Judgment Search Results Home > Cases Phrase: reserve bank of india act 1934 2 of 1934 section 17 business which the bank may transact Page 1 of about 604 results (0.181 seconds)

Kerala State Co-operative Agricultural And Rural Development Bank Ltd. ...

Court : Supreme Court of India

..... (3a) before granting any licence under this section to a company incorporated outside india, the reserve bank may require to be satisfied by an inspection of the books 24 of the company or otherwise that the conditions specified in sub-section (3) are fulfilled and that the carrying on of banking business by such company in india will be in the public interest and that the government or law of the country in which it is incorporated does not discriminate in any way against banking companies registered in india and that the company complies with all the provisions of this act applicable to banking companies incorporated outside india. ..... that in the instant case, the appellant is not a licenced company under the provisions of the reserve bank of india act, 1934 ( rbi act , for short) as the appellant does not transact banking business and therefore, does not require any licence under the rbi act. .....

Muhammed Usman Vs. Registrar of Co-operative Societies

Court : Andhra Pradesh

Reported in : II(2003)BC680

..... --(1) the reserve bank may--(a) caution or prohibit banking companies generally or any banking company in particular against entering into any particular transaction or class of transactions, and generally give advice to any banking company;(b) on a request by the company concerned and subject to the provisions of section 44a, assist, as intermediary or otherwise, in proposals for the amalgamation of such banking companies;(c) give assistance to any banking company by means of the grant of a loan or advance to it under clause (3) of sub-section (1) of section 18 of the reserve bank of india act, 1934;(d) at any time, if it is satisfied that in the public interest or in the interest of banking policy or for preventing the affairs of the banking company being conducted in a manner detrimental ..... it is provided under sub-section (3) of section 36a that subject to the provisions of sub-sections (1) and (2) a co-operative society carrying on banking business as a primary co-operative bank on 1.3.1966 or a co-operative society which becomes a primary co-operative bank after 1.3.1966, notwithstanding the fact that such a society does not satisfy the requirements of a primary co-operative bank, continues to be a primary co-operative bank under the provisions of the banking regulation act, 1949 and carry on the business of banking with the approval of the reserve bank of india and subject to the conditions of the reserve bank of india may specify in that behalf. .....

Muhammed Usman Vs. Registrar of Co-operative Societies

Court : Kerala

Reported in : AIR2003Ker299; [2003]116CompCas505(Ker); 2003(1)KLT69

..... - (1) the reserve bank may - (a) caution or prohibit banking companies generally or any banking company in particular against entering into any particular transaction or class of transactions, and generally give advice to any banking company; (b) on a request by the company concerned and subject to the provisions of section 44-a, assist, as intermediary or otherwise, in proposals for the amalgamation of such banking companies; (c) give assistance to any banking company by means of the grant of a loan or advance to it under clause (3) of sub-section (1) of section 18 of the reserve bank of india act, 1934; (d) at any time, if it is satisfied that in the public interest or in the interest of banking policy or for preventing the affairs of the banking company being conducted in a manner detrimental to the interests ..... it is provided under sub-section (3) of section 36a that subject to the provisions of sub-sections (1) and (2) a co-operative society carrying on banking business as a primary co-operative bank on 1.3.1966 or a co-operative society which becomes a primary co-operative bank after 1.3.1966, notwithstanding the fact that such & society does not satisfy the requirements of a primary co-operative bank, continues to be a primary co-operative bank under the provisions of the banking regulation act, 1949 and carry on the business of banking with the approval of the reserve bank of india and subject to the conditions of the reserve bank of india may specify in that behalf. .....

M. Seeni Ahamed Vs. The Union of India, represented by its Secretary, ...

Court : Chennai Madurai

..... 2016; and whereas, it has become necessary to notify certain exemptions for the convenience of the members of public in carrying out certain emergent and urgent transactions using the specified bank notes; now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the reserve bank of india act, 1934 (2 of 1934), the central government hereby declares that the specified bank notes shall not be ceased to be legal tender, with effect from the 9th november, 2016 until the 11th november, 2016, to the extent of transactions specified below, namely: (a) for making payments in government hospitals for ..... valid proof of identity; (v) the equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering; (vi) cash withdrawal from a bank account over the counter shall be restricted to rs.10,000/- per day subject to an overall limit of rs.20,000/-a week from the date of commencement of this notification until the end of business hours on 24th november, 2016, after which these .....

Sri. Jogendra Nama and ors. Vs. Union of India (Uoi) and ors.

Court : Guwahati

..... section 36 empowers the reserve bank to caution or prohibit banking companies generally or any banking company in particular against entering into any particular transact ion or class of transaction, and generally give advice to any banking company; to give assistance to any banking company by means of the grant of a loan or advance to it under clause (3) of sub-section (1) of section 18 of the reserve bank of india act, 1934. ..... reserve bank under sub-section (1), the reserve bank may give direction to banking companies, either generally or to any banking company or group of banking companies in particular, as to -- (a) the purposes for which advances may or may not be made,(b) the margins to be maintained in respect of secured advances,(c) the maximum amount of advances orother financial accommodation which, havingregard to the paid-up capital, reserves and deposits of a banking company and other relevant considerations, may be made by thatbanking company to any one company, firm,association of persons or individual,(d),the maximum amount up to which, having regard to the considerations referred to in clause (c), guarantees may be given by a banking company on behalf of any one ..... section 6 of this act enumerates the forms of business in which banking companies may engage. .....

Punjab National Bank and Others Vs. Kingfisher Airlines Limited and Ot ...

