Iqbal Singh
Asked March 26, 2019

New question

  • 1 Answer

Dear Sir / Madam , We, as a Proprietorship Firm, have plan to work under the following business module : 1. We plan sell our product ( LED TV ) on 12 interest free monthly instalments to our 2000 customers. 2. We plan give absolutely free gifts to these customers on a lucky draw basis very month as a sales promotion, till they complete the 12 months instalments of the product. ( i.e. only 150 free gifts will be there , given to members on the basis of lucky draw ) 3. Products ( LED TV ) will be given to all the members after receiving all the payment ( i.e.12 monthly instalments ) form them. In short we are not financing or giving our product on hire purchase . We just taking the payment of our product in 12 equal instalments to ease our customers & will deliver the product ( i.e. LED TV ) after taking all the interest free instalments. Whether we attract the provisions of NBFC & has to register as a Chit Fund Company ?

Answer 1

as per your version till you have cheated to other or any one your customer not cheated by you, no one file any complainant against you and you,  nothing to worry continue do your business


Agree Comment 0 Agrees over 2 years ago

Please Login or Register to Submit Answer

Directory ads
Need to talk to a lawyer?

Book a phone consultation with a top-rated lawyer on Lawfarm.