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RESERVE BANK OF INDIA
DEPARTMENT OF NON-BANKING SUPERVISION
CENTRAL OFFICE
CENTRE I, WORLD TRADE CENTRE,
CUFFE PARADE, COLABA,
MUMBAI 400 005.
Notification No. DNBS. 189 /
CGM(PK)-2006
December 06, 2006
The Reserve Bank of India, having
satisfied that, in the public interest, and to enable the Bank to regulate the
financial system of the country to its advantage, it is necessary to amend the
Non-Banking Financial Companies Acceptance of Public Deposits ( Reserve Bank)
Directions, 1998 , in exercise of the powers conferred by sections 45J, 45JA,
45K and 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the
powers enabling it in this behalf, hereby directs that the said directions contained
in Notification No.DFC.118/DG(SPT)-98 dated January 31, 1998 shall stand amended
with immediate effect as follows, namely -
1. In paragraph 2(1), before clause(i),
the following clause shall be inserted:
'(ia) 'Asset Finance Company' means
any company which is a financial institution carrying on as its principal business
the financing of physical assets supporting productive / economic activity,
such as automobiles, tractors, lathe machines, generator sets, earth moving
and material handling equipments, moving on own power and general purpose industrial
machines.
2. Clause (ii) of paragraph
2(1) shall be deleted.
3. Clause (iv) of paragraph
2(1) shall be deleted.
4. The clause (viii) of paragraph
2(1) shall be substituted as under:
"loan company' means any
company which is a financial institution carrying on as its principal business
the providing of finance whether by making loans or advances or otherwise
for any activity other than its own but does not include an Asset Finance
Company";
5. In clause (xi) of paragraph
2(1), for the words 'a hire purchase finance company or an equipment leasing
company', the words ' an asset finance company" shall be substituted.
6. In clause (ii) of paragraph
2(3) for the words 'a hire purchase finance company or an equipment leasing
company', the words ' an asset finance company" shall be substituted.
7. The note attached to clause
(ii) of paragraph 2(3) shall be deleted.
8. In the heading of sub-paragraph
4 of paragraph 4, for the words "Equipment Leasing Company (ELC), Hire
Purchase Finance Company (HPFC)", the words "Asset Finance Company
(AFC)" shall be substituted.
9. In the first line of sub-paragraph
4 of paragraph 4, for the words "equipment leasing company or hire purchase
finance company", the words "asset finance company" shall be
substituted.
10. In the proviso to clause (i)
of paragraph 4(1), for the words 'an Equipment Leasing or Hire Purchase Finance
Company', the words 'an Asset Finance Company" shall be substituted.
11. In the sub-heading of paragraph
4(4)(a) and (b), for the abbreviations 'EL/HPFC' the abbreviation 'AFC' shall
be substituted.
12. In sub-paragraphs (a) and (b)
of paragraph 4(4) for the words "equipment leasing company or a hire purchase
finance company", the words " Asset Finance Company" shall be
substituted.
13. In sub-heading of clause
(i) of paragraph 4(5), for the abbreviations 'ELC/HPFC', the abbreviation, 'AFC'
shall be substituted.
14. In clause(i) of paragraph 4(5),
for the words "equipment leasing company or a hire purchase finance company",
the words "Asset Finance Company" shall be substituted.
15. In paragraph 4(6), for the
words "equipment leasing company or a hire purchase finance company"
the words "Asset Finance Company" shall be substituted.
16. In sub-clause (a) of clause
(ii) of paragraph 4(12), for the words "equipment leasing company or a
hire purchase finance company" the words "Asset Finance Company"
shall be substituted.
17. In paragraph 9(2),for the words
"a hire purchase finance company or an equipment leasing company"
the words "an Asset Finance Company" shall be substituted.
(P. Krishnamurthy)
Chief General Manager In-Charge
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