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1,001 | In determining the terms and conditions of conversion, the Government shall have due regard to the financial position of the company, the terms of issue of debentures or loans, as the case may be, the rate of interest payable on such debentures or loans and such other matters as it may consider necessary.Where the terms and conditions of such conversion are not acceptable to the company, it may, within sixty days from the date of communication of such order, appeal to the Tribunal which shall after hearing the company and the Government pass such order as it deems fit. |
1,002 | In determining the terms and conditions of conversion, the Government shall have due regard to the financial position of the company, the terms of issue of debentures or loans, as the case may be, the rate of interest payable on such debentures or loans and such other matters as it may consider necessary.Where the terms and conditions of such conversion are not acceptable to the company, it may, within sixty days from the date of communication of such order, appeal to the Tribunal which shall after hearing the company and the Government pass such order as it deems fit.Where the Government has, directed that any debentures or loan or any part thereof shall be converted into shares in a company and where no appeal has been preferred to the Tribunal or where such appeal has been dismissed, the memorandum of such company shall, where such order has the effect of increasing the authorised share capital of the company, stand altered and the authorised share capital of such company shall stand increased by an amount equal to the amount of the value of shares which such debentures or loans or part thereof has been converted into. |
1,003 | Where the terms and conditions of such conversion are not acceptable to the company, it may, within sixty days from the date of communication of such order, appeal to the Tribunal which shall after hearing the company and the Government pass such order as it deems fit.Where the Government has, directed that any debentures or loan or any part thereof shall be converted into shares in a company and where no appeal has been preferred to the Tribunal or where such appeal has been dismissed, the memorandum of such company shall, where such order has the effect of increasing the authorised share capital of the company, stand altered and the authorised share capital of such company shall stand increased by an amount equal to the amount of the value of shares which such debentures or loans or part thereof has been converted into.Issue of Bonus Share (Section 63):A company may issue fully paid-up bonus shares to its members, in anymanner whatsoever, out of—its free reserves; |
1,004 | manner whatsoever, out of—its free reserves;the securities premium account; orthe capital redemption reserve account.No issue of bonus shares shall be made by capitalising reserves created by the revaluation of assets.No company shall capitalise its profits or reserves for the purpose of issuing fully paid-up bonus shares under sub-section (1), unless—it is authorised by its articles;it has, on the recommendation of the Board, been authorised in the general meeting of the company;it has not defaulted in payment of interest or principal in respect of fixed deposits or debt securities issued by it;it has not defaulted in respect of the payment of statutory dues of the employees, such as, contribution to provident fund, gratuity and bonus;the partly paid-up shares, if any outstanding on the date of allotment, are made fully paid-up; andit complies with such conditions as may be prescribed. The bonus shares shall not be issued in lieu of dividend.NBFCS |
1,005 | the partly paid-up shares, if any outstanding on the date of allotment, are made fully paid-up; andit complies with such conditions as may be prescribed. The bonus shares shall not be issued in lieu of dividend.NBFCSA Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/ construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company). |
1,006 | it complies with such conditions as may be prescribed. The bonus shares shall not be issued in lieu of dividend.NBFCSA Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/ construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company). |
1,007 | NBFCSA Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/ construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of India Act, 1934. The regulatory and supervisory objective is to: |
1,008 | NBFCSA Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/ construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of India Act, 1934. The regulatory and supervisory objective is to: |
1,009 | A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/ construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of India Act, 1934. The regulatory and supervisory objective is to:ensure healthy growth of the financial companies; |
1,010 | The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of India Act, 1934. The regulatory and supervisory objective is to:ensure healthy growth of the financial companies;ensure that these companies function as a part of the financial system within the policy framework, in such a manner that their existence and functioning do not lead to systemic aberrations; and thatthe quality of surveillance and supervision exercised by the Bank over the NBFCs is sustained by keeping pace with the developments that take place in this sector of the financial system.Different types / categories of NBFCs registered with RBI |
1,011 | ensure healthy growth of the financial companies;ensure that these companies function as a part of the financial system within the policy framework, in such a manner that their existence and functioning do not lead to systemic aberrations; and thatthe quality of surveillance and supervision exercised by the Bank over the NBFCs is sustained by keeping pace with the developments that take place in this sector of the financial system.Different types / categories of NBFCs registered with RBINBFCs are categorized – (a) in terms of the type of liabilities into Deposit and Non-Deposit accepting NBFCs, (b) non deposit taking NBFCs by their size into systemically important and other non-deposit holding companies (NBFC-NDSI and NBFC-ND) and (c) by the kind of activity they conduct. Within this broad categorization the different types of NBFCs are as follows: |
1,012 | the quality of surveillance and supervision exercised by the Bank over the NBFCs is sustained by keeping pace with the developments that take place in this sector of the financial system.Different types / categories of NBFCs registered with RBINBFCs are categorized – (a) in terms of the type of liabilities into Deposit and Non-Deposit accepting NBFCs, (b) non deposit taking NBFCs by their size into systemically important and other non-deposit holding companies (NBFC-NDSI and NBFC-ND) and (c) by the kind of activity they conduct. Within this broad categorization the different types of NBFCs are as follows:Asset Finance Company (AFC) : An AFC is a company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive/economic |
1,013 | NBFCs are categorized – (a) in terms of the type of liabilities into Deposit and Non-Deposit accepting NBFCs, (b) non deposit taking NBFCs by their size into systemically important and other non-deposit holding companies (NBFC-NDSI and NBFC-ND) and (c) by the kind of activity they conduct. Within this broad categorization the different types of NBFCs are as follows:Asset Finance Company (AFC) : An AFC is a company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive/economicactivity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively. |
1,014 | Asset Finance Company (AFC) : An AFC is a company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive/economicactivity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.Investment Company (IC) : IC means any company which is a financial institution carrying on as its principal business the acquisition of securities. |
1,015 | Asset Finance Company (AFC) : An AFC is a company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive/economicactivity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.Investment Company (IC) : IC means any company which is a financial institution carrying on as its principal business the acquisition of securities.Loan Company (LC) : LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company. |
1,016 | activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.Investment Company (IC) : IC means any company which is a financial institution carrying on as its principal business the acquisition of securities.Loan Company (LC) : LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company.Infrastructure Finance Company (IFC) : IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of Rs. 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR of 15%. |
1,017 | activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.Investment Company (IC) : IC means any company which is a financial institution carrying on as its principal business the acquisition of securities.Loan Company (LC) : LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company.Infrastructure Finance Company (IFC) : IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of Rs. 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR of 15%.Systemically Important Core Investment Company (CIC-ND-SI) : CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:- |
1,018 | Investment Company (IC) : IC means any company which is a financial institution carrying on as its principal business the acquisition of securities.Loan Company (LC) : LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company.Infrastructure Finance Company (IFC) : IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of Rs. 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR of 15%.Systemically Important Core Investment Company (CIC-ND-SI) : CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:-it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies; |
1,019 | Loan Company (LC) : LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company.Infrastructure Finance Company (IFC) : IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of Rs. 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR of 15%.Systemically Important Core Investment Company (CIC-ND-SI) : CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:-it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies;its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its Total Assets; |
