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A: Any individual or group of individuals can start a Nidhi company in India. However, it should be noted that Nidhi companies cannot be incorporated as a partnership firm or a limited liability partnership (LLP). Only registered companies can become a Nidhi company.
A: The minimum capital required to start a Nidhi company is Rs. 5 lakhs. However, it is important to note that the capital requirement may vary depending on the state in which the company is registered.
A: The requirements for becoming a member of a Nidhi company are as follows:
The person should be an Indian citizen,
The person should be above the age of 18 years,
The person should be able to provide the necessary KYC documents.
A: The maximum interest rate that a Nidhi company can charge on loans is 7.5% above the base rate of the Reserve Bank of India (RBI).
A: No, a Nidhi company cannot accept deposits from non-members. It can only accept deposits from its members.
A: The penalty for non-compliance with the Nidhi Company Rules can range from a fine to imprisonment, depending on the severity of the violation.
A: The registration process for a Nidhi company can take anywhere between 30 to 45 days, depending on the speed at which the required documents are submitted and the approval process is completed.
A: Yes, a Nidhi company can be converted into a public limited company. However, it is important to note that the conversion process must comply with the provisions of the Companies Act, 2013 and the rules and regulations of the Ministry of Corporate Affairs.