Question
Within one year of incorporation, what should be the
ratio of net owned funds to the depositsĀ for Nidhi companies? Refer to the following information to answer the next 4 questions (Q9 to Q12) Nidhi Company is an NBFC (Non-Banking Financial Company). Nidhi in simple terms means a company which is formed with the object of cultivating the habit of thrift and savings. These are regulated entities and the rules and directions governing Nidhi Companies are issued from time to time. The formation of the Nidhi Company is very easy process. It requires only ____ members out of which 3 members would be the directors. The Nidhi company takes hardly 10-5 days to get registered. Also no. of the documents required for the registration are very less.Solution
Conditions to be satisfied by the Nidhi after incorporation [Rule 5] ā Within a period of one year from the date of incorporation ā a)Ā Ā Ā The Nidhi Company should have minimum 200 members: and b)Ā Ā Ā Net Owned Funds of Nidhi Company should be INR 10 Lakhs or more: and c)Ā Ā Ā Unencumbered term deposits of not less than 10% of the outstanding deposits; and d)Ā Ā Ā The ratio of Net Owned Funds to Deposits should not be more than 1:20.
In respect of an Overdraft/Cash Credit (OD/CC), when is the advance treated as NPA?
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