19 IV. PRE-REQUISITE FOR CARRYING ON BUSINESS OF NBFC4.

1 Registration Requirements In terms of Section 45-IA of the RBI Act, 1934, it is mandatory that every NBFC shouldbe registered with RBI to commence or carry on any business of non-banking financialinstitution as defined in clause (a) of Section 45 I of the RBI Act, 1934 23 Instruments Act? If yes, details thereof.27.Whether the company was granted any permission by ECD to functionas Full-fledged Money Changers?28.Whether the company was/is authorised by ECD to accept deposits fromNRIs.29. Whether “Fit and Proper” Norms for Directors have been fulfilled.1. Annex I Identification particulars2. Annex II - Statement on prudential norms3. Annex III - Information about the managementAll NBFCs registered with RBI should make sure that they continue to be eligible toretain the RBI Registration 4.2 Minimum Net-owned Fund A company incorporated under the Companies Act, 1956 and desirous of commencing businessof non-banking financial institution as defined under Section 45 I(a) of the RBI Act, 1934 shouldhave a minimum net owned fund of Rs 25 lakh (raised to Rs 200 lakh w.e.f April 21, 1999).