What is Fixed Deposit?

What is Fixed Deposit?

Fixed Deposit is a kind of investment which is offered by Banks and Non Banking Financial companies, where you can deposit money for a higher rate of interest which is higher than the interest rate offered by banks and NBFCs in their savings account. Where a lump sum amount of money is deposited for a fixed period of time, which varies for every financier. Usually Fixed Deposit amount cannot be withdrawn before the date of maturity but someone wants to withdraw it in case of an emergency then he can do so in exchange for the penalty.

Features of Fixed Deposit

  1. Fixed deposits enables investors to earn a higher rate of interest on their surplus funds.
  2. You can deposit money for fixed deposit account only once, and if more amount is to be deposited by the investor then for that he needs to create another account.
  3. Though liquidity in case of Fixed deposit is lesser, therefore one can expect a higher rate of interest.
  4. Fixed deposits can easily be renewed.
  5. Tax is deducted as per Income Tax Act, 1961 from the interest of the fixed deposit.

Benefits of Fixed deposit

There are several advantages of fixed deposits and they are as follows-

  1. This form of investment is the safest form of investment instrument.
  2. Return on fixed deposit is fixed and there is no risk involved.
  3. There is no effect of market fluctuations on your fixed deposit, which ensures greater safety of your investment capital.
  4. Higher rate of interest is availed on fixed deposit.
  5. Some financers also offer greater returns on fixed deposit to senior citizens.

Documents for starting Fixed Deposit

  • Latest photograph
  • Certified KYC documents

Public or private limited Company-

  • PAN
  • Certificate of Incorporation
  • Memorandum and Articles of association
  • Partnership deed
  • Board resolution for opening the FD account
  • ID proof of authorized signatory

Partnership Firm-

  • PAN
  • KYC documents of the firm
  • Certificate of Registration
  • Partnership deed
  • List of authorized signatories with specimen signatures
  • ID proofs of authorized signatories

Hindu Undivided Family

  • Certified KYC documents
  • Self-attested PAN card bearing the name of the HUF
  • Deed of declaration of HUF
  • Bank account statement/DEMAT statement in the name of the HUF
  • KYC documents for all adult members of HUF

Statutory Board/Local Authority

  • PAN
  • KYC documents
  • List of authorized signatories with specimen signatures
  • Self-certification on letterhead

Registered Societies

  • PAN
  • KYC documents
  • Copy of Registration certificate under the Societies Registration act
  • List of members of the managing committee
  • Committee resolutions for persons authorised to act as authorised signatory, with other specimen signatures
  • True copies of society’s rules and by-laws, certified by the chairman or secretary.

Why invest in BIAT consultant Fixed deposits

BIAT consultants offers you a greater returns with a higher rate of interest on your Fixed deposits. You can start investing with Rs. 25000/-. 


  • What is Provident Fund (PF)?

PF is an investment fund contributed to by employees, employers and (sometimes) the State, out of which a lump sum is provided to each employee on retirement.

  • How to get Maximum returns from fixed Deposits?

In order to get maximum returns following steps is required to be taken and they are as follows-

  1. Plan your investment strategy
  2. File your returns on time
  3. Ladder you FDs for liquidity and tax benefits
  4. Chose cumulative FDs over non-cumulative one.
  • What is the interest rate on fixed Deposit?

The interest rate is the percentage of money you can earn from your fixed deposit over the course of your tenure. 

  • What is TDS on fixed deposit?

Tax which is deducted from the interest of your fixed deposit which ranges from 0 to 30% depending upon your income tax bracket.

Decoding the benefits of registering a business

Decoding the benefits of registering a business

Incorporating or Registering your business idea is not a bad idea in India as it gives a strong foundation to your business aspirations so that you don’t come crashing down.

