Judgment Search Results Home > Cases Phrase: reserve bank of india act 1934 2 of 1934 section 17 business which the bank may transact Court: chennai Page 1 of about 40 results (0.184 seconds)

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 .....

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... chapter iiib containing the provisions relating to nbfcs was inserted in the reserve bank of india act, 1934 by amendment act 55 of 1963 - statement of objects and reasons read as under: the existing enactments relating to banks do not provide for any control over companies or institutions which although they are not treated as banks, accept deposits from the general public or carry on other business which is allied to banking. ..... the provisions of section 43d as stood at relevant time (for assessment year 1997-98) had expression "the income by way of interest in relation to such categories of had or doubtful debts as may be prescribed having regard to the guidelines issued by the reserve bank of india in relation to such debts". ..... 65 itd 70 wherein it has been held that sod is appropriate method to determine income of hire purchase transactions.respectfully following the order of itat hyderabad bench it is held that the issue is covered against the assessee and in favour of the revenue. ..... the joint parliamentary committee which enquired into the irregularities in securities and banking transactions had recommended that the government should examine whether the legislative framework for regulating nbfcs is sufficiently wide. ..... in the case before us the assessee has collected sales tax on certain hire purchase transactions. ..... (supra), it is held that sales tax collected on hire purchase transaction was liable to be taxed as trading receipt. .....

Mayavaram Financial Corporation Ltd. and ors. Vs. Reserve Bank of Indi ...

Court : Chennai

Reported in : [1971]41CompCas890(Mad)

..... a banking company or from the state bank of india or from a banking institution notified by the central government under section 51 of the banking regulation act, 1949 (10 of 1949), or from a co-operative bank as defined in clause (vii) of section 2 of the reserve bank of india act, 1934 (2 of 1934), or from any person registered under any law relating to money-lending which is for the time being in force; (iv) any loan received from the industrial development bank of india established under the industrial development bank of india act, 1964, or the industrial finance corporation of india established under the industrial finance corporation act, 1948, or a state financial corporation established under the state financial corporations act, 1951, or the ..... to this end, the reserve bank was given the right to hold the cash balances of important commercial banks, a right to transact government business in india which was also its obligation, and to enter into agreements with state governments to transact their business. .....

Registrar of Companies, Bombay Vs. P.M. Hegde

Court : Chennai

Reported in : AIR1954Mad1080

..... provision runs as follows:'all moneys received from applicants for shares shall be deposited and kept in a scheduled bank as defined in the reserve bank of india act, 1934 until a return in accordance with the provisions of sub-section (4) or until the certificate to commence business is obtained under section 103. ..... of the balance sheet as on 31st december 1945, he made check on 28th january 1947, and in respect of the balance sheet as on 31st december 1947, on 13th march 1948, in respect of the balance sheet as on 31st december 1948 on 26th march 1949, and for the subsequent balance sheet on 14th february 1950.he admitted that he had not verified the intermediate transactions between the several dates of the balance sheets and the dates on which he actually checked the cash. ..... in hand is verified either by production of actual cash balance or if the date of the accounts has gone by, by exhaustively vouching the cashaccount upto the date of audit and then counting the balance of cash in hand.it is, of course, obvious that in the case of cash at distant branches a satisfactory certificate from responsible officers of the branches that the balance exists may generally be accepted in lieu of actual counting. mr. ..... accountants, belgaum, may be appointed inspectors to properly examine the accounts of the bank. ..... the only other alternative conclusion would be that the auditor may have connived at these frauds, and may have been wilfully a party to certifying false accounts from 1945 to .....

Registrar of Companies Vs. P.M. Hegde

Court : Chennai

Reported in : 1954CriLJ1634

..... provision runs as follows : all moneys received from applicants for shares shall be deposited and kept in a scheduled bank as defined in the reserve bank of india act, 1934 until a return in accordance with the provisions of sub-section (4) or until the certificate to commence business is obtained under section 103.it is now admitted that the company did contravene the above provision. ..... of the balance sheet as on 31st december 1945, he made check on 28th january 1947, and in respect of the balance sheet as on 31st december 1947, on 13th march 1948, in respect of the balance sheet as on 31st december 1948 on 26th march 1949, and for the subsequent balance sheet on 14th february 1950.he admitted that he had not verified the intermediate transactions between the several dates of the balance sheets and the dates on which he actually checked the cash. ..... entry of cash in hand he must have taken reasonable steps to ascertain that the cash was in hand.cash in hand is verified either by production of actual cash balance or if the date of the accounts has gone by, by exhaustively vouching the cash account upto the date of audit and then counuug the balance of cash in hand.it is, of course, obvious that in the case of cash at distant branches a satisfactory certificate from responsible officers of the branches that the balance exists may generally be accepted in lieu of actual counting. mr. ..... accountants, belgaum, may be appointed inspectors to properly examine the accounts of the bank. .....

The Mayavaram Financial Corporation Limited and ors. Vs. the Reserve B ...