1,020 | Infrastructure Finance Company (IFC) : IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of Rs. 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR of 15%.Systemically Important Core Investment Company (CIC-ND-SI) : CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:-it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies;its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its Total Assets;it does not trade in its investments in shares, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment; |
1,021 | Systemically Important Core Investment Company (CIC-ND-SI) : CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:-it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies;its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its Total Assets;it does not trade in its investments in shares, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment;it does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the RBI act, 1934 except investment in bank deposits, money market instruments, government securities, loans to and investments in debt issuances of group companies or guarantees issued on behalf of group companies. |
1,022 | it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies;its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its Total Assets;it does not trade in its investments in shares, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment;it does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the RBI act, 1934 except investment in bank deposits, money market instruments, government securities, loans to and investments in debt issuances of group companies or guarantees issued on behalf of group companies.Its asset size is Rs 100 crore or above andIt accepts public funds |
1,023 | it does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the RBI act, 1934 except investment in bank deposits, money market instruments, government securities, loans to and investments in debt issuances of group companies or guarantees issued on behalf of group companies.Its asset size is Rs 100 crore or above andIt accepts public fundsInfrastructure Debt Fund: Non- Banking Financial Company (IDF- NBFC) : IDF-NBFC is a company registered as NBFC to facilitate the flow of long term debt into infrastructure projects. IDF-NBFC raise resources through issue of Rupee or Dollar denominated bonds of minimum 5 year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI): NBFC-MFI is a non-deposit taking NBFC having not less than 85% of its assets in the nature of qualifying assets which satisfy the following criteria: |
1,024 | Its asset size is Rs 100 crore or above andIt accepts public fundsInfrastructure Debt Fund: Non- Banking Financial Company (IDF- NBFC) : IDF-NBFC is a company registered as NBFC to facilitate the flow of long term debt into infrastructure projects. IDF-NBFC raise resources through issue of Rupee or Dollar denominated bonds of minimum 5 year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI): NBFC-MFI is a non-deposit taking NBFC having not less than 85% of its assets in the nature of qualifying assets which satisfy the following criteria:loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding Rs. 60,000 or urban and semi-urban household income not exceeding Rs. 1,20,000;loan amount does not exceed Rs. 35,000 in the first cycle and Rs. 50,000 in subsequent cycles;total indebtedness of the borrower does not exceed Rs. 50,000; |
1,025 | Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI): NBFC-MFI is a non-deposit taking NBFC having not less than 85% of its assets in the nature of qualifying assets which satisfy the following criteria:loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding Rs. 60,000 or urban and semi-urban household income not exceeding Rs. 1,20,000;loan amount does not exceed Rs. 35,000 in the first cycle and Rs. 50,000 in subsequent cycles;total indebtedness of the borrower does not exceed Rs. 50,000;tenure of the loan not to be less than 24 months for loan amount in excess of Rs. 15,000 with prepayment without penalty;loan to be extended without collateral;aggregate amount of loans, given for income generation, is not less than 75 per cent of the total loans given by the MFIs;loan is repayable on weekly, fortnightly or monthly instalments at the choice of the borrower |
1,026 | tenure of the loan not to be less than 24 months for loan amount in excess of Rs. 15,000 with prepayment without penalty;loan to be extended without collateral;aggregate amount of loans, given for income generation, is not less than 75 per cent of the total loans given by the MFIs;loan is repayable on weekly, fortnightly or monthly instalments at the choice of the borrowerNon-Banking Financial Company – Factors (NBFC-Factors): NBFC-Factor is a non-deposit taking NBFC engaged in the principal business of factoring. The financial assets in the factoring business should constitute at least 75 percent of its total assets and its income derived from factoring business should not be less than 75 percent of its gross income.Regulatory Framework of NBFCChapter IIIB of Reserve Bank of India (RBI) Act 1934 - Provisionsrelating to Non banking Institutions receiving deposits and Financial InstitutionsChapter III-C of RBI Act 1934 - Prohibition of acceptance of deposits by Unincorporated bodies |
1,027 | Chapter IIIB of Reserve Bank of India (RBI) Act 1934 - Provisionsrelating to Non banking Institutions receiving deposits and Financial InstitutionsChapter III-C of RBI Act 1934 - Prohibition of acceptance of deposits by Unincorporated bodiesRBI DirectionsMiscellaneous Non-banking Companies (Reserve Bank)Directions, 1977Non-Banking Financial Companies and Miscellaneous Non-Banking Companies (Advertisement) Rules, 1977ResiduaryNon-bankingCompanies(ReserveBank)Directions, 1987Reserve Bank of India (NBFC) Returns Specification,1997NBFCs acceptance of public deposits (RBI) Directions,1998Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007Non-Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007Mortgage Guarantee Company (Reserve Bank) Guidelines, 2008 |
1,028 | Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007Non-Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007Mortgage Guarantee Company (Reserve Bank) Guidelines, 2008Mortgage Guarantee Company (Reserve Bank) Prudential Norms, 2008The Non-Banking Financial Companies (Deposit Accepting) (Approval of Acquisition or Transfer of Control) Directions, 2009Non Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs) (Reserve Bank) Directions 2011Non-Banking Financial Company – Factors (Reserve Bank)Directions, 2012Fair Practice Code for NBFCsGuidelines on Corporate Governance for NBFCsRBI regulatory framework |
1,029 | Guidelines on Corporate Governance for NBFCsRBI regulatory frameworkThe Reserve Bank regulates and supervises NBFCs as defined in Chapter III B of the RBI Act, 1934. Accordingly, the Reserve Bank has issued a set of directions to regulate the activities of NBFCs under its jurisdiction. Some features of the RBI regulatory framework are as follows:An NBFC must have specific authorization to accept deposits from the public.NBFC must display the Certificate of Registration or a certified copy thereof at the Registered office and other offices/branches.Registration of an NBFC with the RBI merely authorizes it to conduct the business of NBFC. RBI does not guarantee the repayment of deposits accepted by NBFCs. NBFCs cannot use the name of the RBI in any manner while conducting their business. |
1,030 | An NBFC must have specific authorization to accept deposits from the public.NBFC must display the Certificate of Registration or a certified copy thereof at the Registered office and other offices/branches.Registration of an NBFC with the RBI merely authorizes it to conduct the business of NBFC. RBI does not guarantee the repayment of deposits accepted by NBFCs. NBFCs cannot use the name of the RBI in any manner while conducting their business.The NBFC whose application for grant of Certificate of Registration (CoR) has been rejected or cancelled by the RBI is neither authorized to accept fresh deposits nor renew existing deposit. Such rejection or cancellation is also published in newspapers from time to time. Besides, a list of NBFCs permitted to accept public deposits, NBFCs whose applications for CoR has been rejected or whose CoR has been cancelled by the RBI is available on the RBI’s web site www.rbi.org.in (go to site map and then NBFC list) |
1,031 | An NBFC must have specific authorization to accept deposits from the public.NBFC must display the Certificate of Registration or a certified copy thereof at the Registered office and other offices/branches.Registration of an NBFC with the RBI merely authorizes it to conduct the business of NBFC. RBI does not guarantee the repayment of deposits accepted by NBFCs. NBFCs cannot use the name of the RBI in any manner while conducting their business.The NBFC whose application for grant of Certificate of Registration (CoR) has been rejected or cancelled by the RBI is neither authorized to accept fresh deposits nor renew existing deposit. Such rejection or cancellation is also published in newspapers from time to time. Besides, a list of NBFCs permitted to accept public deposits, NBFCs whose applications for CoR has been rejected or whose CoR has been cancelled by the RBI is available on the RBI’s web site www.rbi.org.in (go to site map and then NBFC list)NBFCs which accept deposits should have minimum investment grade credit rating granted by an approved credit rating agency for deposit collection, except certain Asset Finance (equipment leasing and hire purchase finance) companies and Residuary Non-Banking Companies (RNBCs). |
1,032 | NBFC must display the Certificate of Registration or a certified copy thereof at the Registered office and other offices/branches.Registration of an NBFC with the RBI merely authorizes it to conduct the business of NBFC. RBI does not guarantee the repayment of deposits accepted by NBFCs. NBFCs cannot use the name of the RBI in any manner while conducting their business.The NBFC whose application for grant of Certificate of Registration (CoR) has been rejected or cancelled by the RBI is neither authorized to accept fresh deposits nor renew existing deposit. Such rejection or cancellation is also published in newspapers from time to time. Besides, a list of NBFCs permitted to accept public deposits, NBFCs whose applications for CoR has been rejected or whose CoR has been cancelled by the RBI is available on the RBI’s web site www.rbi.org.in (go to site map and then NBFC list)NBFCs which accept deposits should have minimum investment grade credit rating granted by an approved credit rating agency for deposit collection, except certain Asset Finance (equipment leasing and hire purchase finance) companies and Residuary Non-Banking Companies (RNBCs).NBFCs excluding RNBCs cannot |