Benefits of Business Registration in India

Registering a business has importance everywhere in the world, but it is India where it is more significant. The major benefits of registering a Business in India are as Follows-

  1. It Gives you Structure- when you register a business in India then you give a proper structure to your business. As without proper structure there is no order in Business and therefore, there is hardly any profit. Without a proper business criteria there is no business conducted properly. Therefore, it is always advisable to register a business for the proper and smooth brunning of your business.
  2. Separate Entity- It forms a separate entity once you form a separate business.  Once you get the certificate of incorporation, you apply for PAN card in the name of the company which is considered as a Valid ID of the company. 
  3. Perpetual Existence- we live in an era of startups, everyone not only wants to make money, they want to establish a legacy. When an entity is registered then it becomes a separate entity. Therefore, if and when the owner of the business dies , the business can continue to exist.
  4. Registered Business are more trusted- generally a business which is a registered one is trusted more are compared to the unregistered one. We are not saying that unregistered business are worthless, but they are hidden more,less advertised, less marketed and therefore, less trusted. However once you have registered your business 

, you are free to reveal yourself and market yourself.

      5.  Trust then leads to more funds- If you have trust of the people then you would have more trust of the investors and Financial institutions as well. A business cant survivev on the personal assets of its owner, it needs outside funding for expansion, diversification. Being a registered business attracts more investors towards you, who see your business a legitimate one. 

       6. Limited Liability-  Limited liability is probably the most used terms when “Benefits of Business Registration” is the topic. however , people are still fuzzy about its meaning.

A company is a separate legal entity, then is its own person has only has to bear its own losses.

The above statement basically means that if the company goes through any loss on finances, personal finances or assets of the Directors of this company are not affected. 


When it comes to the business registration benefits there are any, but what is lacking is the understanding of these benefits. Hope that through this blog we have enlightened you with the understanding of what the benefit actually means. For Registration of Business please contact BIATconsultant.com.

Requirement for Forming a State Co-Operative Society

credit co operative society registration

A state cooperative society is defined as an association of persons who united voluntarily to meet their common economic needs and aspirations as specified from time to time depends upon the nature of society, through a jointly owned and democratically legal identity registered under the Cooperative societies Act.

What are the kinds of Societies in india?

  1. Credit Cooperative societies
  2. Consumer cooperative societies
  3. Urban cooperative society
  4. Marketing Cooperative Societies
  5. Industrial Cooperative societies
  6. Labour cooperative societies
  7. Transport cooperative societies
  8. Security services cooperative societies
  9. Group housing societies
  10. Cooperative societies formed by professionals in the area of Art, Education, Insurance etc.

What are the requirements for forming a Cooperative Society

  1. A minimum number of members required depending upon the nature of the Societies
  2. Minimum share capital required depends on the nature of the societies
  3. The object of the society must be the promotion of the economic interests of its members in accordance with the principles of cooperative society.
  4. A society which was proposed to be registered must be economically capable of being run by own.
  5. Proposed society must not have any adverse effect on co-operative movement.
  6. Subscription of the minimum amount in the form of capital is required for prospective members depend upon the nature of society and as per bye laws.

What are the Documents Required for Registration

  1. Proposed name of cooperative society
  2. Name, address, profession, the monthly income of promoter members
  3. A Bank Certificate to the effect that from the share capital raised by the promoters has been deposited in a suspense account in the name of proposed cooperative society.
  4. Proposed bye laws of the cooperative societies must be duly signed by each of the promoter members (4 copies)
  5. An affidavit of chief promoter for proposal pf approval of the Registrar on the prescribed form.
  6. Promoter member list who have subscribed capital together with the amount contributed by them.
  7. A declaration of each of the members that he is not the family member of any other promoter.
  8. Proposed cooperative society scheme including woking which reflects economic soundness of the proposed cooperative society.
  9. A statement of each member reflecting his financial position
  10. A residence proof of members in the area of operation of State Cooperative society.
  11. A certified copy of the resolution of members adopting the bye laws and authorizing officer who can make modification in proposed bye laws, if suggested by Registrar in process of Cooperative society Registration and member’s resolution will also specify the name and address of the person for any correspondence in process of registration and deliver incorporation certificate.