Court : Chennai

Reported in : (1973)2MLJ72

..... and we set out the same:with regard to the tamil nadu chit funds act, 1961, i am advised that the state act and the reserve bank of india act deal with separate matters and in any event there is nothing in the provisions of the reserve bank of india act and the directions issued thereunder which is inconsistent with the tamil nadu legislation.the provisions of the explanation to section 45-i of the reserve bank of india act, 1934, are statedly for the avoidance of doubt and parliament has declared that the intent of the original provision in that act was to include all the classes of institutions and business specified therein in the definition of 'financial ..... section 2 (a) of the madras chit funds act defines chit as follows:'chit' means a transaction whether called chit fund, chit, kuri, or by any other name, by which its foreman enters into an agreement with a number of subscribers that every one of them shall subscribe a certain sum or a certain quantity of grain by instalments for a definite period and that each subscriber in his turn as determined by lot or by auction or by tender or in such other * manner as may be provided for in the agreement, shall be entitled to a prize amount.section 2 (5) defines .....

A.Y. Nasser Vs. State by D.S.P. of C.B.i. - S.C.B., Madras

Court : Chennai

Reported in : 1991CriLJ592

..... section 24 of the reserve bank of india act, 1934 read with section 22 of the act, to show that bank notes solely of right issued by the reserve bank, shall be of the denominational values, of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees, as the central government may, on the recommendation, of the central board specify in this behalf. ..... the bearer bonds, which are alleged to be fake and forged bonds, cannot fall within the category of bank notes and therefore, the ingredients of the offences under which the crime had been registered not having been prima made out, there can be no impediment to release the petitioner on bail, in the event of his arrest. ..... 489c, 469d and 489e the expression 'bank-note' means a promissory note or engagement for the payment of money to bearer on demand issued by any person carrying on the business of banking in any part of the world, or issued by or under the authority of any state or sovereign power, and intended to be used as equivalent to, or as a substitute for money'. ..... by his photograph, mixed with several other photographs, the petitioner has been identified by witnesses outside india as the person involved in the forged bond transaction and its dispatch. ..... this transaction is bound to seriously affect the economy of the country. .....

Bank of India, Express Towers, Nariman Point Bombay-400 021 and Having ...

Court : Chennai

Reported in : 2000(4)CTC147

..... the objections to the maintainability is twofold (a) the impugned order passed by the company law board being one under section 45qa of the reserve bank of india act, 1934,, an appellate remedy is provided under section 10f of the companies act, 1956. ..... order1.this civil revision petition is directed against the order of the company law board, chennai dated 21.3.2000 sanctioning a scheme under section 45qa of the reserve bank of india act, 1934 in the matter of kirloskar investments and finance limited, bangalore. ..... a perusal of the order of the company law board discloses that the board has been receiving large number of complaints from depositors under section 45qa of the reserve bank of india act for the payment of deposits against m/s. ..... the reserve bank of india has also submitted their comments onthe scheme proposed by the company law board. ..... in that judgment, the supreme court has considered the expression 'the high court' in section 10-f of the companies act and held that it would mean 'the high court' having the jurisdiction in relation to the place at which the registered office of the company concern was situate. ..... it is true that the tribunal may be constituted within the territorial limits of this court, but the jurisdiction of this court - to invoke article 227 of the constitution would also depend upon the cause of action of the lis decided by the company law board. .....

M/S. Thiru Muruga Finance Rep. by Its Partner Sri V. Thirunavukkarasu, ...

Court : Chennai

Reported in : 2000(2)CTC609

..... (3) 'financial establishment' means an individual, an association 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 or a corporation or a co-operative society owned or 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 or a non-banking financial company as defined in clause (f) of section 45-i of the reserve bank of india act, 1934.'(4)..............'3. ..... (i) to (xviii) of clause (c) of section 2 of the industrial development bank of india act, 1964 (18 of 1964);(d) 'firm' means a firm as defined in the indian partnership act, 1932 (9 of 1932);(e) 'non-banking institution' means a company, corporation or co-operative society;(f) 'non-banking financial company' means- (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 ar-rangement or in any other manner or lending in any manner;(iii) such other non-banking institution or class of such institutions, as the bank may, with the previous approval of the central government .....

Vellore Central Co-operative Bank Ltd. Vs. Industrial Tribunal, Madras ...

Court : Chennai

Reported in : [1989(58)FLR924]; (1989)IILLJ453Mad

..... it is seen from section 2(8) of the bonus act that banking company will include in its ambit any co-operative bank as defined in clause (b)(ii) of section 2 of the reserve bank of india act, 1934 and any other banking institution which may be notified in this behalf by the central government. ..... though under the bonus act, 'banking company' as defined under section 2(8) includes a cooperative bank, as defined in clause (b)(ii) of section 2 of the reserve bank of india act, 1934, the same definition need not always be imported without regard being had to the context. ..... it appears that the government of india have notified on june 16, 1966 that every co-operative bank as defined in clause (b)(ii) of section 2 of the reserve bank of india act will be a 'banking company' for the purpose of section 2(8) of the act. ..... on the other hand, the contention of the learned counsel for the second respondent-union, sri somayaji, is that the petitioner-bank has to be treated for the purpose of section 6(d) read with third schedule of the bonus act only as a banking company coming under item (2) of the third schedule to the bonus act and the petitioner-bank cannot be considered as one falling under item (4) or both under items (2) and (4) of the third schedule to the bonus act. 4. .....