Court : Delhi

..... it was further held that confidentiality of any credit information either by virtue of any other law or by virtue of any agreement between the banks and its constituent cannot be a bar for disclosure of credit information under section 45c(1) of the reserve bank of india act, 1934. ..... (g) we are of the view that a borrower himself or his workers/officials may not be well versed to, during the hearing before the grc, support or explain the representation made against the proposal of the bank and may not be able to answer any query or give clarification as is sought by members of grc with respect to contents of representation filed and which is likely to be prepared by professionals including advocates. ..... (o) the way in which businesses are conducted and transacted today has also undergone a drastic change. ..... it cannot also be lost sight of that declaration of wilful default extends to non-funding transactions with the banks also and the question, whether the borrower besides having defaulted in repayment obligation, has also not utilised the fund for the purpose availed or has diverted or siphoned off the same or disposed off its assets may not be simple as may appear to be but have complex financial and legal implications. .....

Commercial Motors Finance Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)82ITD176Luck

..... but does not include- (i) interest referred to in sub-section (18) of section 42 of the reserve bank of india act, 1934 (2 of 1934), 30. ..... accordingly, instead of routinely treating all hire-purchase transaction as mere financing transactions, the ao may be advised to examine each transaction in the above light and charge interest-tax in such of those transactions which are not in the nature of hire-purchase." 31. ..... section (5b) defines financial company and in terms of this definition, a hire-purchase finance company, that is to say, a company, which carries on as its principal business, hire-purchase transactions or the financing of such transactions is also included in the definition of a financial company. ..... we consider it proper to reproduce the reasons for issuing notice under section 10 of the interest-tax act recorded by the ao which are as under : "the main business of the assessee-company is of financing through hire-purchase and also doing leasing of the vehicles on hire-purchase transactions as cases is charging finance charges as well as repayment of principal amount which is taken in the balance sheet as capital receipts. ..... the assessee challenged the action of the ao before the cit(a).the main contention of the assessee was that the "finance charges" earned by the assessee were in respect of the business of hire-purchase of light and heavy vehicles carried on by the appellant. .....

Angel's Consultants Pvt. Ltd. and Anr. Vs. Anand Mehta and Co. and Anr ...

Court : Kolkata

Reported in : 2005(1)CHN357

..... act dealing with non-banking institutions and financial institutions receiving deposits from third parties which has been introduced in the reserve bank of india act, 1934 in pith and substance relates to the control of credit by the reserve bank of india by virtue of its position as the central bank of the country and, therefore, falls under entries 38 (rbi) and 36 (currency) of list i of the seventh schedule of the constitution and does not entrench upon entry 30 (money-lenders and money-lending) of list ii thereof.23. ..... act contains the definition of the different words and thus the term 'non- banking institution' has been defined in clause (e) as a company, corporation or co-operative society and clause (f) defines the term 'non-banking financial company' as (i) a financial institution which is a company, (ii) a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner or lending in any manner and (iii) such other non-banking institution or class of such institutions, as the bank may, with the previous approval of the central government and ..... clause (12) of section 2 of the said act defines the term 'loan' which means an advance whether in money or in kind, made on condition or repayment with interest and includes any transaction which is in substance a loan. .....

K. Jayaprakash Ram and ors. Etc. Vs. Addl. Director General of Police, ...

Court : Andhra Pradesh

Reported in : 2003(2)ALT(Cri)233; 2003CriLJ2835

..... is a financial establishment is defined under section 2(c) of act 17 of 1999 which is reproduced below :'financial establishment means an individual, an association or body of individuals or a firm carrying on the business of receiving deposits under any scheme or arrangement or in any other manner but does not include a company registered under the companies act, 1956 (central act 1 of 1956) or a corporation or a co-operative society owned and controlled by any state government or the central government, or a banking company as defined under section 5(c) of the banking regulation act, 1949 (central act 10 of 1949) or a non-banking financial company as defined in clause (f) of section 45-i of the reserve bank of india act, 1934 (central act ii of 1934).'13. ..... 102 of air) :'it is obvious that a company becomes a banking company if it is formed and registered under the companies act, 1956 and also it transacts the business of banking in india. ..... once a licence is given to the company or the society for carrying on banking business, such society or company would be governed by the provisions of the banking regulation act and the reserve bank of india act as well as by any directions that may be given by the reserve bank of india from time to time. ..... section 5(c) of the banking regulation act defines a 'banking company' as any company which transacts the business of banking in india. .....

Reserve Bank of India and Others Vs. Peerless General Finance and Inve ...

Court : Supreme Court of India

Reported in : 1996IAD(SC)774; AIR1996SC646; [1996]85CompCas920(SC); JT1996(1)SC8; 1996(1)SCALE13; (1996)1SCC642; [1996]1SCR58

..... moreover, in peerless ii, this court has construed the expression 'in respect of any matters relating to or connected with the receipt of deposits' in section 45-k(3) of the act and has held :it (reserve bank) can also give directions to non-banking institution in respect of any matters relating to or connected with the receipt of deposits, including rates of interest payable on such deposits; and the periods for which deposits may be received. ..... it was held :kasliwal, j.in our view the reserve bank is right in taking the stand that if these companies want to do their business, they should invest their own working capital and find such resources elsewhere with which the reserve bank has no concern. (p. ..... the reserve bank of india act, 1934 (hereinafter referred to as 'the act') was amended by act no. ..... , irrespective of the volume of business transacted, quality of services rendered, the level of technology adopted in the matter of rendering services etc. ..... the business transacted by the banking companies is regulated by the banking regulation act, 1949. .....