1[Ceiling on the rate of interest and brokerage]
9A 2[(1)] On and from 3[March 4, 2003], no miscellaneous non- banking company shall :-
(a) invite or accept or renew deposit on a rate of interest exceeding 4[eleven] and a half per cent per annum. Interest may be paid or compounded at rests which shall not be shorter than monthly rests:
5[Provided that nothing contained in this clause shall apply to monies raised by the issue of debentures or bonds;]
6[(b) pay to any broker for deposits collected by or through him, brokerage in excess of the rates specified below :-
| (i) where a deposit is for a period not exceeding one year. |
: one percent of such deposit |
| (ii) where a deposit is for a period exceeding one year but not exceeding two years. |
: one and a quarter per cent (not per annum) of such deposit |
| (iii) where a deposit is for a period exceeding two years. |
: one and a half per cent (not per annum) of such deposit.] |
7[(2) On and from September 18, 2003, no non-banking financial company shall invite or accept or renew repatriable deposits from Non-Resident Indians in terms of Notification No.FEMA.5/2000-RB dated May 3, 2000 under Non-Resident (External) Account Scheme at a rate exceeding the rate specified by the Reserve Bank of India for such deposits with scheduled commercial banks.
Explanation :
The period of above deposits shall be not less than one year and not more than three years.]
Note :
1. Inserted, vide Notification No.DNBC.43 ED(S)-81 dated March 30, 1981
2. Paragraph 9A renumbered as 9A(1) vide Notification No. DNBS 175/CGM(OPA)-2003 dated September 17,2003
3. Substituted, vide Notification No. .DNBS 166/CGM(CSM)-2003 dated March 3, 2003
4. Substituted, vide Notification No. DNBS 166/CGM(CSM)-2003 dated March 3, 2003
5. Inserted, vide Notification No. DFC (COC) 67 ED(S)-93 dated April 10, 1993
6. Inserted, vide Notification No. DNBS 46/ED(B)/87 dated February 24, 1982
7. Inserted, vide Notification No DNBS 175/CGM(OPA)-2003 dated September 17, 2003 |