Who are called active partners and sleeping partners 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…
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What is a smart card?
The appearance of a smart card is akin to a credit card in size and shape. It is a plastic card embedded with microprocessor chip or memory chip. The microprocessor embedded under a gold contact pad on one side of the card can be compared to minicomputer. When the chip is processed by a chip…
Read article How to submit PMEGP loan application online?
Any individual, above 18 years of age. At least VIII standard pass for projects costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakhs in the business / service sector. Only new projects are considered for sanction under PMEGP. Online submission of applications for loans under PMEGP is mandatory and no manual…
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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…
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What is a power of attorney (POA)?
A Power of attorney (POA) is a written instruction by which one person is empowered to act on behalf of another. That is to say, to do any lawful act or series of lawful acts on behalf of the principal person by his agent. The Power of Attorney can be made in two types, special…
What is a mandate?
The mandate and power of attorney are the rights cast upon a third person to act on behalf of the principal person/s. The rights of mandate and power of attorney holders are very similar in the operation of bank accounts but they are issued for different reasons and purposes. A mandate is a simple letter…
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