licence

Madansingh Shekhaawat (Querist) 13 May 2010 This query is : Resolved
are any approvals required to start private personal finance business?

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Guest (Expert) 13 May 2010
Yes. You will have to apply to your state's licensing authority meant for the purpose. (At Tamil Nadu, licence to be obtained under Money-lenders Act).

Raj Kumar Makkad (Expert) 13 May 2010
Private financing business is registered in every State under Money Laundering Act so get registration under this act.

mahendrakumar (Expert) 14 May 2010
apart from the state licensing, there are many restrictions in this regard by rbi like rate of interest for collecting deposit and maximum permissible rate on loan etc.

Madansingh Shekhaawat (Querist) 16 May 2010
thanks a lot for providing information.

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