1,033 | Registration of an NBFC with the RBI merely authorizes it to conduct the business of NBFC. RBI does not guarantee the repayment of deposits accepted by NBFCs. NBFCs cannot use the name of the RBI in any manner while conducting their business.The NBFC whose application for grant of Certificate of Registration (CoR) has been rejected or cancelled by the RBI is neither authorized to accept fresh deposits nor renew existing deposit. Such rejection or cancellation is also published in newspapers from time to time. Besides, a list of NBFCs permitted to accept public deposits, NBFCs whose applications for CoR has been rejected or whose CoR has been cancelled by the RBI is available on the RBI’s web site www.rbi.org.in (go to site map and then NBFC list)NBFCs which accept deposits should have minimum investment grade credit rating granted by an approved credit rating agency for deposit collection, except certain Asset Finance (equipment leasing and hire purchase finance) companies and Residuary Non-Banking Companies (RNBCs).NBFCs excluding RNBCs cannot |
1,034 | The NBFC whose application for grant of Certificate of Registration (CoR) has been rejected or cancelled by the RBI is neither authorized to accept fresh deposits nor renew existing deposit. Such rejection or cancellation is also published in newspapers from time to time. Besides, a list of NBFCs permitted to accept public deposits, NBFCs whose applications for CoR has been rejected or whose CoR has been cancelled by the RBI is available on the RBI’s web site www.rbi.org.in (go to site map and then NBFC list)NBFCs which accept deposits should have minimum investment grade credit rating granted by an approved credit rating agency for deposit collection, except certain Asset Finance (equipment leasing and hire purchase finance) companies and Residuary Non-Banking Companies (RNBCs).NBFCs excluding RNBCs cannotOffer a rate of interest on deposits more than that approved by RBI from time to time (current Interest Rate is 12.5%p.a) |
1,035 | NBFCs which accept deposits should have minimum investment grade credit rating granted by an approved credit rating agency for deposit collection, except certain Asset Finance (equipment leasing and hire purchase finance) companies and Residuary Non-Banking Companies (RNBCs).NBFCs excluding RNBCs cannotOffer a rate of interest on deposits more than that approved by RBI from time to time (current Interest Rate is 12.5%p.a)Accept deposit for a period less than 12 months and more than 60 monthsOffer any gifts/incentives to solicit deposits from public.RNBCs shouldoffer a rate of interest of not less than 5% per annum on term deposits and 3.5% on daily deposits, both compounded annually, under extant directions.RNBCs cannot accept deposits for a period less than 12 months and more than 84 months.RNBCs cannot offer any gifts/incentives to solicit deposits from publicNBFCs including RNBCs canaccept deposit only against issue of proper receipt. |
1,036 | RNBCs cannot accept deposits for a period less than 12 months and more than 84 months.RNBCs cannot offer any gifts/incentives to solicit deposits from publicNBFCs including RNBCs canaccept deposit only against issue of proper receipt.the receipt should bear the name of the company and should be signed by an authorized official of the company.The receipt should mention the name of the depositor, the amount in words as well as figures, the rate of interest payable on the deposit amount and the date of repayment of matured deposit along with the maturity amount.In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, the depositors should satisfy themselves that the brokers/agents are duly authorized by the NBFC. |
1,037 | accept deposit only against issue of proper receipt.the receipt should bear the name of the company and should be signed by an authorized official of the company.The receipt should mention the name of the depositor, the amount in words as well as figures, the rate of interest payable on the deposit amount and the date of repayment of matured deposit along with the maturity amount.In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, the depositors should satisfy themselves that the brokers/agents are duly authorized by the NBFC.If a deposit taking NBFC fails to repay the deposit or the interest accrued thereon in accordance with the terms and conditions of acceptance of such deposit, redressal of grievance can be through - the Regional Bench of the Company Law Board at Chennai/ Delhi/ Kolkata/Mumbai |
1,038 | the receipt should bear the name of the company and should be signed by an authorized official of the company.The receipt should mention the name of the depositor, the amount in words as well as figures, the rate of interest payable on the deposit amount and the date of repayment of matured deposit along with the maturity amount.In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, the depositors should satisfy themselves that the brokers/agents are duly authorized by the NBFC.If a deposit taking NBFC fails to repay the deposit or the interest accrued thereon in accordance with the terms and conditions of acceptance of such deposit, redressal of grievance can be through - the Regional Bench of the Company Law Board at Chennai/ Delhi/ Kolkata/MumbaiAcceptance of deposits by companies engaged in activities including plantation activities, commodities trading, multilevel marketing, manufacturing activities, housing finance, nidhis (mutual benefit financial companies), and potential nidhis (mutual benefit company) and companies engaged in collective investment schemes do not come under the purview/regulations of the RBI. |
1,039 | The receipt should mention the name of the depositor, the amount in words as well as figures, the rate of interest payable on the deposit amount and the date of repayment of matured deposit along with the maturity amount.In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, the depositors should satisfy themselves that the brokers/agents are duly authorized by the NBFC.If a deposit taking NBFC fails to repay the deposit or the interest accrued thereon in accordance with the terms and conditions of acceptance of such deposit, redressal of grievance can be through - the Regional Bench of the Company Law Board at Chennai/ Delhi/ Kolkata/MumbaiAcceptance of deposits by companies engaged in activities including plantation activities, commodities trading, multilevel marketing, manufacturing activities, housing finance, nidhis (mutual benefit financial companies), and potential nidhis (mutual benefit company) and companies engaged in collective investment schemes do not come under the purview/regulations of the RBI.Individuals, firms and other unincorporated association of |
1,040 | In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, the depositors should satisfy themselves that the brokers/agents are duly authorized by the NBFC.If a deposit taking NBFC fails to repay the deposit or the interest accrued thereon in accordance with the terms and conditions of acceptance of such deposit, redressal of grievance can be through - the Regional Bench of the Company Law Board at Chennai/ Delhi/ Kolkata/MumbaiAcceptance of deposits by companies engaged in activities including plantation activities, commodities trading, multilevel marketing, manufacturing activities, housing finance, nidhis (mutual benefit financial companies), and potential nidhis (mutual benefit company) and companies engaged in collective investment schemes do not come under the purview/regulations of the RBI.Individuals, firms and other unincorporated association ofindividuals or bodies shall not accept deposits from the public– |
1,041 | Acceptance of deposits by companies engaged in activities including plantation activities, commodities trading, multilevel marketing, manufacturing activities, housing finance, nidhis (mutual benefit financial companies), and potential nidhis (mutual benefit company) and companies engaged in collective investment schemes do not come under the purview/regulations of the RBI.Individuals, firms and other unincorporated association ofindividuals or bodies shall not accept deposits from the public–(ii) if his or its business wholly or partly includes any of the financial activities such as loans and advances, acquisition of shares or marketable securities, leasing or hire purchase activities , orif his or its principal business is that of receiving deposits or lending in any manner.INSURANCE |
1,042 | (ii) if his or its business wholly or partly includes any of the financial activities such as loans and advances, acquisition of shares or marketable securities, leasing or hire purchase activities , orif his or its principal business is that of receiving deposits or lending in any manner.INSURANCEInsurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. With the help of Insurance, large number of people exposed to similar risks makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good.An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. |
1,043 | Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. With the help of Insurance, large number of people exposed to similar risks makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good.An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium.Insurance business is divided into following types of business namely:Life Insurance, andGeneral InsuranceMarine insuranceFire insuranceMotor vehicle insuranceMiscellaneous insuranceReinsurance Life Insurance |
1,044 | Fire insuranceMotor vehicle insuranceMiscellaneous insuranceReinsurance Life InsuranceLife insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during:The date of maturity, orSpecified dates at periodic intervals, orUnfortunate death, if it occurs earlier.Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.General Insurance |
1,045 | Unfortunate death, if it occurs earlier.Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.General InsuranceInsurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. |
1,046 | General InsuranceInsurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities.Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown. There are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.Micro Insurance |
1,047 | Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown. There are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.Micro InsuranceThe term Micro-insurance is used to refer to insurance to the low- income people, and is different from insurance in general as it is a low value product (involving modest premium and benefit package) which requires different design and distribution strategies such as premium based on community risk rating (as opposed to individual risk rating), active involvement of an intermediate agency representing the target community and so forth. |
