Relaxed Rule for Deposit from Relative - A good initiative..

Much awaited MCA Update on Deposit From Relative By Private Limited Company:

Now a private company can accept unsecured loans apart from director even from a relative of a director of the company.
The only requirement is of non utilization of borrowed funds for this purpose.

A welcome decision., Better Late than Never..!!!

Entire notification is available at http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_15092015.pdf