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NBFC Registration Form - Download Online
Goldloan Microfinance & valuation of gold as per RBI
Banks and NBFC (non-banking finance companies), especially #goldloan companies has allowed by RBI to provide loan up to 75 percent of the value of the gold jewellery since, Jan 2014. As per RBI, for the purpose of determining the maximum permissible loan amount, will be only the intrinsic value of the gold content therein, and no other cost elements, such as making charges, should be added thereto.
Ownership of Gold:
In view of the fact that it may not be possible for borrowers to produce receipts establishing ownership, especially when the jewellery has been inherited, the #RBI clarified that the ownership verification need not necessarily be through original receipts for the jewellery pledged.
For verification, a suitable document could be prepared to explain how the ownership was determined, particularly in cases where the #goldjewellery pledged by a borrower at any one time or cumulatively on loan outstanding is more than 20 gm. NBFCs have been directed to put in place an explicit policy in this regard.
Purity of Gold:
The certified purity at the base of #22carat shall be applied for determining the maximum permissible loan and the reserve price for #auction. The #NBFCs can, however, include suitable caveats to protect themselves against disputes on redemption.
Fees structure of DRT and DRAT
✩ http://loansettlement.ozg.in ✩ email: arc@ozg.co.in
Fees Structure Type 1
The #Securitisation and #Reconstruction of Financial Assets and Enforcement of Security Interest Act (#sarfaesi), 2002.
No. Nature of application Amount of Fee Payable
1. Application to a #DebtRecovary Tribunal Under sub-sction (1) of Secion 17 against any of the measures refferd to in sub-sectin (4) of Section 13 (a) Wher the applicant is a borrower and the amount of debt due is less han Rs. 10 lakhs. Rs.500 for every Rs. 1 lakh or part hereof (b) Where the applicant is borrower and the amount of debt due is Rs. 10 lakhs and above Rs. 5000 + Rs. 250 for every s. 1 lakh or part thereof in excess of Rs. 10 lakhs subject to a maximum of Rs.1,00,000 (c) Whee th applicant is an aggrieved party other than the borrower and wher the amount of debt due is lss than Rs. 10 lakhs Rs. 125 for every Rupee One lakh or part thereof (d) Where the applicant is an aggrieved party there than the borrower and where the amount of debt due is Rs 10 lakhs and above Rs. 1250 + Rs. 125 for every Rs. 1 lakh or part thereof in excess of Rs. 10 lakhs subjct to a maximum of Rs. 50,000 (e) Any other application by any person Rs. 250
2. Appeal to the Appllate Authority against any order passed by the Debt Recovery Tribunal under Section 17 Same fees as provded at clauses (a) to (e) of Serial Number 1 of this rule
Fees Structure Type 2
The Recovery of Debts Due to Banks and #FinancialInstitutions Act, 1993
No. Nature of application Amount of Fee Payable
1. Application for recovery of debts due under section 19(1) or section 19(2) of he Act, (a)Where amount of debt due is Rs. 10 lakhs (b) Where amount of debt due is above Rs. 10 lakhs Rs. 12000 Rs. 12,000 plus Rs. 1,000 for every one lakh rupees of dbt due or part thereof in excess of Rs. 10 lakhs. subject to a maximum of Rs. 1,50,000 2. Application to couter-claim under section 19(8) of he Act,- (a)Where the amount of claim made is upto Rs. 10 lakhs (b)Where the amount of claim mades above Rs. 10 lakhs 50 per cent of the fee paid 12000 Rs. 12,000 plus Rs. 1,000 for every one lakh rupees or part thereof in excess of Rs. 10 lakhs, subject to a maximum of Rs. 1,50,000 3. Application for review including review application in respect of th counter-claim (a)Against an intrim order (b)Against a final order including review for correction of clerical or arithmatical mistake Rs. 10 Rs.125 50% of fee payble at rats as applicable on the application under section 19(1) or 19(8) of the Act, subject to a maximum of Rs. 15,000 4. Applcation for interlocutory order Rs. 520 5. Appeals against orders of the Recovery Officer if the amount appealed against is,- (i) less than Rs. 10 lakhs (ii)Rs. 10 lakhs or more but less than Rs. 30 lakhs (iii)Rs. 30-lakhs or more Rs. 12,000 Rs. 20, 000 Rs. 30,000 6. #Vakalatnama Rs. 5.
#debtlaw #ozglaw #ozgarc #arc #loansettlement #sudeshkumarfoundation #assetreconstruction #debtmanagement
Inter-NGO Donation in India
DONATION TO ANOTHER NGO
01 => It has been held in various cases that donation made by one NGO to another shall be considered as application of income for the objectives of the organisation provided the receiving organisation also has objects similar to the object donor organisation.
