All Rules and Regulations for Nidhi Company as Per MCA Norms

There are some essential basics in starting a business, Nidhi. Business owners can choose to start a business based on the benefits that can be enjoyed by Nidhi. There are certain restrictions and conditions of deposit when beginning a business Nidhi. A bright idea about Nidhi Company is required if you are new to the industry.
Nidhi Company is a corporate structure made according to Section 20A of the Companies Act 1956. It is governed by the Ministry of Corporate Affairs (MCA), and there are specific rules to follow Nidhi Company in India. Nidhi Company formed primarily to develop the habit of savings among its members only for their mutual benefit. The primary source of funding for Nidhi Company is the contribution of the members.
Rules and Regulations for Nidhi Company as Per MCA Norms
Rules and Regulations for Nidhi Company:

A Nidhi company is limited to undertake any of the activities mentioned below:
·       To initiate the business of leasing, chit funds, lease financing, the acquisition of securities or insurance.
·       To issue debentures or preferred shares.
·       To open the current account of the Member.
·       To accept, lend, or deposit money to any person other than its members.
·       Finally, some agreement or pay brokerage implores all types of deposits.
·       They promise an active submitted by members of the Company as security.
Terms of Deposit
·       The conditions Nidhi each Company must comply before granting loans are as follows:
·       Deposits are accepted by the Company should not exceed Nidhi 20% of its net owned funds.
·       The amount of fixed deposit can be accepted for six months at least, and sixty months maximum, while periodic filings may be accepted for a minimum of 12 months and 60 months.
·       The interest rate on the deposit must not exceed 2% above the price presented by the Nationalized Banks.
Branches
·       Nidhi Company branches can be opened only when it achieved a net profit after taxes consistently over the previous three years.
·       After the three-year period has elapsed, the Nidhi Company can open up to three branches of the district.
·       Nidhi Company may open branches until he submitted a financial statement and the annual return with the Registrar of the time.
Know more about Nidhi Company Registration, requirements, and other procedures in India

This article talks about opening a company, Nidhi, so that you can save money for your future. Offered details on the incorporation of companies Nidhi will be useful for young Entrepreneurs. Know about the benefits of Nidhi Company Registration, so you take advantage of all the benefits.

Location: New Delhi, Delhi, India

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