Central Bank - Law Dictionary Search Results
Home Dictionary Name: central bank Page: 3Financial Institution
Financial Institution, means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in s. 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(b)]Means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956;(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India by notification, specify. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (h)]Financial institution means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956 (1 of 1956);(ii) any institution specified by the Central Govern-ment under sub-clause (ii) of clause (h) of s. 2 of the Recovery of Debts Due to Banks and Fina...
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
Central Board
Central Board, means the Central Board of Directors of the Bank. [Act, (2 of 1934), s. 2]...
Approved securities
Approved securities, means-(i) securities in which a trustee may invest money under clause (a), clause (b), clause (bb), clause (c) or clause (d) of s. 20 of the Indian Trusts Act, 1882; (ii) such of the securities authorised by the Central Government under clause (f) of s. 20 of the Indian Trusts Act, 1882, as may be prescribed. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (a)]...
Person
Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West Bengal, AIR 1953 SC 516.According to company law it does not mean an unregistered firm, Firm Pannaji v. Devichand Kapurchand, 99 IC 640.Person, does not include court, Kharka Gigabhai Mavji v. Soni Jagjivan Kanji, (1979) 20 Guj LR 256.Person, implies only an individual and does not bear scrutiny when construed in the case of a company, a firm of partners or an association of persons, J.K. Industries Ltd. v. Chief Inspector of Factories and Boilers, (1997) SCC (205) 1.Person, in an Act of Parliament passed after 1st January, 1890, includes 'any body of persons corporate or unincorporate' unless the contrary intention appears, Interpretation Act, 1889, s. 19. A corporation, such as a limited company, may be a 'respectable and responsible person' within the meaning of a covenant against assignment in a lease, Willmott v. London Road Car Co., (1910) 2 Ch 525. A c...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Estoppel
Estoppel, a conclusive admission, which cannot be denied. It is of three kinds:-(1) By matter of record, which imports such absolute and incontrovertible verity, that no person against whom it is producible shall be permitted to aver against it. A record concludes the parties thereto, and their privies, whether in blood, in law, or by estate, upon the point adjudged, but not upon any matter collateral or adjudged by inference, A judgment in an action in rem is absolutely binding upon all the world.A conviction on the same facts is no estoppel in a civil action because the parties are not the same, Palace Shipping Co. v. Caine, 1907 AC 386.(2) By deed. No person can be allowed to dispute his own solemn deed, which is therefore conclusive against him, and those claiming under him, even as to the facts recited in it. The general rule is that an indenture estops all who are parties to it, while a deed-poll only estops the party who executesit, since it is his sole language and act, Shep. T...
Business
Business, 'business' is a word of wide import. It has no definite meaning. Its perceptions differ from private to public sector or from institutional financing to commercial banking, Mahesh Chandra v. Regional Manager Uttar Pradesh Financial Corpn., AIR 1993 SC 935 (939): (1993) 2 SCC 279. [State Financial Corporation Act, (63 of 1951), s. 24]--Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846.Business includes the activities carried on by any public body, Halsbury's Laws of England, Vol. 20, 4th Edn., Para 546, p. 357. The term 'business' includes every trade, occupation and profession. The word 'business' has no technical meaning, but is to be read with reference to the subject and intent of the Act in which it occurs. The term 'business' means an affair requiring attention and labour as the chief concern; mercantile pursuits, that one does for livelihood, occupati...
Import
Import, in relation to any technology, means the bringing into India of, such technology from a place outside India. [Research and Development Cess Act, 1986, s. 2 (d)]Means bringing into any place within the territories to which this Act extends from a place outside those territories. [Insecticides Act, 1968 (46 of 1968), s. 3 (d)]Means bringing into India. [Aircraft Act, 1934 (22 of 1934), s. 2 (3)]Means to bring into India from a place outside India by land, sea or air. [Explosives Act, 1884 (4 of 1884), s. 4 (f)]With its grammatical variations and cognate expressions, means bringing into India from a place outside India. [Customs Act, 1962 (52 of 1962), s. 2 (23)]Means bringing into India from out of India, Gramophone Company of India Ltd. v. Birendra Bahadur Pandey, AIR 1984 SC 667: (1984) 2 SCR 664: (1984) 2 SCC 534. (Copyright Act, 1957, ss. 51, 53)In a sense, import may be said to be complete for certain purposes say, sales tax purposes on their clearance after assessment of du...
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