1,048 | Micro InsuranceThe term Micro-insurance is used to refer to insurance to the low- income people, and is different from insurance in general as it is a low value product (involving modest premium and benefit package) which requires different design and distribution strategies such as premium based on community risk rating (as opposed to individual risk rating), active involvement of an intermediate agency representing the target community and so forth.India is the first country to introduce regulation for micro insurance, i.e. the IRDA (Micro-Insurance) Regulations, 2005 and it is one of the few developing countries in the world that has a special micro-insurance regulation to regulate the suppliers of micro-insurance products through its special agency for insurance regulation – the Insurance Regulatory and Development Authority.A Micro-Insurance Policy means an Insurance Policy sold under a Plan which has been specifically approved by the IRDA as a Micro-Insurance product. |
1,049 | India is the first country to introduce regulation for micro insurance, i.e. the IRDA (Micro-Insurance) Regulations, 2005 and it is one of the few developing countries in the world that has a special micro-insurance regulation to regulate the suppliers of micro-insurance products through its special agency for insurance regulation – the Insurance Regulatory and Development Authority.A Micro-Insurance Policy means an Insurance Policy sold under a Plan which has been specifically approved by the IRDA as a Micro-Insurance product.Insurance LawsThe principal legislation regulating the insurance business in India is the Insurance Act of 1938. Some other existing legislations in the field are – the Life Insurance Corporation (LIC) Act, 1956, the Marine Insurance Act, 1963, the General Insurance Business (GIB) (Nationalization) Act, |
1,050 | Insurance LawsThe principal legislation regulating the insurance business in India is the Insurance Act of 1938. Some other existing legislations in the field are – the Life Insurance Corporation (LIC) Act, 1956, the Marine Insurance Act, 1963, the General Insurance Business (GIB) (Nationalization) Act,1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999. The provisions of the Indian Contract Act, 1872 are applicable to the contracts of insurance, whether for life or non-life. Similarly, the provisions of the Companies Act, 2013 are applicable to the companies carrying on insurance business. The subordinate legislation includes Insurance Rules, 1939 and the Ombudsman Rules, 1998 framed by the Central Government under Sec.114 of the principal Act as also 32 regulations made by the IRDA under Sec.114 A of the principal Act and Sec.26 of the IRDA Act 1999.The Insurance sector in India is regulated by the following Acts:The Insurance Act, 1938 |
1,051 | 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999. The provisions of the Indian Contract Act, 1872 are applicable to the contracts of insurance, whether for life or non-life. Similarly, the provisions of the Companies Act, 2013 are applicable to the companies carrying on insurance business. The subordinate legislation includes Insurance Rules, 1939 and the Ombudsman Rules, 1998 framed by the Central Government under Sec.114 of the principal Act as also 32 regulations made by the IRDA under Sec.114 A of the principal Act and Sec.26 of the IRDA Act 1999.The Insurance sector in India is regulated by the following Acts:The Insurance Act, 1938The Life Insurance Corporation Act, 1956Marine Insurance Act, 1963General Insurance Business (Nationalization) Act, 1972Insurance Regulatory and Development Authority (IRDA) Act,1999Regulations framed under the Insurance Regulatory and Development Authority (IRDA) Act, 1999 are: |
1,052 | General Insurance Business (Nationalization) Act, 1972Insurance Regulatory and Development Authority (IRDA) Act,1999Regulations framed under the Insurance Regulatory and Development Authority (IRDA) Act, 1999 are:IRDA (Member of Insurance Advisory Committee) Regulations, 2000IRDA(AppointmentofInsuranceAdvisoryCommittee) Regulations, 2000IRDA (The Insurance Advisory Committee) (Meeting) Regulations, 2000IRDA (Appointed Actuary ) Regulations, 2000IRDA (Actuarial Report and Abstract) Regulations, 2000IRDA (Licensing of Insurance Agents) Regulations, 2000IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000IRDA (General Insurance-Reinsurance) Regulations, 2000IRDA (Registration of Indian Insurance Companies) Regulations, 2000IRDA (Insurance Advertisements and Disclosure) Regulations, 2000IRDA (Meetings) Regulations, 2000IRDA (Investment) Regulations, 2000IRDA (Conditions of Service of Officers and other Employees) Regulations, 2000 |
1,053 | IRDA (Meetings) Regulations, 2000IRDA (Investment) Regulations, 2000IRDA (Conditions of Service of Officers and other Employees) Regulations, 2000IRDA (Insurance Surveyors and Loss Assessors (Licensing, Professional Requirements and Code of Conduct)) Regulations, 2000IRDA (Life Insurance - Reinsurance) Regulations, 2000IRDA (Third Party Administrators - Health Services) Regulations, 2001IRDA (Re-Insurance Advisory Committee) Regulations, 2001IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002IRDA (Protection of Policyholders’ Interests) Regulations, 2002IRDA (Insurance Brokers) Regulations, 2002IRDA (Obligations of Insurers to Rural and Social Sectors) Regulations, 2002IRDA (Licensing of Corporate Agents) Regulations, 2002IRDA (Manner of Receipt of Premium) Regulations, 2002IRDA (Distribution of Surplus) Regulations, 2002IRDA (Qualification of Actuary) Regulations, 2004IRDA (Micro-Insurance) Regulations, 2005 |
1,054 | IRDA (Manner of Receipt of Premium) Regulations, 2002IRDA (Distribution of Surplus) Regulations, 2002IRDA (Qualification of Actuary) Regulations, 2004IRDA (Micro-Insurance) Regulations, 2005IRDA (Maternity Leave) Regulations, 2005IRDA (Reinsurance Cessions) NotificationIRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010IRDA(Scheme for Amalgamation and Transfer of General Insurance Business) Regulations 2011IRDA(Issuance of Capital by Life Insurance Companies) Regulations, 2011The Insurance Act, 1938It is the first comprehensive piece of insurance legislation in India governing both life and non life branches of insurance.The Act applies to all type of insurance business-life, fire, marine etc. done by companies incorporated in India or elsewhere. |
1,055 | It is the first comprehensive piece of insurance legislation in India governing both life and non life branches of insurance.The Act applies to all type of insurance business-life, fire, marine etc. done by companies incorporated in India or elsewhere.According to Sec. 2(C) of the Act, there is prohibition of transaction of insurance business by certain persons. Save as hereinafter providing, no person shall after the commencement of the Insurance Act, begin to carry on any class of insurance business in India shall after the expiry of one year, from such commencement, continue to carry on any such business unless he is –A public company orA society registered under the Cooperative Societies Act, 1912 or under any other law for the time being in force in any state relating to cooperative societies or,A body corporate incorporated under the law of any country outside India not being of the nature of a private company. |
1,056 | A public company orA society registered under the Cooperative Societies Act, 1912 or under any other law for the time being in force in any state relating to cooperative societies or,A body corporate incorporated under the law of any country outside India not being of the nature of a private company.Registration of insurance companies is covered under Sec.3 of the Act and the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000.Insurance Regulatory and Development Authority Act, 1999The Insurance Regulatory and Development Authority Act, 1999 also known as the IRDA Act was enacted to establish a statutory body to regulate, promote and ensure orderly growth of insurance and reinsurance business as also to protect the interest of policy holders. |
1,057 | Insurance Regulatory and Development Authority Act, 1999The Insurance Regulatory and Development Authority Act, 1999 also known as the IRDA Act was enacted to establish a statutory body to regulate, promote and ensure orderly growth of insurance and reinsurance business as also to protect the interest of policy holders.The IRDA Act provides for the composition of the Authority, terms and conditions of the Chairperson and members including their tenure and removal; duties, powers and functions of the Authority including regulation making power and delegation of powers; establishment of Insurance Advisory Committee; Insurance Regulatory and Development Authority Fund and powers of the Central Government to make rules, to issue directions to the Authority and to supersede the same, if it is necessary; and other miscellaneous provisions.FINANCIAL PLANNING |
1,058 | The IRDA Act provides for the composition of the Authority, terms and conditions of the Chairperson and members including their tenure and removal; duties, powers and functions of the Authority including regulation making power and delegation of powers; establishment of Insurance Advisory Committee; Insurance Regulatory and Development Authority Fund and powers of the Central Government to make rules, to issue directions to the Authority and to supersede the same, if it is necessary; and other miscellaneous provisions.FINANCIAL PLANNINGA financial plan is a series of steps which are carried out, or goals that are accomplished, which relate to an individual’s financial affairs. It is a series of steps or specific goals undertaken for spending and saving future income. This plan allocates future income to various types of expenses and also reserves some income for short-term and long-term savings. |
1,059 | FINANCIAL PLANNINGA financial plan is a series of steps which are carried out, or goals that are accomplished, which relate to an individual’s financial affairs. It is a series of steps or specific goals undertaken for spending and saving future income. This plan allocates future income to various types of expenses and also reserves some income for short-term and long-term savings.The importance of financial planning especially in the present scenario cannot be overstated. Among others, two factors are responsible for the same i.e. inflation and changing lifestyles. Inflation is a situation where too much money chases a limited number of goods. This leads to a fall in the value of money. It is also expressed as a rise in the general price level. Financial planning can ensure that one is equipped to deal with the impact of inflation, especially in phases like retirement when expenses continue but income streams dry up. The second factor is changing lifestyles. With higher disposable incomes, it is common for individuals to upgrade their standard of living. Apart from these, there are contingencies like medical emergencies or unplanned expenditure that an individual might have to cope with. Sound financial planning can enable him to easily mitigate such situations, without straining his finances. |
