Articles for Rbi Act

Needed, a new contract between RBI and GOI
1 year, 2 months ago

Needed, a new contract between RBI and GOI

Hindustan Times  

Recent revelations by a former central banker and a former bureaucrat have put the spotlight on the relationship between the Reserve Bank of India and the Union finance ministry once again. Viral Acharya, the former RBI deputy governor, revealed that the finance ministry’s demand to extract ₹2-3 trillion from its balance sheet sparked a tense RBI-government clash in 2018. “Norman’s …

Finance India Relationship Bank State Central Ministry
RBI Includes ‘NongHyup Bank’ In The List Of Scheduled Banks Under Schedule II of RBI Act, 1934
1 year, 5 months ago

RBI Includes ‘NongHyup Bank’ In The List Of Scheduled Banks Under Schedule II of RBI Act, 1934

Live Law  

The Reserve Bank of India vide Notification DoR.RET.REC.25/12.07.160/2023-24 addressing all banks, has informed about the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934. Nonghyup Bank is an agricultural bank headquartered in Jung-gu, Seoul, South Korea. Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of …

India Rbi Act Scheduled Banks Nonghyup Bank
Demonetisation Not Illegal Merely Because Proposal Originated From Central Govt; No Breach Of Sec 26(2) RBI Act : Supreme Court
1 year, 11 months ago

Demonetisation Not Illegal Merely Because Proposal Originated From Central Govt; No Breach Of Sec 26(2) RBI Act : Supreme Court

Live Law  

The Supreme Court in its judgment upholding validity of demonetisation, observed that the word “recommendation” in Section 26 of RBI Act would mean a consultative process between the Central Board of Reserve Bank of India and the Central Government. Section 26 of the RBI Act reads thus: On recommendation of the Central Board, the Central Government may, by notification in …

India Supreme Court Board Demonetisation Currency Notes Bank Proposal
'Any' Means 'All' : Supreme Court Says Centre Can Demonetise All Series Of Bank Notes Invoking Section 26(2) Of RBI Act
1 year, 11 months ago

'Any' Means 'All' : Supreme Court Says Centre Can Demonetise All Series Of Bank Notes Invoking Section 26(2) Of RBI Act

Live Law  

Interpreting the word "any" in Section 26 of the Reserve Bank of India Act 1934 as "all", the Supreme Court by 4:1 majority held that the Central Government has the power to demonetise all series of currency notes of a particular denomination.A 5-judge bench comprising Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna was deciding …

Supreme Court Court Currency Notes Bank Power Meaning Central
Whether Demonetisation Achieved Its Objects Is Not Relevant To Decide Its Legality : Supreme Court
1 year, 11 months ago

Whether Demonetisation Achieved Its Objects Is Not Relevant To Decide Its Legality : Supreme Court

Live Law  

While upholding the demonetisation of Rs 500 and Rs 1000 currency notes carried out by the Central Government in 2016, the Supreme Court observed that the question whether the measure has achieved its objects is not relevant while deciding its legality.A Constitution Bench comprising 5 judges upheld the demonetisation exercise as valid by a 4:1 majority, with Justice BV Nagarathna …

Supreme Court Demonetisation Bank Held Rbi Decision Notes
Demonetisation Decision Making Process Lawful, Supreme Court Holds By 4:1 Majority; Justice Nagarathna Dissents
1 year, 11 months ago

Demonetisation Decision Making Process Lawful, Supreme Court Holds By 4:1 Majority; Justice Nagarathna Dissents

Live Law  

The Supreme Court Constitution Bench has upheld by 4:1 majority the decision taken by the Union Government six years ago to demonetise the currency notes of Rs. Court cannot supplant the wisdom of executive with its wisdom.” The bench further held that Section 26 RBI Act, which empowers Centre to demonetize any series of bank notes of any denomination, can …

Justice Demonetisation Currency Notes Currency Held Central Centre
Upon 'Supersession' Of Directors Under RBI Act, They Are Not Entitled To Notice Of CoC Meeting: NCLAT
2 years, 10 months ago

Upon 'Supersession' Of Directors Under RBI Act, They Are Not Entitled To Notice Of CoC Meeting: NCLAT

Live Law  

The NCLAT in a Bench comprising of Justice M. Venugopal, Mr. V.P. Singh and Dr. Ashok Kumar Mishra in Dheeraj Wadhawan v. The Administrator, Dewan Housing Finance Corporation Ltd. held that there exists a difference between 'supersession of Directors' under the RBI Act and 'suspension of Directors' under the IBC and that a 'Superseded director' who vacated office on supersession …

Corporate Board Director Resolution Tribunal Notice Rbi
Kerala High Court Issues Notice To Centre, RBI On Plea Against Amendments To Banking Regulation Act
3 years ago

Kerala High Court Issues Notice To Centre, RBI On Plea Against Amendments To Banking Regulation Act

Live Law  

The Kerala High Court will consider if the Banking Regulation Act, 2020 takes away the legislative power of States under item 32 in List II in the 7th schedule of the Constitution and whether it is liable to be declared as unconstitutional. The petition was filed by two urban co-operative banks registered under the Kerala Co-operative Societies Act and Rules, …

Kerala Constitution Court Regulation Banking Kerala High Court Power
RBI's De Minimis Regulatory Safeguards: Inherent Enigma Surrounding Regulation of Cryptocurrencies
3 years, 5 months ago

RBI's De Minimis Regulatory Safeguards: Inherent Enigma Surrounding Regulation of Cryptocurrencies

Live Law  

Prolegomenon to the epoch of Decentralized currencies: The emergence of Virtual Currencies saw dawn of the day soon after economy was in doldrums following a complete collapse done by financial crisis of 2008. Perhaps, if these currencies imperil the financial system of any country then there may be a possibility of certain safeguards suggested by its central bank to be …

India International English Financial Regulation Cryptocurrency Public Interest
'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act
3 years, 11 months ago

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act

Live Law  

The Karnataka High Court has dismissed a petition filed by a not for profit company named "India Awake for Transparency", challenging an order of the magistrate court dismissing its private complaint seeking directions to Reserve Bank of India to register a case against Wipro founder Azim Premji and others under the Reserve Bank of India Act. Further, it was said …

Delhi Court Res Judicata Order High Proceedings Pil
RBI Excludes 6 PSBs from Second Schedule of RBI Act
4 years, 2 months ago

RBI Excludes 6 PSBs from Second Schedule of RBI Act

News 18  

The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank. "We advise that Syndicate Bank has been excluded from the Second Schedule …

India Bank Rbi Banks Obc Syndicate Bank Rbi Act