Does Reserve Bank Of India prohibits lending by banks to Hindu Undivided Families? If yes, is there any circul

There was one dcision of the Supreme Court of India that HUF is not a legal entity. Inthat view of the matter, some banks have asked change in Deed of Partnership where HUF is a Partner and asked deletion of HUF from the Partnership.

7 Replies to “Does Reserve Bank Of India prohibits lending by banks to Hindu Undivided Families? If yes, is there any circul”

  1. Hi
    Your views are welcomed and thoughts shown a nice person in u as u are staring ur career wid a decent plan …may opt other options too …there are many ways …regards

  2. Hi. I’m a Wealth Manager in Inference Wealth Management Services Pvt Ltd.

    Happy to hear that you want to start investing early but i think you are a bit conservative when it comes to investing as you have mentioned LIC for investments. LIC is an insurance company and if you want to mix insurance with investments then its not a good combination. Please stay away from ULIPs as they have many charges which makes investments in them a bad choice, even LIC offers ULIPs and some agents (of all companies) might show you a rosy picture but they are more concerned about their commission which is highest in insurance. If you are not able to take a good decision then its not a bad idea to approach a professional as its relating to your hard earned money.

  3. Its good that you are thinking about investment so early in your career.
    You can be sure that this approach will take you a long way in achieving financial independence.

    As you are new, I will not make it complicated and keep it simple.
    LIC is an insurance scheme not an investment scheme.
    In India all young people are mislead and drawn towards LIC calling it as an investment option. But this is not correct.

    Seeing your age and risk taking ability, you can easily have a more aggressive approach to investment. There will be lot of people feeding you with informations like”other investment options are risky…” let them say what they want, you fix your plan and start investing.

    I will suggest you to go for “direct equity investment”.
    You can invest as little as Rs500 to Rs1000 per month.
    You must invest in mutual funds like HDFC Top 200.
    But remember, you have to go on investing till next 5/6 years minimum.
    Do not expect miracle in a year or two.

    Investment is a discipline, and when followed properly can fetch you money that most of us cannot imagine.

    Best of luck and take your first step towards “Equity Investment”

  4. when u see any post from this app, just click on the small cross at far right end of the post and click on “Revoke publishing rights of this app” and u r done.. hope this is helpful…

  5. I understand that HUF status is valid under the Income Tax Act only. In view of the traditional undivided Hindu Families’ businesses, assets and incomes, this HUF status is honoured for income tax purposes. Otherwise, the Karta of the family, being not minor and incompetent otherwise, can undertake all business and financial transactions in his name on behalf of HUF.

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