1,060 | FINANCIAL PLANNINGA financial plan is a series of steps which are carried out, or goals that are accomplished, which relate to an individual’s financial affairs. It is a series of steps or specific goals undertaken for spending and saving future income. This plan allocates future income to various types of expenses and also reserves some income for short-term and long-term savings.The importance of financial planning especially in the present scenario cannot be overstated. Among others, two factors are responsible for the same i.e. inflation and changing lifestyles. Inflation is a situation where too much money chases a limited number of goods. This leads to a fall in the value of money. It is also expressed as a rise in the general price level. Financial planning can ensure that one is equipped to deal with the impact of inflation, especially in phases like retirement when expenses continue but income streams dry up. The second factor is changing lifestyles. With higher disposable incomes, it is common for individuals to upgrade their standard of living. Apart from these, there are contingencies like medical emergencies or unplanned expenditure that an individual might have to cope with. Sound financial planning can enable him to easily mitigate such situations, without straining his finances. |
1,061 | A financial plan is a series of steps which are carried out, or goals that are accomplished, which relate to an individual’s financial affairs. It is a series of steps or specific goals undertaken for spending and saving future income. This plan allocates future income to various types of expenses and also reserves some income for short-term and long-term savings.The importance of financial planning especially in the present scenario cannot be overstated. Among others, two factors are responsible for the same i.e. inflation and changing lifestyles. Inflation is a situation where too much money chases a limited number of goods. This leads to a fall in the value of money. It is also expressed as a rise in the general price level. Financial planning can ensure that one is equipped to deal with the impact of inflation, especially in phases like retirement when expenses continue but income streams dry up. The second factor is changing lifestyles. With higher disposable incomes, it is common for individuals to upgrade their standard of living. Apart from these, there are contingencies like medical emergencies or unplanned expenditure that an individual might have to cope with. Sound financial planning can enable him to easily mitigate such situations, without straining his finances.It is possible to manage income effectively through financial planning. It helps in segregating it into tax payments, other monthly expenditures and savings. Financial planning is also necessary from the point of family security. The various policies available in the market serve the purpose of financially securing the family. The savings created through appropriate planning come to the rescue in difficult times. Death of the bread winner in a family, affects the standard of living to a great extent. A proper financial plan such as a Will, acts as a guard in such situations and enables the family to survive hard times. |
1,062 | The importance of financial planning especially in the present scenario cannot be overstated. Among others, two factors are responsible for the same i.e. inflation and changing lifestyles. Inflation is a situation where too much money chases a limited number of goods. This leads to a fall in the value of money. It is also expressed as a rise in the general price level. Financial planning can ensure that one is equipped to deal with the impact of inflation, especially in phases like retirement when expenses continue but income streams dry up. The second factor is changing lifestyles. With higher disposable incomes, it is common for individuals to upgrade their standard of living. Apart from these, there are contingencies like medical emergencies or unplanned expenditure that an individual might have to cope with. Sound financial planning can enable him to easily mitigate such situations, without straining his finances.It is possible to manage income effectively through financial planning. It helps in segregating it into tax payments, other monthly expenditures and savings. Financial planning is also necessary from the point of family security. The various policies available in the market serve the purpose of financially securing the family. The savings created through appropriate planning come to the rescue in difficult times. Death of the bread winner in a family, affects the standard of living to a great extent. A proper financial plan such as a Will, acts as a guard in such situations and enables the family to survive hard times. |
1,063 | The importance of financial planning especially in the present scenario cannot be overstated. Among others, two factors are responsible for the same i.e. inflation and changing lifestyles. Inflation is a situation where too much money chases a limited number of goods. This leads to a fall in the value of money. It is also expressed as a rise in the general price level. Financial planning can ensure that one is equipped to deal with the impact of inflation, especially in phases like retirement when expenses continue but income streams dry up. The second factor is changing lifestyles. With higher disposable incomes, it is common for individuals to upgrade their standard of living. Apart from these, there are contingencies like medical emergencies or unplanned expenditure that an individual might have to cope with. Sound financial planning can enable him to easily mitigate such situations, without straining his finances.It is possible to manage income effectively through financial planning. It helps in segregating it into tax payments, other monthly expenditures and savings. Financial planning is also necessary from the point of family security. The various policies available in the market serve the purpose of financially securing the family. The savings created through appropriate planning come to the rescue in difficult times. Death of the bread winner in a family, affects the standard of living to a great extent. A proper financial plan such as a Will, acts as a guard in such situations and enables the family to survive hard times.Investment |
1,064 | It is possible to manage income effectively through financial planning. It helps in segregating it into tax payments, other monthly expenditures and savings. Financial planning is also necessary from the point of family security. The various policies available in the market serve the purpose of financially securing the family. The savings created through appropriate planning come to the rescue in difficult times. Death of the bread winner in a family, affects the standard of living to a great extent. A proper financial plan such as a Will, acts as a guard in such situations and enables the family to survive hard times.InvestmentA person gets income as salary or wages, business profits, professional fees etc. Savings is nothing but the surplus available over the expenses. This surplus amount needs to be invested to ensure future returns. Investment can be in various schemes available in the financial market like deposits, mutual funds, insurance policies, pension schemes etc. One has to analyze the cost of investment over the other and then decide which will be appropriate and a better investment opportunity. |
1,065 | It is possible to manage income effectively through financial planning. It helps in segregating it into tax payments, other monthly expenditures and savings. Financial planning is also necessary from the point of family security. The various policies available in the market serve the purpose of financially securing the family. The savings created through appropriate planning come to the rescue in difficult times. Death of the bread winner in a family, affects the standard of living to a great extent. A proper financial plan such as a Will, acts as a guard in such situations and enables the family to survive hard times.InvestmentA person gets income as salary or wages, business profits, professional fees etc. Savings is nothing but the surplus available over the expenses. This surplus amount needs to be invested to ensure future returns. Investment can be in various schemes available in the financial market like deposits, mutual funds, insurance policies, pension schemes etc. One has to analyze the cost of investment over the other and then decide which will be appropriate and a better investment opportunity. |
1,066 | InvestmentA person gets income as salary or wages, business profits, professional fees etc. Savings is nothing but the surplus available over the expenses. This surplus amount needs to be invested to ensure future returns. Investment can be in various schemes available in the financial market like deposits, mutual funds, insurance policies, pension schemes etc. One has to analyze the cost of investment over the other and then decide which will be appropriate and a better investment opportunity.Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future. In finance, investment means the purchase of a financial product or other item of value with an expectation of favorable future returns.Small savings schemes in India |
1,067 | Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future. In finance, investment means the purchase of a financial product or other item of value with an expectation of favorable future returns.Small savings schemes in IndiaSmall Saving schemes have been always an important source of household savings in India and they are essentially a basket of diversified and heterogeneous products. Although these instruments are technically not Government Securities and do not have any explicit Government guarantee, their legacy has given them characteristic of being equivalent to that of a Sovereign liability. These schemes have been extremely popular amongst a large number of small investors in India who seek to invest in a secure instrument. At the same time, these instruments have been treated as a means of providing social benefit to the small savers. |
