Ranvijay 11 December 2016
Ms.Usha Kapoor (CEO) 12 December 2016
From what I read it is cler that it is NBFC and will need the approval of RBI.If you appreciate this answer please give me all my profile likes.
Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 12 December 2016
1. IF a registered Co. conducts business of "Lending & Receiving" of Money, necessarily on levy of Interest basis, THEN such Co. has to mandatorily register itself as a NBFC with the RBI.
2. HOWEVER, in the present query, there is no element of "Lending & Receiving" of Money, BUT only convienence of Trading on commision (profit-sharing) basis, with Tri-Party Credit facility. Such activity does not classify itself as NBFC. However relevant S&E and Trade License etc.... are mandatory.
Keep Smiling .... Hemant Agarwal
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Ranvijay 12 December 2016
Thanks for your response Mr. Agarwal, still If the buyer chose to pay directly to us rather than the tied-up merchant or vendor, We are recieving that amount to our Bank Account via Bank transfer.
Thereafter we will be transferring the funds to tied-up merchant deducting our sales/affiliate margin.
I, based on nature of operation, it's a kind of semi-closed wallet.
I couldn't understand the term "Tri-Party Credit Facility".
Please suggest.
Thanks
Ranvijay
Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 13 December 2016
Kindly prefer to "RE-READ" my reply, this time more "S-L-O-W-L-Y", more specifically point no. 1.
Keep Smiling .... Hemant Agarwal
VISIT: https://www.maharashtra-society-help-forum.com