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Nidhi company in bangalore

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Overview

Nidhi Companies are registered Limited Companies involved in taking deposits and lending to their members. The activities of a Nidhi Company does fall under the purview of Reserve Bank of India, as it is similar to an NBFC. However, as Nidhi Companies ONLY deal with shareholder-members money, RBI has exempted Nidhi Companies from the core provisions of the RBI and other regulations applicable to an NBFC.

Advantages

1. Easy formation.

2. Minimal risk of non-payment of loans.

3. Limited RBI Regulations.

4. Low Capital Requirement.

5. No outside interference.

6. Perpetual Succession.

Documents Required

  • Proof of the registered place of business (Ownership documents/ rent or lease agreement)
  • No Objection Certificate (signed by the owner/ landlord)
  • Identity proofs
  • Address proofs of the members
  • Photos of the members
  • PAN card copies of the members
  • Digital Signature (DSC)
  • Director Identification Number (DIN) of the directors
  • Memorandum of Association of the company (MoA)
  • Articles of Association of the company (AoA)

Compliances

Within one year of incorporation, a Nidhi company must satisfy the following conditions:

  • The number of members should increase to at least 200 within one year of its incorporation.

  • The Net owned funds must be Rs. 20 lakhs (Modified via Nidhi (Amendment) Rules, 2022

  • The net owned funds and the deposits shall be in a ratio not exceeding 1: 20 that is Net Owned Funds: Deposits = 1:20.

  • Unencumbered term deposits should be not less than 10 % of the outstanding deposits as specified in Rule 14 of Nidhi Rules 2014.

  • The Nidhi Company needs to Maintain Books of Accounts, the statutory Registers.

  • The Nidhi Company needs to Convene Statutory Meetings.

Note: Net owned funds are the aggregate of paid-up capital and free reserves reduced by the accumulated and intangible assets as appearing in the last balance sheet

Faqs

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

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