1,068 | Small savings schemes in IndiaSmall Saving schemes have been always an important source of household savings in India and they are essentially a basket of diversified and heterogeneous products. Although these instruments are technically not Government Securities and do not have any explicit Government guarantee, their legacy has given them characteristic of being equivalent to that of a Sovereign liability. These schemes have been extremely popular amongst a large number of small investors in India who seek to invest in a secure instrument. At the same time, these instruments have been treated as a means of providing social benefit to the small savers.The Government formulates a basket of small savings schemes to meet the varying needs of different groups of small investors. In respect of each scheme, statutory rules are framed by the Central Government indicating the various details including the rate of interest and the maturity period. |
1,069 | Small Saving schemes have been always an important source of household savings in India and they are essentially a basket of diversified and heterogeneous products. Although these instruments are technically not Government Securities and do not have any explicit Government guarantee, their legacy has given them characteristic of being equivalent to that of a Sovereign liability. These schemes have been extremely popular amongst a large number of small investors in India who seek to invest in a secure instrument. At the same time, these instruments have been treated as a means of providing social benefit to the small savers.The Government formulates a basket of small savings schemes to meet the varying needs of different groups of small investors. In respect of each scheme, statutory rules are framed by the Central Government indicating the various details including the rate of interest and the maturity period.Being liabilities of the Central Government, the schemes are perceived to be devoid of any risk and a surrogate for social security among the public. |
1,070 | The Government formulates a basket of small savings schemes to meet the varying needs of different groups of small investors. In respect of each scheme, statutory rules are framed by the Central Government indicating the various details including the rate of interest and the maturity period.Being liabilities of the Central Government, the schemes are perceived to be devoid of any risk and a surrogate for social security among the public.Broadly, three types of small saving schemes are currently in operation in India. These are postal deposits, saving certificates and social security schemes like PPF and retirement schemes.Legislations regulating investment schemes in IndiaThe Government Savings Banks Act, 1873The Government Savings Certificates Act, 1959The Post office Savings Banks (Nomination) Rules, 1960The Post Office Savings Bank General Rules, 1981The Post Office Savings Account Rules, 1981The Post Office Recurring Deposit Rules, 1981The Post Office Time Deposit Rules, 1981 |
1,071 | The Post Office Savings Account Rules, 1981The Post Office Recurring Deposit Rules, 1981The Post Office Time Deposit Rules, 1981National Savings Scheme Rules, 1992Post Office (Monthly Income Account) Rules, 1987Indira Vikas Patra Rules, 1986National Savings Certificates (VIII Issue) Rules, 1989National Savings Certificates (IX Issue) Rules, 2011Provident Funds Act, 1925Public Provident Fund Act, 1968Public Provident Fund Scheme, 1968National Savings Scheme Rules, 1987The Post Office Savings Certificates Rules, 1960Senior Citizens Savings Scheme Rules, 2004Post Office Life Insurance Rules, 2011Kisan Vikas Patra Rules, 1988 (the scheme has been discontinued from 01/12/2011)Post Office SchemesPost Offices offer varied services. Their work is not just restricted to delivering mails. They accept deposits, provide retail services like sale of forms, bill collection etc, provide savings schemes, life insurance cover etc. |
1,072 | Kisan Vikas Patra Rules, 1988 (the scheme has been discontinued from 01/12/2011)Post Office SchemesPost Offices offer varied services. Their work is not just restricted to delivering mails. They accept deposits, provide retail services like sale of forms, bill collection etc, provide savings schemes, life insurance cover etc.India Post offers various Post Office Saving Schemes that are risk free investment options that are safe and secured and provide the investor with capital gains without Tax Deduction at Source (No TDS).The Financial services offered by Post office include Savings and Postal Life Insurance (PLI) / Rural Postal Life Insurance (RPLI).Employees of the following Organizations are eligible for PLI policy -Central GovernmentDefence ServicesPara Military forcesState GovernmentLocal BodiesGovernment-aided Educational InstitutionsReserve Bank of IndiaPublic Sector UndertakingsFinancial InstitutionsNationalized BanksAutonomous Bodies |
1,073 | Public Sector UndertakingsFinancial InstitutionsNationalized BanksAutonomous BodiesExtra Departmental Agents in Department of PostsThe prime objective of the Rural Postal Life Insurance is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. For Rural Postal Life Insurance any Indian residing in Rural India can take RPLI. Rural area is defined as one being outside the limits of a municipality.The Post Office Savings Bank schemes are an agency function performed by the Department of Posts on behalf of the Ministry of Finance, Government of India. Through its network, the Post Office Savings Bank provides an avenue to people all over the country to deposit their savings in various Schemes.Presently, seven savings schemes are operated from Post Offices across the country.These are -Savings AccountsRecurring Deposit (RD)Time Deposit (TD) |
1,074 | These are -Savings AccountsRecurring Deposit (RD)Time Deposit (TD)Monthly Income Scheme (MIS)Senior Citizens Savings Scheme (SCSS)Public Provident Fund (PPF)National Savings Certificate (NSC)Pension SchemesA pension provides people with a monthly income when they are no longer earning.The Government of India (GOI) has rolled out the National Pension System (NPS) for all citizens of India from May 01, 2009.The Government of India has established a Pension Fund Regulatory and Development Authority (PRFDA) for developing and regulating the pension funds under the New Pension System. Department of Posts has been identified by PFRDA as one of the Points of Presence (POP) to implement the scheme and the Head Post Offices will be POP Service Providers (POP-SP) to enrol, receive and forward deposits and grievance handling. |
1,075 | The Government of India (GOI) has rolled out the National Pension System (NPS) for all citizens of India from May 01, 2009.The Government of India has established a Pension Fund Regulatory and Development Authority (PRFDA) for developing and regulating the pension funds under the New Pension System. Department of Posts has been identified by PFRDA as one of the Points of Presence (POP) to implement the scheme and the Head Post Offices will be POP Service Providers (POP-SP) to enrol, receive and forward deposits and grievance handling.To extend the coverage of NPS to the weaker and economically disadvantaged sections of the society with their limited investment potential, PFRDA has launched NPS- Swavalamban which specifically targets the marginal investors and promotes small savings during their productive life.STATE FINANCIAL CORPORATIONS |
1,076 | To extend the coverage of NPS to the weaker and economically disadvantaged sections of the society with their limited investment potential, PFRDA has launched NPS- Swavalamban which specifically targets the marginal investors and promotes small savings during their productive life.STATE FINANCIAL CORPORATIONSA Central Industrial Finance corporation was set up under the industrial Finance corporations Act, 1948 in order to provide medium and long term credit to industrial undertakings which fall outside normal activities of commercial banks. The State governments expressed their desire that similar corporations be set up in states to supplement the work of the Industrial financial corporation. State governments also expressed that the State corporations be established under a special statue in order to make it possible to incorporate in the constitutions necessary provisions in regard to majority control by the government, guaranteed by the State government in regard to the payment principal. In order to implement the views Expressed by the State governments the State Financial Corporation Act of 1951 was passed. |
1,077 | To extend the coverage of NPS to the weaker and economically disadvantaged sections of the society with their limited investment potential, PFRDA has launched NPS- Swavalamban which specifically targets the marginal investors and promotes small savings during their productive life.STATE FINANCIAL CORPORATIONSA Central Industrial Finance corporation was set up under the industrial Finance corporations Act, 1948 in order to provide medium and long term credit to industrial undertakings which fall outside normal activities of commercial banks. The State governments expressed their desire that similar corporations be set up in states to supplement the work of the Industrial financial corporation. State governments also expressed that the State corporations be established under a special statue in order to make it possible to incorporate in the constitutions necessary provisions in regard to majority control by the government, guaranteed by the State government in regard to the payment principal. In order to implement the views Expressed by the State governments the State Financial Corporation Act of 1951 was passed. |
1,078 | STATE FINANCIAL CORPORATIONSA Central Industrial Finance corporation was set up under the industrial Finance corporations Act, 1948 in order to provide medium and long term credit to industrial undertakings which fall outside normal activities of commercial banks. The State governments expressed their desire that similar corporations be set up in states to supplement the work of the Industrial financial corporation. State governments also expressed that the State corporations be established under a special statue in order to make it possible to incorporate in the constitutions necessary provisions in regard to majority control by the government, guaranteed by the State government in regard to the payment principal. In order to implement the views Expressed by the State governments the State Financial Corporation Act of 1951 was passed.The State Financial Corporations (SFCs) provide the following types of assistance to industrial units in their respective states: |
