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Q. > Please Help: NBFC
I have a finance company for accounts maintenance and that company comes under the NBFC. The company provides short term loan to shopkeepers normally for 9 months and received weekly installment with interest. So my query is that suppose the co. gives loan of Rs.20000/- to borrower through bank. So can we received rs 25000 i.e including interest IN CASH in single financial year or not. If not, so pls gives us the reason and confirm us which section applies here. It will be a great help to us.
Thanks in advance.
1 Answers
answered Dec 27, 2012 by CA Priyank Singhi , KolkataM.C.
there is no provision in regard to collection of amount exceeding Rs 20000/- however it is advisable to collect it in 2 installments.
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CA Priyank Singhi
27-Dec-2012 , 10:43:04 amThere is no provision in regard to collection of amount in excess of Rs. 20000/-. However it is advisable to collect in 2 installments.