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Nidhi means “Treasure”, Nidhi Companies are the companies which are involved in the activities of acceptance of deposits and lending to its members. They are mainly incorporated with the aim of cultivating the habit in its member of saving and using the resources in its best way without wasting. The core business activity of Nidhi Company is to borrow from its members and lend it to its members. It is a type of NBFC which is exempted from the provisions of RBI. In this article we described about Nidhi Company Incorporation Procedure.
As per the Nidhi Rules, 2014 there are some activities which are not allowed by Nidhi Companies and they are:
The Nidhi Company satisfying the above conditions required for Nidhi Company registration shall within 90 days from the close of 1st Financial Year or 2nd Financial Year (as may be applicable) file a Return of Statutory Compliances in Form NDH-1.
In case the company is not able to meet the requirement the company shall within 30 days from the date of close of 1st Financial Year will to Regional Director in Form NDH-2.
The repayment period of loan against property cannot exceed 7 years.
Recommended Post: A Complete Guide on How to Register a Nidhi Company.
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