What will be the procedure of Registration/

Persons who want to register a State Cooperative Society will make an application to the Registrar of the area on a prescribed form i.e. Form 1.

Along with the form type of the society they want to register, proposed bye laws of that society, number of members, chief promoters name and address.

The application must be signed by not less than 10 persons or by a number of members depends upon the nature of societies.

If the Registrar is satisfied will register cooperative society and issue a certificate of incorporation.

Where Registrar refuses then from the date of receipt of an application for cooperative society registration within a period of one month registrar is required to communicate for refusal with valid reasons for such refusal.

The application shall be deemed to have been accepted for co operative society registration with the application for registration is not disposed off in a manner prescribed within a period of one month.

Copyright Registration in India

copyright registration online in india

Copyright Registration gives exclusive right to the creator of original work.  Copyright is an exclusive right given to the original creator of Literary, artistic, musical or dramatic works and to film producers as well. It also includes rights related to reproduction, communication to the Public, translation of work. It safeguards the authors for their creations, thereby protecting their creativity.

Any type of work cannot be copyrighted as it does not give protection to ideas, concepts and Brand names, and Domain names i.e. any work which are in intangible form cannot be copyrighted.

Trademark protects products which are used to differentiate the products of one with the product of anther. It includes word, logo, symbols and Brand Names.

Copyright Registration can be done in relation to published or non published work. In the case of Registered unpublished work a manuscript is required to be sent along with the application for affixing the stamp in proof of the work having been registered. If two copies of the manuscript have been sent then one copy of manuscript duly stamped will be returned while the other copy will be retained by the office for record purpose and will be kept confidential. Inteda of a manuscript an applicant can also send the extracts from the unpublished work and can ask for the return after being stamped with the seal of corporate office. After that Applicant may apply for the changes in the register of copyright with the prescribed fees.

Registration procedure

  1. For the purpose of registration of copyright an application can be made in a prescribed format as prescribed in the first schedule of the rules.
  2. An application shall be made with the requisite fees prescribed.
  3. An application must be signed by the applicant in whose favour the power of attorney has been executed.
  4. The separate application is required to be filled for the registration of each wok.

Filing of an Application

Once Application is submitted then the applicant has to wait for the mandatory period of 30 days for any objection to come from Registry side. 

If within the said 30 period no objection comes then application shall be filed then the application shall be examined by the examiner or in the case of any objections raised by the examiner for any further documentation required.

After the objection are overcome to the satisfaction of the copyright office, a Copyright Registration Certificate is issued.

A term of Copyrighted Granted

The term of protection granted to the copyright owner depends on the type of work that needs to be protected. Copyright protection granted in relation to literary, musical, dramatic or Artistic work which extends to the period of the lifetime of the author and 60 years from the year in which the author dies. 

Redressal mechanism and Penalty provisions against Collective Investment Management Company (CIMC)

collective investment scheme

A Registered CIMC is entitled to raise funds from the public for a particular scheme, and in return to this shares or units are given to the people and these units are given in proportion to the contribution made by the investor. Further, by law these units have to be compulsorily listed on stock exchange.

What is meant by Collective Investment scheme?

A Collective Investment Scheme as the name suggests means that it is an investment scheme wherein several individuals comes together to pool their money for investing in a particular assets and for sharing the returns arising from that investment as per the agreement enforced between them prior to pooling in the money.

A Registered CIMC is entitled to raise funds from the public for a particular scheme, and in return to this shares or units are given to the people and these units are given in proportion to the contribution made by the investor. Further, by law these units have to be compulsorily listed on stock exchange.

As a guarantee, SEBI cannot guarantee we undertake the repayment of money to the investors invested in CIMC.

Whom to approach for any Grievance Redressal

For any grievance approach, Applicant must approach CIMC first and then to SEBI, if he is not satisfied. An investor can also approach District consumer redressal forum in case of any deficiency on part of company. 

