Compliance timetable for Nidhi capital-to-deposit ratio requires phased deposit reduction or capital augmentation under amended notification. The amendment mandates that Nidhis incorporated on or before 26 July 2001 which had deposits above prescribed limits must restore the Net Owned Fund to Deposits ratio to the prescribed ceiling by either increasing Net Owned Funds or reducing deposits pursuant to a phased timetable based on the ratio position as on 31-3-2010. It also shortens a procedural period from 12 months to 06 months, raises a monetary threshold from 20,000 to 50,000, and increases a prescribed percentage from five per cent to seven and half per cent.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Compliance timetable for Nidhi capital-to-deposit ratio requires phased deposit reduction or capital augmentation under amended notification.
The amendment mandates that Nidhis incorporated on or before 26 July 2001 which had deposits above prescribed limits must restore the Net Owned Fund to Deposits ratio to the prescribed ceiling by either increasing Net Owned Funds or reducing deposits pursuant to a phased timetable based on the ratio position as on 31-3-2010. It also shortens a procedural period from 12 months to 06 months, raises a monetary threshold from 20,000 to 50,000, and increases a prescribed percentage from five per cent to seven and half per cent.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
