
U R FINANCE MANAGER AND YOU STATED
" I am 24 years old & living in a chawl in Mumbai since birth, 3 years ago a family bought a house in front of our house.
The 16 years old daughter and her mother often verbally abuse my mother & sister over very small issue. And the words she use is disgusting and not only this even after the quarrel is over, she keeps on abusing us directly or indirectly"
Guest
(Expert) 09 June 2014
As a Finance manager, you would have been aware of the laws and procedure for opening a non-banking finance company.
Surrender K Singal
(Expert) 10 June 2014
Hats off to VRS for digging up Author's earlier assertion
Raj Kumar Makkad
(Expert) 10 June 2014
It seems some persons misuse the experts section like the present querist.
amar
(Querist) 10 June 2014
I am working in a CA Firm and was earlier handling Local Body Tax assessment for VVCMC till March 2014 but after that I was shifted to Finance Dept(consisting of 3 people including myself) where I am looking after Project Finance, LAP(Loan against Poperty), Working capital requirements etc.,
And Dhingra Sir my query was for Private Lockers not NBFC's but still thanks for replying
And yes Vinod sir I live in a chawl and I was born there and to further surprise you I completed by Chartered Accountancy in 2013
And as you are from Mumbai unlike Surrender sir who is from Delhi, I hope you can understand that even for a CA it is not easy to buy house in Mumbai in today's time
And Thanks for replying
Sankaranarayanan
(Expert) 10 June 2014
Need to get the permission and approval from RBI and others as mentioned by Sri Makkad
Guest
(Expert) 10 June 2014
Mr. Amar,
Thanks for your clarification. I hope you very well know that the lockers are meant for deposit of valuable of the account holders, which at present are managed by the banks or financial institutes. So, involvement of RBI is called for. And RBI deals with banking and NBFC, not general business as you assume.
Surrender K Singal
(Expert) 11 June 2014
Without such approval / licence, your prospective locker hirers may not be interested / assured of your credentials;
FelicitaTIONS for completing CA