In certain cases where company fails to repay the deposits collected by it , then it should be settled as per section 58A of Companies Act, 1956. Then, SEBI in no way can help the investor in any manner as it is out f the purview of SEBI.

After obtaining the registration, as CIMC, SEBI shall issue a press release furnishing the details of CIMC like the name, address, and contact number of that registered entity and same shall appear on SEBI’s website i.e. www.sebi.gov.in.

What are the Penal provisions if a registered CIMC violates certain provisions of the Regulations?

If a registered CIMC violates any provisions of the regulations, then in such case action like, suspension or cancellation of the certificate of registration may be initiated against the registration of the company. Further, SEBI in the general interests of the security market and the investors at large, initiate criminal proceeding under section 24 of the SEBI Act, in addition to the passing of some stringent directions like-

  1. Prohibit the company to Collect any money/fund from an investor or to launch any new scheme further.
  2. Prohibiting the company from disposing of any of the properties/assets of the scheme acquired in violation of the regulations.
  3. Requiring the company concerned to dispose off the assets acquired under the scheme in a manner as advised in the directions.
  4. Requiring the company concerned to refund any money or the assets to the concerned investors along with the requisite interest on it or otherwise, collected under the scheme.
  5. Disallowing the company concerned from operating in the capital market or from entering the capital market for the specific period.

As we can see above, that the penalty imposed are very high and it is very difficult to violate the rule, norms or regulations. This will insure the safety and risk free environment for the investors.

Can You Copyright A Recipe ?

can recipe be copyright

Can you Copyright a Recipe?

Yes sure, Recipe can be in various forms- from Grandma’s best chocolate cookies ever to that world renowned chef secret signature sauce that no one is able to figure out. 

Here are the steps which you may or may not know about what it takes to copyright a recipe.

Ingredients of a copyright?

General copyright law protects any original work that are in tangible forms of expression such as Books, a script, or a CD. while these categories are broad, there are many categories of material that cannot be copyrighted.

Things that can’t be copyrighted includes work that are not in tangible forms, such as Ideas cannot be copyrighted, and things that are considered as common property with no originality ( basic instruction on how to boil water, for one or standard calendar).

A Pinch of Creativity

Copyrights are meant to protect original, creative works. The courts are split on whether or not ba recipe is considered as creative. Or rather, whether recipes are sufficiently creative enough to warrant protection under copyright law. Some may see recipes as just a listed process for how to make an edible item, rather than an expression of an artist 9 i.e. the chef or cook) and her activity and passion for food.

To what extent individuals recipes are actually protected are not entirely clear. However, recipes book or collection of recipes are more likely to receive copyright protection as they are in tangible form and can be considered an original, creative work.

For that one single, delicious, ( and uniquely brilliant, expressive etc.) recipe that you are holding onto, however it’s unfortunately not going to receive much protection if you attempt to secure a copyright for it. You may want to hold onto it for now, and revisit the copyright issue once you have a collection of recipes you are ready to dish out to a public. 

BIATLegal can help people to help out to find out the literary, artistic, dramatic or musical work that can be copyrighted and can help in its registration.

Companies 2nd Amendment Rules 2019 for Appointment and Qualification of Directors

Companies 2nd Amendment Rules 2019 for Appointment and Qualification of Directors

INC 22A is an active form introduced by MCA as compliance back in January of this year. Under this compliance, every company which is formed or which is registered on or before 31st December, 2017 has to file the e-form active INC-22A. It tags the companies that are active and currently doing business. At the same time MCA takes their eyes on the working of the companies. Cobimining with this rules for Director Qualification and appointment, MCA has released a new notification for companies 2nd amendment of 2019, it states as follows-

“Where a company governed by Rule 25A of Companies (Incorporation) Rules, 2014, fails to file the e-form ACTIVE within the period specified therein, the Director Identification Number (DIN) allotted to its existing Directors, shall be marked a Director of ACTIVE Non-compliant company.

