guidelines lending sector priority
Hello Everyone!
Whether the concept of Alternate Director also applicable in case of Foreign Director as he is already residing outside India ?
director alternate concept applicability
Hi Folks!
In case of appointment of Alternate Director, whether the Master Data of the Company reflects the Original Director too ?
director alternate appointment
Hi Everyone!
In what circumstances, special notice is required for the appointment of person other than the retiring auditor ?
Hi Everyone!
What is the offer period of private placement offer cum application letter in case shares are issued on private placement basis ?
Hi Everyone!
Is it possible to file the Unaudited Financial Statements of a Company, if yes, whether there is any option to file the Audited Financial Statements after filing of Unaudited Financials ?
company statements financials unaudited filing
Hi Everyone!
If an individual does not hold majority stake in the member company of the reporting company, whether filing of BEN-2 is applicable or not?
company reporting respect applicability
Hi Everyone!
Are there any restrictions or limitations on the number of foreign directors in an Indian Company ?
directors foreign number limitations
Hi Folks!
Whether, any assets or liabilities for Indian party (i.e. domestic assets and liabilities) are to be included in the FLA return?
return included liabilities assets 
Dear Juhee!!
The PSL guidelines are activity and beneficiary specific and are not based on type of collateral. Therefore, bank loans given to individuals/ businesses for undertaking agriculture activities do not automatically become ineligible for priority sector classification, only on account of the fact that underlying asset is gold jewellery/ornament etc. It may, however, be noted that as per FIDD Circular dated February 7, 2019 and updated from time to time, it has been advised that banks may waive margin requirements for agricultural loans upto ₹1.6 lakh. Therefore, bank should have extended the loan based on scale of finance and assessment of credit requirement for undertaking the agriculture activity and not solely based on available collateral in the form of gold. Further, as applicable to all loans under PSL, banks should put in place proper internal controls and systems to ensure that the loans extended under priority sector are for approved purposes and the end use is continuously monitored.
Hope it will help You!!
ThankYou!!