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A Farmer Producer Organisation (FPO) is a type of organisation that is formed by farmers in India to improve their incomes and livelihoods. They pool their resources and expertise through it for livelihood. The eligibility criteria for forming an FPO...(more)
A Farmer Producer Organisation (FPO) is a type of organisation that is formed by farmers in India to improve their incomes and livelihoods. They pool their resources and expertise through it for livelihood. The eligibility criteria for forming an FPO are as follows:
• Farmer members: The primary members of an FPO must be farmers engaged in agricultural activities, either individually or collectively.
• Minimum number of members: A minimum of 10 farmers is required to form an FPO, and there is no upper limit on the number of members.
• Legal status: An FPO must be registered as a legal entity, either as a producer company, a cooperative society, or any other legal form recognised by the government.
• Objective: The primary objective of an FPO should be to enhance the income and livelihoods of its members through collective efforts.
• Activities: An FPO can engage in various activities, including production, procurement, processing, marketing, and value addition of agricultural produce.
• Geographical area: An FPO can operate in a specific geographical area, such as a village or a group of villages, or across a larger region.
• Ownership and control: The ownership and control of an FPO should remain with its farmer members, and they should have a say in the decision-making processes of the organisation.
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In India, having a food license is mandatory for any food business. It involves the manufacturing, processing, packaging, distributing, and selling of food products. The Food Safety and Standards Authority of India (FSSAI) regulates food safety and s...(more)
In India, having a food license is mandatory for any food business. It involves the manufacturing, processing, packaging, distributing, and selling of food products. The Food Safety and Standards Authority of India (FSSAI) regulates food safety and sets standards for food businesses to ensure that the food consumed by the public is safe and healthy.
Here are some reasons why having a food license is important in India:
• Legal Requirement: It is a legal requirement for all food businesses in India to obtain a food license from the FSSAI. Failing to obtain a license can lead to legal repercussions, including penalties, fines, and even imprisonment.
• Food Safety: The FSSAI ensures that food businesses comply with safety and hygiene standards and regulations. Obtaining a food license ensures that your business follows the required standards for food safety, thus protecting the health and well-being of your customers.
• Consumer Trust: A food licence from the FSSAI can increase consumer trust in your food business. Customers are more likely to buy from a business that complies with food safety regulations and standards.
• Business Expansion: Having a food license is necessary for expanding your food business to other locations or offering new food products. A food license from the FSSAI is a prerequisite for obtaining other licenses and certifications required for your business.
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To start a microfinance company, authorize it from the RBI. For it, decide whether it should be a non-banking finance company or the Section 8 company. This company is authorised by the Reserve Bank of India. Being so, the RBI offers some exemptions...(more)
To start a microfinance company, authorize it from the RBI. For it, decide whether it should be a non-banking finance company or the Section 8 company.
This company is authorised by the Reserve Bank of India. Being so, the RBI offers some exemptions to perform financial activities up to a certain limit. Entrepreneurs can have microfinance company registration done in two different ways.
Non-Banking Finance Companies (NBFC) duly registered with RBI
Section 8 companies (companies formed under Section 8 of the Companies Act 2013)
If you go with the first option, the first step would be to set up a private or public company. For a private company, you need at least 2 members and INR 1 lakh as capital. Besides, it also requires a minimum of 7 members. This company can raise a net worth of INR 5 crore and for the northeastern region of India, this amount is INR 2 crore. Then, a fixed deposit should be there in the bank. After that, a No Lien Certificate should be obtained. To run this company, the NBFC must fill out an application online for the licence, which requires the verification of certified documents. These documents must be submitted to the regional office of the RBI.
• Memorandum of Association and Articles of Association
• Incorporation certificate of the company
• Board resolution copy
• Copy of Auditor’s report of receipt of fixed deposit receipt
• Banker’s Certificate of No Lien stating the net owned fund
• Banker’s report about the company
• Recent credit report of the directors
• Net worth certificate of the directors
• Education/professional qualification proof of the director
• KYC and income proof of the director
• Proof of work experience in the financial sector
• Structure plan of the organization
For a Section 8 Company, you need to apply for Digital Signature Certificate (DSC) and Director Identification Number (DIN) online. Simultaneously, get its name approved in Form INC-1, which should be Sanstha, Foundation, or Micro Credit in its name. Then, file the Memorandum of Association (MOA) and Articles of Association (AOA) with the necessary documents, which can be the following:
• PAN Card copy of all directors/promoters
• Documents for identity proof
• Documents for address proof
• Photograph of all directors/promoters
• Proof of ownership of registered office or rental agreement for the same
• NOC from the owner
• Applicable stamp duty as mandated by the state
• Any other documents as required