Section 3(2) in The Factoring Regulation Act, 2011
(2)Every factor shall make an application for registration to the Reserve Bank in such form and manner as it may specify:(a)if its financial assets in the factoring business are more than fifty per cent. of its total assets or such per cent. as may be stipulated by the Reserve Bank; and(b)if its income from factoring business is more than fifty per cent. of the gross income or such per cent. as may be stipulated by the Reserve Bank.
