Judgment Search Results Home > Cases Phrase: reserve bank of india act 1934 2 of 1934 section 17 business which the bank may transact Sorted by: old Page 1 of about 604 results (0.167 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. .....

J.M. D'souza Vs. the Reserve Bank of India

Court : Mumbai

Reported in : AIR1946Bom510; (1946)48BOMLR365

..... section 6, which is headed, ' exchange of high denomination bank notes held by other persons,' (the previous section dealing with those held by banks), is as follows:-(1) notwithstanding anything to the contrary contained in the reserve bank of india act, 1934, (ii of 1934), any high denomination bank note held by a person other than a bank or government treasury shall after the 12th day of january 1946 be exchanged only on tender of the note for exchange by the owner thereof in the manner provided in this section.11. ..... whatever name may be given to this transaction, the word ' exchange ' is used for it in section 39 of the act, in its ordinary meaning of ' giving and taking of one thing for another,' and the ordinance debars the owner or holder of high denomination bank notes from claiming such an exchange from the bank without giving the required declaration.21. ..... :the bank shall be authorised to carry on and transact the several kinds of business hereinafter specified, namely.and then are set out a number of sub-paragraphs, sub-paragraph (15) being in these terms:the making and issue of bank notes subject to the provisions of this act and the making and issue of burma notes in accordance with the law of burma.sub-paragraph (16):generally, the doing of all such matters and things as may be incidental to or consequential upon the exercise of its powers or the discharge of its duties under this act and the .....

itty Kurian and anr. Vs. Union of India (Uoi) and ors.

Court : Kerala

Reported in : AIR1962Ker267

..... section 36 gives certain powers to the reserve bank mentioned in the said section.sub-section (2) of section 36 easts a duty on the reserve bank to make an annual report to the central government on the tread and progress of banking in the country with parti-cular reference to its activities under clause (2) of section 17 of the reserve bank of india ac: 1934, including its suggestions for the streng-thening of banking business in the country.section 35-a which has also been included by a subsequent amendment in the main act, gives pow.er to the reserve bank to issue directions to banking companies generally or to any banking company in particular, if it is satisfied that it is necessary to issue such directions: (a) in the national interest; or(b) to prevent the affairs of any bankingcompany being ..... where the need is deemed to be the clearest;(e) that in order to sustain the presumption of constitutionality, the court may take into consideration makers of common knowledge, matters of common report, the history of the times and may assume every state of facts which can be conceded existing at the time of legislation; and(f) that while good faith and knowledge of the existing conditions on the part of a legisla-ture are to be presumed, if there is nothing on the face of the law or the surrounding circum-stances brought to the notice of the court on which the classification may reasonably be regarded as based, the presumption .....

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. .....

Narshibhai Fakirbhai Patel Vs. Reserve Bank of India

Court : Mumbai

Reported in : (1979)ILLJ163Bom; 1978MhLJ832

..... 58 of the reserve bank of india act, 1934, and they require the previous sanction of the central government, which was not admittedly obtained, in the present case; and hence he argued that the regulations were invalid; and the reserve bank could not justify the termination of the services of the plaintiff, under the invalid regulation 25(2). 5. ..... 17, the reserve bank is authorised to transact the various kinds of business specified in that section, mostly concerning the union of india, the state government, local authorities, banks and other corporations and persons, relating to the finance and banking in the country. ..... (2) subject to any such directions, the general superintendence and direction of the affairs and business of the bank shall be entrusted to a central board of directors which may exercise all powers and do all acts and things which may be exercised or done by the bank. ..... (3) save as otherwise provided in regulations made by the central board, the governor and in his absence the deputy governor nominated by him in this behalf, shall also have powers of general superintendence and direction of the affairs and the business of the bank, and may exercise all powers and do all acts and things which may be exercised or done by the bank.' 8. ..... (1) the central government may from time to time give such directions to the bank as it may, after conciliation with the governor of the bank, consider necessary in the public interest. .....

B.N. Chikaramane, Deputy Chief Officer, Dept. of Non-banking Companies ...

Court : Mumbai

Reported in : 1989(1)BomCR540

..... the prosecution has proved that the chit fund scheme falling within sub-para (2) of para 2 of the directions of 1973 and 1977 issued by the reserve bank of india and, therefore, the collections make by them the sub-scribers were 'deposits' within the term defined in section 45-i(bb) of the reserve bank of india act, 1934, and sub-clause (d) of parts 3 of the directions issued on august 23, 1973, and sub-clause(c) of para of the directions issued on june 20, 1977, by the reserve bank of india ..... a promoter, foreman or agent of any transaction or arrangement by which the company enters into an agreement with a specified number of subscribers that every one of them shall subscribe a certain sum in installments over a definite period and that every one of such subscribers shall, 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 be entitled to the prize amount; explanation. ..... the respondents are both unanimous on the point that it is accused no.2 who was the managing director of the company and was running the scheme and was in charge of the chit fund scheme run by the company as per the evidence on record and, therefore, under section 58c only accused no.1, the company, and accused no.2 who was the managing director of the company in charge of the scheme and was conducting the business of the company, are liable to be convicted and punished under section 58b read with section 58c of the reserve bank of india act .....

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. .....

Dept. of Non-banking Companies, Reserve Bank of India and State of Mah ...

Court : Mumbai

Reported in : [1991]70CompCas231(Bom)

..... their lordships of the gujarat high court in the case referred to above have fully discussed the relevant provisions of the reserve bank of india act, 1934, and the directions issued by the reserve bank of india in exercise of its powers under sections 45j and 45k of the reserve bank of india act and it is not necessary for me to go through the same provisions again in order to demonstrate that the scheme run by the accused was not a conventional chit fund scheme and that under the provisions of the reserve bank of india act and the directions issued by the reserve bank, they were not entitled to collect subscriptions under the scheme. ..... 2 who was the managing director of the company in charge of the scheme and was conducting the business of the company, are liable to be convicted and punished under section 58b read with section 58c of the reserve bank of india act. ..... (2) managing, conducting or supervising as a promoter, foreman or agent of any transaction or arrangement by which the company enters into an agreement with a specified number of subscribers that every one of them shall subscribe a certain sum in instalments over a definite period and that every one of such subscribers shall, 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 be entitled to the prize amount ; explanation. .....

Peerless General Finance and Investment Co. Ltd. and anr. Vs. Reserve ...

Court : Kolkata

Reported in : [1996]85CompCas808(Cal)

..... amending the earlier directions dated may 15, 1987, reducing the period of deposit as already noted is concerned, the said direction was clearly made in respect of any matter relating to or connected with the receipt of deposits, including the rates of interest payable on such deposits, and the periods for which deposits may be received, and,the said direction clearly falls within the words as provided under section 45k(3) of the reserve bank of india act, 1934, and, as such, in my view, the writ court should not interfere with the same, and, accordingly, the prayer of the writ petitioners ..... nature.2(i)'investmentcompany' means any company which is a financial institutioncarrying on as its principal business, the acquisition of the securities.45-i(c)(iii)'letting ordelivering' of any goods to a hirer under ahire-purchaseagreement as defined in clause (c) of section 2 of thehire purchaseact, 1972 (26 of 1972).2(f)hire-purchase financecompany means any company which is a financial institutioncarrying on as its principal business, hire-purchase transactions orthe financing of such transactions.45-i(c)(iv)the carrying on of any class of insurance business.2(h)'insurance company' means any company registered for any class ofinsurance business under section 3 of the insurance act, 1938 (4 of 1938).275 .....

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. .....