Home loan borrowers are having an excellent year 2025, which started with a 25 basis point reduction in the repo rate by the RBI. Now, the central bank has announced another 25 basis point rate cut. This means that home loan borrowers, especially the ones with floating-rate home loans, will see their EMIs fall substantially […]
Power of Bank to remove directors from office (1) Where the Bank is satisfied that in the public interest or to prevent the affairs of a non-banking financial company being conducted in a manner detrimental to the interest of the depositors or creditors, or financial stability or for securing the proper management of such company,
An Income Tax Survey is a tool used by the Income Tax Department of India to gather information about a business or individual. It’s done to verify income, check records, and ensure that tax laws are being followed. It is less invasive than a raid (search and seizure), but more serious than a normal tax
A Share Purchase Agreement (SPA) is a legal contract between a buyer and a seller to transfer ownership of shares in a company. It’s commonly used when someone is buying or selling shares of a private limited company. What is a Share Purchase Agreement? It is a written agreement that sets out the terms and
Reserve fund (1) Every non-banking financial company shall create a reserve fund and transfer therein a sum not less than twenty per cent of its net profit every year as disclosed in the profit and loss account and before any dividend is declared. (2) No appropriation of any sum from the reserve fund shall be
Maintenance of percentage of assets (1) Every non-banking financial company shall invest and continue to invest in India in unencumbered approved securities, valued at a price not exceeding the current market price of such securities, an amount which, at the close of business on any day, shall not be less than five per cent or
The Quality Council of India (QCI) is an autonomous body (not controlled directly by the government) set up in 1997 by the Government of India along with Indian industry associations like CII, FICCI, and ASSOCHAM. Its main aim is to improve the quality of products, services, and systems in India across various sectors like health,
Requirement of registration and net owned fund (1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no non-banking financial company shall commence or carry on the business of a non-banking financial institution without— (a) obtaining a certificate of registration issued under this Chapter; and [(b)
A double-entry bookkeeping system is where a corresponding entry is made for every transaction, i.e. debits and credits. The basis of the double-entry bookkeeping system is that every transaction has two parts and affects two ledger accounts. The double-entry system of bookkeeping deals with two or more accounts for every business transaction. For example, if
Definitions In this Chapter, unless the context otherwise requires,— [(a) “business of a non-banking financial institution” means carrying on of the business of a financial institution referred to in clause (c) and includes business of a non-banking financial company referred to in clause (f);] [(aa)] “company” means a company as defined in section
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