Let’s talk about Director Disqualification

As per Rules of Companies Act, under certain circumstances, a director of a company can be disqualified by the MCA. when that happens, the Director’s DIN is removed from the registry. As a result, the Director can no longer be associated with the company. Where you can definitely remove the Director disqualification by filing a Petition o the Court, what if the Director of a company is appointed to again goes non-complaint because of Non- filing of INC-22A.

ACTIVE e-form INC 22A

MCA introduced this form back in january. Important and mandatory for companies that were registered before 31st December, 2017, this form’s main reason was to tag companies that are active (Currently doing business), through active tagging and verification it tries to locate shell companies. If the companies does not file INC 22A within the extended period of due date, it is marked in the MCA registry as “ACTIVE non compliant. It means that the company is active but has not filed the ACTIVE e-form.

Director of Non-compliant company

Before the mentioned notification, it was only the company that was marked as non- compliant. However, with the announcement of companies act, 2nd amendment notification, the meaning is this,

“ If the company is marked as Non- compliant in the mCA registry because INC 22a was not filed the DIN of the Director of that company is marked as “ Director of ACTIVE Non- compliant company”.

The notification further states that when the Director’s DIN is marked as  Director of ACTIVE Non- compliant company, then they have to take all the necessary steps to file the complaint and to remove this mark. In this case the step would be to file INC 22A.

Further the notification states that once the Director files the Compliance INC-22A their DIN will be marked as Director of ACTIVE Non- compliant company.

A better Choice For Raising Funds for MSME

A better Choice For Raising Funds for MSME

In the present scenario loans extended by the NBFCs to MSMEs grew rapidly and the experience of banks and NBFC in terms of quality asset explains the difference in the credit growth.

What is NBFC

NBFC is basically Non Banking financial institutions which is registered under the Companies Act, 2013 with principle objective of dealing in financial activities. Companies Financial asset shall constitute of more than 50% of the total asset and income, and Income for Financial statement constitutes more than 50% of gross income.

What is MSME

MSME stands for Micro and Small and Medium Enterprise. It has many benefits as it is given higher preference in terms of Government License and Certification.  MSME also avails benefits in bank loans as compared to the interest paid on regular basis.

Role of NBFC P2P in India’s Economic Development

It helps in the supply of credit in the economic growth of economy, and it helps youth as it helps in achieving of cheaper and faster credit. The new entrants entrepreneur with the ability to repay the loan, are provided with the facility of dedicated loan products from various online platform.

In the current scenario as we can see that man and women are equal, therefore its purpose is to be to empower more and more women as it not only increases the economic development and prosperity but also a good indicator in the development of the entire household.

NBFC P2P helps in connecting and lenders with the borrowers by using the digital platform. For faster decision making and implementation, NBFC P2P has cut through end number of process which ensures interest of both lender and borrower. 24 hours banking facility is available for borrower.

Why NBFC P2P a better choice for raising funds for an MSME these days?

NBFC environment has now been changed as it provides larger opportunity for income seeking investor to diversify their portfolio which was earlier available to the Banks. Potential and e investor dealing in MSME sector are considering P2P platforms for various reasons-

  1. Returns which are provided are highly competitive when considered against average returns delivered by other market linked investment like MFs and stock market.
  2. In this process, both lender and borrower can choose their specified period of time between 6 to 36 months.
  3. It provides diversification that can easily be attained by borrowers profile.
  4. Availing more options for small business where in starting money is required for the temporary shortfall or to meet out the revenue expenses.
  5. It bridges the gap of risk factor involved in funding the small business, as small business srae dependent of cash transactions.


NBFC P2P player has becoming more popular in MSME and in small business financing. It lends fund to the business of MSME by better choice to avail funds. NBFC manly focuses on young entrepreneur with potential and business ideas. It also empowers women entrepreneurs which also helps in increasing and improving economic growth of the country. Therefore, it can e said that P2P is the better choice for availing funds to meet out the revenue expenses and working capital requirement.  

