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of <h1>India Sets Prudential Norms for Nidhi Companies: Asset Classifications and Loan Recovery Rules Under Companies Act 1956</h1> The notification issued by the Government of India on April 30, 2002, outlines prudential norms for Nidhi Companies and Mutual Benefit Societies under the Companies Act, 1956. It mandates that income from non-performing assets is recognized only when realized, with specific provisions for asset classification: no provision for standard assets, 10% for sub-standard, 25% for doubtful, and 100% for loss assets. Loans against jewelry or securities must be recovered or renewed within three months post-due date, failing which a full provision is required. These norms apply to all such companies, with potential government relaxation in specific circumstances.
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