MCA Update on Deposit From Relative of a Director By Private Limited Company:
Deposits rules are quickly getting aligned with old 58A exempted rules to private limited company.
Without any upper limit of amount, now a private company can accept unsecured loans apart from director even from a relative (as per definition) of a director of the company with simple declaration saying the relative has not borrowed same from others. The relative need not be a shareholder of the company.
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