DONATIONS TO OTHER NGOs AFTER 1-4-2002
02 => The Finance Act, 2002 has inserted an Explanation to sub-section (2) of section 11. This Explanation prohibits donations to other NGOs out of the accumulated funds. This amendment can have far-reaching practical implications. The new amendment puts restriction on donations to other NGOs only out of accumulated funds. In other words, funds once accumulated under section 11(2) can only be applied for charitable purposes directly by the concerned organisation and any inter-organisational transfer would not be possible.
DONATION OUT OF CURRENT INCOME IS NOT BANNED
03 => However inter-organisational donations are possible from current year's income, but the newly amended provision will certainly create hurdles for organisations, which were used as conduct for channel rising funds to other organisations. The new Explanation inserted by the Finance Act, 2002, to section 11(2) has debarred organisations from applying its accumulated or set-apart income by way of payment or credit to other such organisations. Now, payments or credits out of accumulated funds to any other organisation would not be treated as application for charitable or religious purpose. There is no apparent bar on payment or credit to such other organisations out of previous year's income subject to the provisions of section 11(1).
INTER-NGO DONATION
04 => In the light of the above, funds once accumulated are no longer available for credit or payment to any other NGO, though such transfer may still be possible out of the current year's income under section 11. CBDT has also issued a clarificatory circular no. 8, dt. 27.08.2002.
05 => In the light of the aforesaid and the amendments by virtue of Finance Act, 2002, donations to other Charitable Organisation are still possible but only out of the current years income. Once the funds are accumulated then it will not be permissible to make inter-trust donation and treat them as application.
AMENDMENT IN FINANCE ACT, 2003
06 => The Finance Act, 2003 has inserted another proviso to sub-section (3A) of section 11 which provides that inter-NGO donation out of accumulated funds will be permissible in case of dissolution of a Charitable Organisation. This amendment has been made to reduce the hardship of NGOs on the brink of dissolution.
TAX PLANNING THROUGH DEEMED APPLICATION
07 => In the light of what is discussed in this chapter, the amended provisions with regard to inter-NGO donations will cause hardship to those organisations which act as a mother NGO to many small charitable organisations and funds through various foreign and domestic sources are routed through them. Many donors prefer to fund through one mother NGO which subsequently distributes the funds to smaller NGOs. After the amendment made in 2002 there is an apprehension in the fraternity of NGOs, that it may become difficult to disburse funds received towards the end of the year. And since accumulated income is not available for inter- NGO donations, the funds could neither be applied nor could be donated to other NGOs.
08 => For instance if a NGO receives funds in the month of March - which is required to be distributed to other NGOs - and is unable to make inter-NGO donations within the year of receipt, then it has to accumulate the same. Once the income is accumulated under section 11(2) then it is not permissible to make inter-NGO donations.
09 => Under the above mentioned circumstances, a NGO may exercise the option available under Explanation to section 11. The Explanation to the section 11 refers to two situations where the income applied falls short of 85% and still can be deemed to have been applied in the previous year other reason. Under the second situation, the assessee may exercise its option by applying in writing before the expiry of the time allowed under section 139(1) for filing of return. After exercise of the option, the income will be deemed to have been applied in the previous year even though it is spent in the succeeding or the year of receipt.
10 => Inter-NGO donations being valid application of income, there is no reason why option under Explanation 2 to section 11(1) could not be applied and the income be actually spent/disbursed in the succeeding year. But the reasons have to be genuine, the organisation must have valid reasons for not being able to apply the income as inter-NGO donations.
The NGO Center
SUDESH KUMAR FOUNDATION
Email: ask@ngoregistry.com
Cancellation of FCRA Registration
If NGO would not find foreign funding agency for any projects / activity, in old FCRA - 1976, an NGO needed to fill NIL FC-3 return and kept their registration alive.
Now, in FCRA 2010, it is changed, Registration may be cancelled for various reasons including lack of activity for a period of 2 years.
How can Ozg help to your NGO?
Please, do not send unsolicited emails / calls / letter and also do not make surprise visit seeking funding support to donor agencies. This will discredit your NGO and can also bring bad reputation to you as an individual as well as a NGO.
Fund raising is a competitive process and you need to follow ethics and not spam donor emails and/or phones with long, unrelated requests for fund / grant support. If you just keep approaching donor for seeking support without knowing them, your chances of raising funds for your NGO will be drastically reduced and you may be blacklisted as a spammer.
Ozg offers a guaranteed solution for FCRA fundraising. Register in to The Global NGO Registry for FREE to get a systematic process to receive regular funds and grants to support your NGO's work.
STATEWISE FOREIGN PROJECTS LINK
The Global NGO Registry
Email to: ask@fcra.in
