• Latest
Credit Unions to Pay Annual Licensing Fee

Credit Unions to Pay Annual Licensing Fee

6 years ago
Government says “no physical altercation” between journalist and junior minister

Grenada actively engaged in preparations to receive evacuees

1 day ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 9 April

1 day ago
US congratulates Grenada on arrival of Covid-19 vaccines from COVAX

US congratulates Grenada on arrival of Covid-19 vaccines from COVAX

1 day ago
Preliminary Results of 2013 General Election

RGPF on high alert for illegal activities within Grenada–St Vincent marine space

1 day ago
Death of The Duke of Edinburgh, Prince Phillip, 9 April 2021

Death of The Duke of Edinburgh, Prince Phillip, 9 April 2021

1 day ago
At least 1st dose of Covid-19 vaccine required to enter Grenada

At least 1st dose of Covid-19 vaccine required to enter Grenada

2 days ago
First Para Swimmer to compete to qualify for Tokyo 2020

First Para Swimmer to compete to qualify for Tokyo 2020

2 days ago
Republic Bank supports GCA under-19 inter-parish competition

Republic Bank supports GCA under-19 inter-parish competition

2 days ago
Senator identifies finance as major shortcoming for sectors he represents

Senator St Clair’s message on St Vincent situation

2 days ago
Securing Economic Integration: The importance of intraregional trade

Quarantine protocol will apply to all possible St Vincent evacuees

2 days ago
The man who mapped a nation by hand

The man who mapped a nation by hand

2 days ago
National Cleanup Begins Friday

NaDMA convenes emergency NEAC meeting

2 days ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

Credit Unions to Pay Annual Licensing Fee

This story was posted 6 years ago
5 May 2015
in General News
2 min. read
Credit Unions logo
Share

By Linda Straker

As of June 2015, credit unions in Grenada which were previously exempted from paying an annual licensing fee will join the list of money services operators that will be required to pay a licensing fee to the Grenada Authority for the Regulation of Financial Institutions (GARFIN).

“We started discussions with credit unions two years ago, and therefore it’s not something that they can say we sprang on them. We had lots of discussions, and the new licensing fee will come into effect as of this year,” said Denis Felix, Manager of the Non-bank Credit and Money Services Supervision Department at GARFIN.

The fees, which appeared in the 17 April Government Gazette, are described in Statutory Rules and Orders 8 of 2015: Cooperative Societies (Credit Union Fees) Regulations.

“Where a credit union fails to pay its annual license fees on or before the 30th June in any year, there shall be a late penalty fee of 5% of the amount due for each month or part thereof that the annual licence fee remains outstanding,” says the regulations. The annual licensing fees range from EC$1,000 to EC$10,000 and are outlined as follows:

Where total assets at last audited balance sheet are: Annual Fee Payable
Less than or equal to $1 milllion $1,000
Greater than $1 million but less than or equal to $10 million $1,500
Greater than $10 million but less than or equal to $50 million $3,000
Greater than $50 million but less than or equal to $100 million $5,000
Greater than $100 million $10,000

 

The SRO was signed by Cooperative Minister Oliver Joseph. The Cooperative Societies Act of 2011 provides for the Minister of Cooperative to make regulations for the sector. Insurance Companies, Money service transfers and banks are already required to pay an annual fee GARFIN.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: annualbankcredit unionfeegarfingazettelicenselinda strakermoney
Next Post
Sentenced to 25 Years in Jail

Sentenced to 25 Years in Jail

Comment on story Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

NOW Grenada
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.