NOTE ON MONEY LENDER LICENSE

1. Brief details:

No money-lender shall carry on the business of money-lending except in the area for which he has been granted a license and except in accordance with the terms and conditions of such license.

Recently the action was taken under the Bombay Money Lending Act 1946. This bans money lending business without a valid license from the co-operation department. It is mainly aimed from preventing excesses against farmers by unscrupulous money lenders. The department had initiated action against many under the act to prevent farmers’ suicide in Vidarbha. As per the
provisions of the act, an individual cannot lend money at the rate of 18%. Department officials informed that action could be initiated even on a single instance of lending money at the rate of said interest.

1. Eligibility

Any individual who is having clean track record and willing to apply for Money Lending License needs to prove required conditions as mentioned in the Act.

1. Documents required for obtaining license from Government authority:

As per rules and regulations applicable below mentioned documents required for apply Money Lending License:

1. PAN Card
2. 2 Address proofs
3. Registered office address proof
4. Shop and Establishment Act license or Grampanchayat NoC
5. Past track record history
6. 5 Passport size photographs
7. Bank account statement (minimum previous six months)
8. Income Tax Statements (preferably previous three years)
9. If registered office place is on rent or on lease then Rent Agreement or Lease deed
10. NoC from owner to specify No Objection to run specified business in said premises
11. Character Certificate or Police Verification
12. Documentary proof to support the applicant’s capability in managing the money lending business
13. Documentary proof to show the financial situation of the applicant

1. Place of rendering Services:

The place of rendering services generally shall be our office situated at Office No. 106, Sr No. 55, Sukhniwas, 15th August Chowk, Mangalwar Peth, Pune – 411011, Maharashtra, India.

1. Fees:

Professional fees for the assignment will be as follows:

**Plus GST @ 18% applicable

**Government fees & Out of Pocket Expenses will be at actual.

In case of any explanation /information needed, please feel free to contact us.

Thanking you and assuring best professional services.

Sd/-

Pramodkumar R. Ladda

Company Secretary & Insolvency Professional

Along with Company Law we are also dealing in all types of Licensing, registrations and Liasioning services. Few areas in which we had already served to our clients are:

1. Business Setup Services in India or Abroad
2. MPCB (Maharashtra Pollution Control Board) Consent To Establish
3. MIDC (Maharashtra Industrial Development Corporation) Provisional
4. Factory Inspector Approval
5. Ministry of Environment and Forests (MOEF)
6. Water Connection Sanction from MIDC
7. MSEDCL (Power) Approval
8. PESO (Petroleum and Explosive Safety Organization)
9. CCOE (Chief Controller of Explosives) Approval
10. Support for EIA (Environmental Impact Assessment) (EIA documentation by MITCON or other Authorities)
11. MPCB Consent to Operate
12. Any other statutory approval not indicated above
13. MIDC (Maharashtra Industrial Development Corporation) approvals
14. Fire (Petroleum and Explosive) Department approvals
15. SEZ (Special Economic Zones)
16. EOU (Export Oriented Units)
17. STPI (Software Technology Park of India)
18. PSARA License for Security Guard providing Agencies
19. Hotel Setup and Subsidies/Restaurant, Bar,Lounge,Pub etc
20. Finding of land (especially in MIDC area) for Companies and do necessary things till allotment of land
21. RBI (Reserve Bank of India) various permissions and compliances

• Recently we arranged FFMC (Full Fledged Money Changer) license for Pune based Company where Company now Authorised to do business of Dollar or other foreign currency conversion against INR
• FEMA (Foreign Exchange Management Act)
• FDI (Foreign Direct Investment)
• NBFC (Non Banking Financial Companies)
• Private Banking license (recent one week announcement by RBI)

1. Trademark, Copyright, Patent Registration
2. ISO Certification
3. Registration of Multi Co-operative Society
4. Registration of Food & Drug License (FDA)
5. Registration of IEC (Import Export Code) with DGFT (Director General of Foreign Trade), Export & Import Subsidies.