RBI relaxes provisions for Housing Finance Institutions. Net owned fund of 20 crore rupees specified to commence business
RESERVE BANK OF INDIA
(Department of Regulation)
NOTIFICATION
Mumbai, the 18th November, 2020
No. DOR.049/CGM(MM)–2020.—In exercise of the power conferred by section 45-NC of the Reserve Bank of India Act, 1934, and in supersession of the earlier notification No. DOR. 047/CGM (MM)-2019 dated 19thNovember, 2019 (published in Extraordinary-Part III –Section 4 of the Gazette of India dated 19thNovember 2019) on the subject, the Reserve Bank of India, on being satisfied that it is necessary to do, hereby declares that the provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a non-banking financial company which is a Housing Finance Institution as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987).
MANORANJAN MISHRA, Chief General Manager
[ADVT.-III/4/Exty./367/2020-21]
RESERVE BANK OF INDIA
(Department of Regulation)
NOTIFICATION
Mumbai, the 18th November, 2020
No. DOR.048/ED(SS)–2020.—In exercise of the powers conferred by clause (b) of sub-section (1) of Section 29A of National Housing Bank Act, 1987 (53 of 1987), the Reserve Bank of India hereby specifies the net owned fund of twenty crore rupees for housing finance institution which is a company to commence housing finance as its principal business or carry on the business of housing finance as its principal business.
Provided that a housing finance institution which is a company holding a Certificate of Registration issued under Section 29A of National Housing Bank Act, 1987 and having net owned fund less than twenty crore rupees, may continue to carry on the business of housing finance institution, if such company achieves net owned fund of fifteen crore rupees before April 01, 2022 and twenty crore rupees before April 01, 2023.
SAURAV SINHA, Executive Director
[ADVT.-III/4/Exty./366/2020-21]
Absence of an explicit irrevocability clause in trust deed no ground for rejecting application for registration or renewal under section…
ITAT allowed increased exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees in view of CBDT retrospective notification. In…
PCIT has revisionary jurisdiction u/s 263 over the cases irrespective of the fact that the relevant assessment was completed physical…
Appellate court interfering with Motor Accidents Claims Tribunal findings on assessment of disability and loss of earning capacity must undertake…
When period of delay is not very huge and involve huge monetary liability on the assessee, a lenient approach should…
Ratification by EoGM of the company can not give legality of the diversion of the fund raised by preferential issue.…