What are the RBI norms for periodical updating of KYC?

Banks are required to periodically update their customers’ KYC details under Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002.  As per latest review and directives of RBI, periodic full KYC exercise will be required to be done for…

What is LLP ?

LLP is acronym to the Limited Liability Partnership (LLP). LLP is an entity registered under Limited Liability Partnership Act, 2008. The liability of an LLP is restricted to its assets and partner’s liability is limited to their share contributed in the partnership. Thus partner’s liability in LLP is similar to that of the shareholders of…

Who are called as active partner and sleeping partner in a partnership?

In partnership businesses all the partners need not actively participate in the business activity of the firm. According to their involvement  in the business they are called active  partner/ managing  partner and sleeping partner/ dormant partner. Active Partner or managing partner: An active partner is the capital investor in the partnership who actively involves himself…

How to submit PMEGP loan application online?

Online submission of applications for loans under PMEGP is mandatory and no manual applications are allowed w.e.f. 01.05.2016. Individual loan applicants may submit PMEGP loan application to Khadi & Village Industries Commission under PMEGP scheme at following URL. https://www.kviconline.gov.in/pmegpeportal/jsp/pmegponline.jsp The non-individual entities such as Self Help Groups (registration of the SHGs not compulsory), Trust, Under…

What are the conditions apply for loan against FCNR/NRE deposits?

Q: Is there any upper limit for loans against security of NRI’s term deposits like FCNR/NRE? Ans.: Except usual margin requirement, no upper ceiling is prescribed for loans to NRIs or third parties in India against security of FCNR/NRE deposits. However, the loan shall be for the purpose other than the investments specified in FEMA…