1,079 | STATE FINANCIAL CORPORATIONSA Central Industrial Finance corporation was set up under the industrial Finance corporations Act, 1948 in order to provide medium and long term credit to industrial undertakings which fall outside normal activities of commercial banks. The State governments expressed their desire that similar corporations be set up in states to supplement the work of the Industrial financial corporation. State governments also expressed that the State corporations be established under a special statue in order to make it possible to incorporate in the constitutions necessary provisions in regard to majority control by the government, guaranteed by the State government in regard to the payment principal. In order to implement the views Expressed by the State governments the State Financial Corporation Act of 1951 was passed.The State Financial Corporations (SFCs) provide the following types of assistance to industrial units in their respective states:The SFCs while giving loans to industrial units see to it that loans are secured by a pledge, mortgage, hypothecation of movable and immovable property or other tangible assets or guarantee by the state government or scheduled commercial bank, they also accept personal pledge by the entrepreneur. SFCs do not give loans on the basis of second mortgage. |
1,080 | A Central Industrial Finance corporation was set up under the industrial Finance corporations Act, 1948 in order to provide medium and long term credit to industrial undertakings which fall outside normal activities of commercial banks. The State governments expressed their desire that similar corporations be set up in states to supplement the work of the Industrial financial corporation. State governments also expressed that the State corporations be established under a special statue in order to make it possible to incorporate in the constitutions necessary provisions in regard to majority control by the government, guaranteed by the State government in regard to the payment principal. In order to implement the views Expressed by the State governments the State Financial Corporation Act of 1951 was passed.The State Financial Corporations (SFCs) provide the following types of assistance to industrial units in their respective states:The SFCs while giving loans to industrial units see to it that loans are secured by a pledge, mortgage, hypothecation of movable and immovable property or other tangible assets or guarantee by the state government or scheduled commercial bank, they also accept personal pledge by the entrepreneur. SFCs do not give loans on the basis of second mortgage.Grant loans or advances to industrial concern repayable within a period not exceeding 20 years. |
1,081 | The State Financial Corporations (SFCs) provide the following types of assistance to industrial units in their respective states:The SFCs while giving loans to industrial units see to it that loans are secured by a pledge, mortgage, hypothecation of movable and immovable property or other tangible assets or guarantee by the state government or scheduled commercial bank, they also accept personal pledge by the entrepreneur. SFCs do not give loans on the basis of second mortgage.Grant loans or advances to industrial concern repayable within a period not exceeding 20 years.Providing guarantee for loans raised by industrial units from commercial banks and state cooperative banks.Providing guarantee for deferred payments in cases where industrial units have purchased capital goods on a deferred payment basis.To underwrite the issue of shares, bonds and debentures of industrial concerns.To Subscribe to shares, bonds and debentures of industrial concerns. |
1,082 | Providing guarantee for loans raised by industrial units from commercial banks and state cooperative banks.Providing guarantee for deferred payments in cases where industrial units have purchased capital goods on a deferred payment basis.To underwrite the issue of shares, bonds and debentures of industrial concerns.To Subscribe to shares, bonds and debentures of industrial concerns.Guarantee loans raised by industrial concerns which are re- payable within a period not exceeding 20 years and which are floated in the public marketSFCs grant loans to industrial units for the purchase of fixed capital assets like land, machinery. In some exceptional cases,some SFSs also provide loans for working capital requirements in combination with loans for fixed capital.SFCs provide loans in foreign currency for the import of machinery and technical know – how, under the IDA (International development association) and World Bank tie up. |
1,083 | SFCs grant loans to industrial units for the purchase of fixed capital assets like land, machinery. In some exceptional cases,some SFSs also provide loans for working capital requirements in combination with loans for fixed capital.SFCs provide loans in foreign currency for the import of machinery and technical know – how, under the IDA (International development association) and World Bank tie up.SFCs however are prohibited from subscribing directly to the shares or stock of any company having limited liability except for underwriting purposes and granting any loans or advance on the security of its own shares .PROFESSIONAL OPPORTUNITIESAdvisor to corporate for tapping capital through the capital marketAuditor for capital market compliancesInternal regulator & service provider to Regulators/Stock ExchangesIntermediaryInvestment bankerFund managerEquity trader/strategistInstitutional dealerResearch analystPosition company among knowledgeable investors |
1,084 | Equity trader/strategistInstitutional dealerResearch analystPosition company among knowledgeable investorsAdd value chain for capital creation and procreationProvide continuous feedback and performance reportConduct stock valuation and evaluationVenture capitalistBroking entityWealth management specialistManager for corporate portfolioPrivate Equity StrategistAdvisory on valuation of sharesAdvisory on public/rights/bonus issuesRegulatory role of surveillance, investigation, inspection etc.Representation before Appellate TribunalDue Diligence of Investee CompaniesAdvise Investment optionsConsultancy on Investment in Primary Market – especially Issue Price/price band in IPOs, quality of financial statementsConsultancy on Investment in Secondary markets, various financial instruments namely derivativesResolution in case of disputes as ArbitratorAdvisory on risk factors in investment optionsProject Financing ConsultancyLiasioning with different Financial InstitutionsUSEFUL WEBSITES |
1,085 | Project Financing ConsultancyLiasioning with different Financial InstitutionsUSEFUL WEBSITEShttp://finmin.nic.in/ - Ministry of Finance http://www.rbi.org.in - Reserve Bank of Indiahttp://www.sebi.gov.in/ - Securities and Exchange Board of India http://www.mca.gov.in/ - Ministry of Corporate Affairshttp://www.irdaindia.org/ - Insurance Regulatory and Development Authorityhttp://finmin.nic.in/the_ministry/dept_eco_affairs/ - Capital Markets Division, Department of Economic Affairs, Ministry of Financehttp://www.mha.nic.in - Ministry of Home Affairs, Government of Indiahttp://www.fslrc.org.in/index.html - Financial Sector Legislative Reforms Commissionwww.fmc.gov.in – Forward Markets Commissionwww.indiapost.gov.in – India Post, Ministry of Communication & Information Technology |
1,086 | What is Lease Deed (for a term of years) Rent Agreement?A rent or lease agreement is an agreement that lays down pre-discussed terms and conditions under which a property is to be rented or leased between a tenant and landlord. A lease agreement is essentially an agreement for leasing of an immovable property for up to 11 months. A rent agreement can be an agreement of more than a year. All important clauses stating the terms, conditions and promises between both the parties must be included in alease or rent agreement.Why is Lease Deed (for a term of years) Rent Agreement required?A lease or rent agreement is an essential document that evidences the leasing or renting of an immovable property. All terms relating to such lease/rent including the time period for such |
1,087 | A rent or lease agreement is an agreement that lays down pre-discussed terms and conditions under which a property is to be rented or leased between a tenant and landlord. A lease agreement is essentially an agreement for leasing of an immovable property for up to 11 months. A rent agreement can be an agreement of more than a year. All important clauses stating the terms, conditions and promises between both the parties must be included in alease or rent agreement.Why is Lease Deed (for a term of years) Rent Agreement required?A lease or rent agreement is an essential document that evidences the leasing or renting of an immovable property. All terms relating to such lease/rent including the time period for suchlease and the purpose for which the property must be used, among other terms, must form a part of a rent agreement. Such an agreement serves the purpose of a reference document for all the parties involved. A lease or rent agreement must be drafted in an error free manner in order to protect the interests of both the parties. In case a dispute arises between the parties, this |
1,088 | lease or rent agreement.Why is Lease Deed (for a term of years) Rent Agreement required?A lease or rent agreement is an essential document that evidences the leasing or renting of an immovable property. All terms relating to such lease/rent including the time period for suchlease and the purpose for which the property must be used, among other terms, must form a part of a rent agreement. Such an agreement serves the purpose of a reference document for all the parties involved. A lease or rent agreement must be drafted in an error free manner in order to protect the interests of both the parties. In case a dispute arises between the parties, thisdocument would serve as a collaborative evidence of renting or the property and the conditions upon which it was rented.What should a Lease Deed (for a term of years) Rent Agreement cover?The relevant personal details of the parties such as full name, residential addresses and ages of the parties to the agreement, |