Categories of Alternative Investment Funds


Categories of Alternative Investment Funds are registered and regulated as per the SEBI (Alternative Investment Funds), 2012. They are privately pooled investment vehicle who are in the business to collect funds from the sophisticated investors either Indian or otherwise and utilize them for the making the investment as per their policies.


Categories of AIF


As we know the gist of the fact that there are three categories of Alternative Investment Funds, in this blog we will discuss in detail the categories of AIF. AIF regulation have clearly specified as 3 different categories of AIF, then can be registered in Regulation 3 (4) of chapter 2.


As per Alternative Investment Fund regulation, registration can be done with SEBI under any 3 of the three below mentioned category:-


Category I


Under this category those funds are considered which can give good effect in the Indian economy. For example, if an investor is investing in startup, small and medium sized enterprise etc, then it is considered as good investment as these may give good effect in the economy of the country. These sectors are considered as socially or economically desirable and as result, government and sectors also gives discount, concession or incentive to them.


Category I AIFs includes-


  1. Venture Capital Funds
  2. SME Funds
  3. Social Venture Funds
  4. Infrastructure Funds etc.


Category II


Basically those which do not fall under category I and III fally under this category. They only take leverage and borrowings to meet operational requirements and such other activities permitted by the AIF regulations.


Category II includes-


  1. Private Equity Funds
  2. Debt Funds Etc.


Category III


Under this category diverse and complex trading strategies, unlike the other two categories. They can even make an investment in listed as well as unlisted derivatives.


This category includes


  1. Hedge Funds
  2. Funds which trade with an objective to make short term returns
  3. Funds which are open ended etc.


Along with the application fees of Rs. 1,00,000/- is to be paid, where no fees for its registration is required to pay.


MCA announced- Companies (Incorporation) Fifth Amendment Rules, 2019

MCA announced- Companies (Incorporation) Fifth Amendment Rules, 2019

In its latest update to the Companies Act, MCA has come up with new amendment with companies (Incorporation) fifth amendment rules, 2019. It establishes a rule for naming a company. This amendment [provides details about name similarity, undesirable names and names that are not allowed for company incorporation.


Contents of Companies (Incorporation) Fifth amendment rules, 2019


The following notifications were issued by Companies Incorporation are as follows-


  1. The first part establishes rules for names which resembles too nearly with the name of the existing company- in this rule the company name which has been applied incorporation would only be considered similar to the ones Only registered under the newly established rules. Under this part there are 12 rules established. It says that under sub rule 1 the contents or the 12 rules are to be disregarded when a comparison is made between the names of the company.
  2. The second part establishes parameters of what are considered to be undesirable names. There are 19 different rules under that establish the types of names that are not desirable for the purpose of Company Incorporation in india.
  3. The third part is the part of the previous section. It establishes the words and expressions that cannot be used for company registration. There are over 27 such words that cannot be used within the names of the company if the company wants to be registered.


The Ministry has elaborated a variety of illustrations under this rule while determining the name of the company and companies (incorporation) fifth amendment rules, 2019 has divide the rule into two parts-


  • Rule 8A
  • Rule 8B


What is Rule 8A?


These rule specifies the list of undesirable names, and


What is Rule 8B?


These rules are for the word or expression which can be used only after obtaining a previous approval of central government.


Key Highlights of Company incorporation Fifth amendment, 2019


The following matters are to be disregarded while comparing the names


  1. The words like private, co, Unlimited, Limited, OPC pvt. Ltd, IFSC Limited etc.
  2. The plural or singular forms of words in one or both names.
  3. Use of different tenses in one or both names.
  4. The order of words in the names.
  5. Addition of the name of the place to a current name which does contain name of any place.
  6. addition , deletion, or modification of numerals or expressions denoting numerals or expressions denoting numerals in an existing names, unless the numeral represents any brand.




Provided that clause (f) to (h) and (I) shall not be disregarded while comparing the names if an existing company has provided a no objection by way of a Board resolution.