Ragavi and her six more relatives & friends want to incorporate a Nidhi Company. They seek your advice on the following issues with respect to the formation of company: (ii) Whether the approval of Reserve Bank of In
CS Executive · Setting up of Business Entities and Closure · PYQS · June 2019
Ragavi and her six more relatives & friends want to incorporate a Nidhi Company. They seek your advice on the following issues with respect to the formation of company: (ii) Whether the approval of Reserve Bank of India (RBI) is required ? As a practising Company Secretary, advise with reference to the provisions of the Companies Act, 2013.
Answer & Explanation:
No, RBI approval is not necessary to register the Nidhi Company, as RBI has specifically exempted this category of NBFC in India.
Topics: Companies Act, 2013; Nidhi Rules, 2014
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