Non -Accepting Deposits

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Non -Accepting Deposits Powered By Docstoc
					To,
The General Manager,
 Reserve Bank of India,
Dept. of Non-Banking Supervision,
Mumbai regional Office
3rd floor, garment House,
Dr. A.B. road,
Worli,Mumbai-18.


Dear Sir/Madam,

           SUB: COMPLIANCE WITH VARIOUS NBFC REQUIREMENTS
           REF: RBI REGISTRATION no. 13.00.753

With reference to above please find enclosed following documents as required by you.



   1. Statutory Auditors certificate as on 31st March 2007, 2008 & 2009 certifying the continuation of
      NBFC business.

   2. Fair Practices Code adopted by the Company along with Board resolution dated 3rd December
      2009.

   3. FDI Position from 01/04/2006 to 31/03/2009 – No FDI transaction has taken place between the
      said periods.

   4. Statutory Auditors certificate as on 31st March 2007, 2008 & 2009 about NET OWNED FUND
      (NOF).

   5. Certified copy of Board resolution confirming that the company has not accepted any public
      Deposits.

   6. Audited Balance Sheet as at 31st March 2007, 2008 & 2009.

   7. Money Laundering –The Company has not done any business any business in cash &
      therefore not required to submit NIL report.

We hope the above will satisfy your requirement & assure you to timely comply with all requirement in
future.

Thanking You,
For TOTAL INVESTMENT PVT LTD



Director
LETTER HEAD OF CA

                        TO WHOMSOEVER IT MAY CONCERN


 This to certify that M/s XYZ PRIVATE LIMITED having its office at
(ADDRESS) registered under No.       & as per position of the company as at
31st March 2007 it engaged in the business of Non-Banking Financial
Companies (NBFC) requiring to hold a Certificate of Registration under Section
45-IA of the RBI Act.



For abc & Co.
Charatered Accounants



 ABC
TRUE COPY OF RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF THE
COMPANY DATED 3rd DECEMBER 2009

“RESOLVED THAT the Company during the Financial year 1.04.2006 to 31.03.2007 has not accepted any
public deposits from the public.



FOR XYZ PVT LTD



      Director
                           Guidelines on Fair Practices Code for NBFCs

(i) Applications for loans and their processing

(a) Loan application forms should include necessary information which affects the interest of the
borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs
can be made and informed decision can be taken by the borrower. The loan application form may
indicate the documents required to be submitted with the application form.

(b) The Company should devise a system of giving acknowledgement for receipt of all loan
applications. Preferably, the time frame within which loan applications will be disposed of should
also be indicated in the acknowledgement.

(ii) Loan appraisal and terms/conditions

The Company should convey in writing to the borrower by means of sanction letter or otherwise, the
amount of loan sanctioned along with the terms and conditions including annualised rate of
interest and method of application thereof and keep the acceptance of these terms and conditions
by the borrower on its record.

(iii) Disbursement of loans including changes in terms and conditions

(a) The Company should give notice to the borrower of any change in the terms and conditions
including disbursement schedule, interest rates, service charges, prepayment charges etc. The
Company should also ensure that changes in interest rates and charges are effected only
prospectively. A suitable condition in this regard should be incorporated in the loan agreement.

(b) Decision to recall / accelerate payment or performance under the agreement should be in
consonance with the loan agreement.

(c) The Company should release all securities on repayment of all dues or on realisation of the
outstanding amount of loan subject to any legitimate right or lien for any other claim company may
have against borrower. If such right of set off is to be exercised, the borrower shall be given notice
about the same with full particulars about the remaining claims and the conditions under which
the Company are entitled to retain the securities till the relevant claim is settled/paid.

(iv) General

(a) Company should refrain from interference in the affairs of the borrower except for the purposes
provided in the terms and conditions of the loan agreement (unless new information, not earlier
disclosed by the borrower, has come to the notice of the lender).

(b) In case of receipt of request from the borrower for transfer of borrowal account, the consent or
otherwise i.e. objection of the Company, if any, should be conveyed within 21 days from the date of
receipt of request. Such transfer shall be as per transparent contractual terms in consonance with
law.

(c) In the matter of recovery of loans, the Company should not resort to undue harassment viz.
persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
(v) The Board of Directors of Company should also lay down the appropriate grievance redressal
mechanism within the organization to resolve disputes arising in this regard. Such a mechanism
should ensure that all disputes arising out of the decisions of lending institutions' functionaries are
heard and disposed of at least at the next higher level. The Board of Directors should also provide
for periodical review of the compliance of the Fair Practices Code and the functioning of the
grievances redressal mechanism at various levels of management. A consolidated report of such
reviews may be submitted to the Board at regular intervals, as may be prescribed by it.



For XYZ Pvt. Ltd.



Director

Date: 03/12/2009
Place: Mumbai
To,

The Officer In charge,
Department of NBFCs Supervision,
Reserve Bank of India,

Re: Acceptance of Fair Practices Code for Total Investment Pvt. Ltd.

Dear Sir,

It is in reference to the DNBS (PD) CC No. 80 / 03.10.042 / 2005-06, the company (Total Investment Pvt. Ltd.)
has accepted all the guidelines on Fair Practices Code required for NBFCs.

The company has followed all the rules and regulations and fair practices while transactions.


For M/S ABC & Co.
Chartered Accountants



PROPRIETOR
MEMBERSHIP NO:
PLACE MUMBAI
DATED : 03/12/2009
TRUE COPY OF RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF THE
COMPANY DATED 3rd DECEMBER 2009

“RESOLVED THAT the company do hereby accept the direction of the RESERVE BANK OF INDIA about
forming the fair practices code as stated in RBI circular No. DBNS (PD) CC NO. 80/03 10.042/2005-06 dated
28-09-2006”

“RESOLVED FURTHER THAT the draft fair practice code as placed before the Board are initialed by
chairman for the purpose of identification be our is hereby approved & adopted.”

“RESOLVED FURTHER THAR Mr. PQR, Director of the company be and hereby authorized to take all
necessary steps to implement the same & to alter the terms if necessary in line with the RBI Guidelines.



FOR XYZ PVT LTD



      Director
                                    TO WHOMEVER IT MAY CONCERN


This is to certify that the XYZ Pvt. Ltd. is having registered office at ADDRESS is having Net Own Fund as on
31st March 2007 is
Rs -XXXX/- .

The calculation is done according to the information and explanation provided to us for verification.


      PARTICULARS                 Amount In Rs.
     Equity Share Capital      XXX/-
     Reserve and Surplus      XXXX/-
   OWNED FUND/NET OWNED FUND XXXXX/-




For M/S ABC & Co.
Chartered Accountants



PROPRIETOR
MEMBERSHIP NO:
DATED :03/12/2009
MUMBAI

				
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