M.R.K.PRASAD-Advocate (SELF) 16 December 2012
When an individual wants to do money lending business as proprietary or partnership, what licenses to acquire. Is there any RBI provisions to do said business even though the business is not involved any public deposits. And can any enterprise do lockers providing service like banks .if so what are the provisos applied in acts and which department governs the said service.
M V Gupta (Advocate) 16 December 2012
For carrying on money lending business as sole proprietor or in partnership, you have to obtain licnese under the money lending regulation Act of the State concernbed. As your proposed business does not involve acceptiong deposits from the public for the business, you need not register with the RBI.
VIRAJ KADAM (Advocate Supreme Court of India) 18 December 2012
Dear friend
RBI has laid down many guidelines for Money Lending business. You must start you business in accordance with those guidelines. You must register yourself under the state enactment applicable to you. Follow the procedure to avoid inconvenience.
Regards
Viraj Kadam
Advocate,
Supreme Court of India
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