1,089 | document would serve as a collaborative evidence of renting or the property and the conditions upon which it was rented.What should a Lease Deed (for a term of years) Rent Agreement cover?The relevant personal details of the parties such as full name, residential addresses and ages of the parties to the agreement,Details regarding rent and deposit,Duties and responsibilities of and between the parties,Duration of lease/rent or the term of the agreement,Details regarding maintenance, electricity and water charges,Lease/Rent termination and extension,Clause regarding visitation rights of landlord,Clause regarding security amount if any,Penalty clause explaining the details of what the penalty would be if either party defaults in fulfilling its duties in accordance with the agreement,Details of fixtures and schedule of property,General clauses such as termination of agreement, applicable laws, dispute settlement clause, confidentiality, etc.), andDate of signing of the agreement. |
1,090 | General clauses such as termination of agreement, applicable laws, dispute settlement clause, confidentiality, etc.), andDate of signing of the agreement.Format for Lease Deed (for a term of years) Rent AgreementDraft of Deed of Lease (for a Term of Years) Rent AgreementThis Deed of Lease is made at ..... this ..... day of ...... between A ofhereinafter called 'TheLessor' of the One Part and B also ofhereinafter called 'The Lessee' of the Other Part.WHEREAS the Lessor is absolutely seized and possessed of or otherwise well and sufficiently entitled to the land and premises described in the Schedule hereunder written.AND WHEREAS the Lessor has agreed to grant to the Lessee a lease in respect of the said land and premises for a term ofyears in the manner hereinafter appearing.NOW This Deed Witnesseth as Follows: |
1,091 | AND WHEREAS the Lessor has agreed to grant to the Lessee a lease in respect of the said land and premises for a term ofyears in the manner hereinafter appearing.NOW This Deed Witnesseth as Follows:In pursuance of the said agreement and in consideration of the rent hereby reserved and of the terms and conditions, convenants and agreements herein contained and on the part of the Lessee to be observed and performed the Lessor doth hereby demise unto the Lessee all that the said land and premises situated atand described in the Schedulehereunder written (hereinafter for the brevity's sake referred to as 'the demised premises') to hold the demised premises unto the Lessee (and his heirs, executors, administrators andassigns) for a term of ....... years commencing from the 1st day of, 20, but subjectto the earlier determination of this demise as hereinafter provided and yielding and paying therefor during the said term the monthly ground rent of Rsfree and clear of all |
1,092 | In pursuance of the said agreement and in consideration of the rent hereby reserved and of the terms and conditions, convenants and agreements herein contained and on the part of the Lessee to be observed and performed the Lessor doth hereby demise unto the Lessee all that the said land and premises situated atand described in the Schedulehereunder written (hereinafter for the brevity's sake referred to as 'the demised premises') to hold the demised premises unto the Lessee (and his heirs, executors, administrators andassigns) for a term of ....... years commencing from the 1st day of, 20, but subjectto the earlier determination of this demise as hereinafter provided and yielding and paying therefor during the said term the monthly ground rent of Rsfree and clear of alldeductions and strictly in advance on or before theday of each and every calendar month.The first of such monthly ground rent shall be paid on the day ofand the subsequent |
1,093 | assigns) for a term of ....... years commencing from the 1st day of, 20, but subjectto the earlier determination of this demise as hereinafter provided and yielding and paying therefor during the said term the monthly ground rent of Rsfree and clear of alldeductions and strictly in advance on or before theday of each and every calendar month.The first of such monthly ground rent shall be paid on the day ofand the subsequentrent to be paid on or before the day of every succeeding month regularly.The Lessee hereby for himself, his heirs, executors, administrators and assigns and to the intent that the obligations herein contained shall continue throughout the term hereby created covenants with the Lessor as follows:To pay the ground rent hereby reserved on the days and in the manner aforesaid clear of all deductions. The first of such monthly rent as hereinbefore provided shall be paid on theof |
1,094 | The Lessee hereby for himself, his heirs, executors, administrators and assigns and to the intent that the obligations herein contained shall continue throughout the term hereby created covenants with the Lessor as follows:To pay the ground rent hereby reserved on the days and in the manner aforesaid clear of all deductions. The first of such monthly rent as hereinbefore provided shall be paid on theof....... and the subsequent rent shall be paid on theday of every succeeding month regularlyand If the-ground rent is not paid on the due dates the Lessee shall pay interest thereon at the rate of% per annum from the due date till payment, though the payment of Interest shallnot entitle the Lessee to make default in payment of rent on due dates.To bear pay and discharge the existing and future rates. taxes and assessment duties, cess, impositions, outgoing and burdens whatsoever which may at any time or from time to time |
1,095 | and If the-ground rent is not paid on the due dates the Lessee shall pay interest thereon at the rate of% per annum from the due date till payment, though the payment of Interest shallnot entitle the Lessee to make default in payment of rent on due dates.To bear pay and discharge the existing and future rates. taxes and assessment duties, cess, impositions, outgoing and burdens whatsoever which may at any time or from time to timeduring the term hereby created be Imposed or charged upon the demised land and the building or structures standing thereon and on the buildings or structures hereafter to be erected and forthe time being standing on the demised land and payable either by the owners, occupiers or tenants thereof and to keep the Lessor and his estate and effects Indemnified against all such payment. The annual Municipal and other taxes at present are Rs…………... |
1,096 | during the term hereby created be Imposed or charged upon the demised land and the building or structures standing thereon and on the buildings or structures hereafter to be erected and forthe time being standing on the demised land and payable either by the owners, occupiers or tenants thereof and to keep the Lessor and his estate and effects Indemnified against all such payment. The annual Municipal and other taxes at present are Rs…………...To keep the buildings and structures on the demised premises ,in good and tenantable repairs in the same way as the Lessor is liable to do under the law provided that if the Lessee so desires he shall have power to demolish any existing building or structure without beingaccountable to the Lessor for the building material of such building and structure and the Lessee shall have also power to construct any new buildings in their place.The Lessee shall be at liberty to carry out any additions or alterations to the buildings or |
1,097 | To keep the buildings and structures on the demised premises ,in good and tenantable repairs in the same way as the Lessor is liable to do under the law provided that if the Lessee so desires he shall have power to demolish any existing building or structure without beingaccountable to the Lessor for the building material of such building and structure and the Lessee shall have also power to construct any new buildings in their place.The Lessee shall be at liberty to carry out any additions or alterations to the buildings orstructures at present existing on the demised premises or to put up any additional structures or buildings on the demised premises In accordance with the plans approved by the authorities at any time or from time to time during the subsistence of the term hereby created.Not to sell or dispose of any earth, gravel or sand from the demised land and not to excavate the same except so far as may be necessary for the execution of construction work. |
1,098 | structures at present existing on the demised premises or to put up any additional structures or buildings on the demised premises In accordance with the plans approved by the authorities at any time or from time to time during the subsistence of the term hereby created.Not to sell or dispose of any earth, gravel or sand from the demised land and not to excavate the same except so far as may be necessary for the execution of construction work.To use or permit to be used the buildings and structures to be constructed on the demised premises for any and all lawful purposes as may be permitted by the authorities from time to time.The Lessor doth hereby covenant with the Lessee that:the Lessor now has in himself good right full power and absolute authority to demise unto the Lessee the demised premises and the buildings and structures standing thereon In the manner herein appearing……….. |
1,099 | The Lessor doth hereby covenant with the Lessee that:the Lessor now has in himself good right full power and absolute authority to demise unto the Lessee the demised premises and the buildings and structures standing thereon In the manner herein appearing………..that on the Lessee paying the said monthly ground rent on the due dates thereof and in the manner herein provided and observing and performing the covenants,conditions, and stipulations herein contained and on his part to be observed and performed shall and may peaceably and quietly hold, possess and enjoy the demised premises together with thebuildings and structures standing thereon during the term hereby created without any eviction, interruption, disturbance, claim and demand whatsoever by the Lessor or any person or persons lawfully or equitably claiming by, from, under or in trust for him. |
1,100 | that on the Lessee paying the said monthly ground rent on the due dates thereof and in the manner herein provided and observing and performing the covenants,conditions, and stipulations herein contained and on his part to be observed and performed shall and may peaceably and quietly hold, possess and enjoy the demised premises together with thebuildings and structures standing thereon during the term hereby created without any eviction, interruption, disturbance, claim and demand whatsoever by the Lessor or any person or persons lawfully or equitably claiming by, from, under or in trust for him.It is hereby agreed and declared that these presents are granted on the express condition that if the said monthly ground rent or any part thereof payable in the manner hereinbefore mentioned shall be an arrears for the space ofmonths after the same shall have become |
Subsets and Splits