CENTRAL BANKING LAWS IN INDIA, Central Banking is a subject that touches the lives of many - directly or indirectly. But for a large chunk of the general public, it remains an enigma. For many, the concept of central bank is entwined with the issue of currency and coins. Some people think that it is yet another vanilla bank, with huge, imposing buildings of glass and steel, and dealing in loads of cash. There are many areas in the operations of the central bank that a common man is largely oblivious to. The legal aspects of central banking are not studied very frequently by academic lawyers or practitioners. Reserve Bank of India Act, 1934 is the statute which deals with the organizational form, functions, management and the dissolution of the Reserve Bank of India, the country's central bank. It is an important legislation touching various aspects of the functions of the Reserve Bank. It states what the Reserve Bank can do and indirectly makes clear what it cannot do. All activities of a statutory corporation like the Reserve Bank should be in pursuance of powers conferred by law, and in compliance of law. The Act also partially deals with some of the regulatory functions of the Reserve Bank. It is one of the legislations that has undergone many amendments in its life span of nearly ninety years. Given its role as the foundation of the country's central bank and its activities, this statute has a pride of place in the family of financial legislations. This book attempts to throw light on the various provisions of the Reserve Bank of India Act, 1934 making use of the availa... See more
CENTRAL BANKING LAWS IN INDIA, Central Banking is a subject that touches the lives of many - directly or indirectly. But for a large chunk of the general public, it remains an enigma. For many, the concept of central bank is entwined with the issue of currency and coins. Some people think that it is yet another vanilla bank, with huge, imposing buildings of glass and steel, and dealing in loads of cash. There are many areas in the operations of the central bank that a common man is largely oblivious to. The legal aspects of central banking are not studied very frequently by academic lawyers or practitioners. Reserve Bank of India Act, 1934 is the statute which deals with the organizational form, functions, management and the dissolution of the Reserve Bank of India, the country's central bank. It is an important legislation touching various aspects of the functions of the Reserve Bank. It states what the Reserve Bank can do and indirectly makes clear what it cannot do. All activities of a statutory corporation like the Reserve Bank should be in pursuance of powers conferred by law, and in compliance of law. The Act also partially deals with some of the regulatory functions of the Reserve Bank. It is one of the legislations that has undergone many amendments in its life span of nearly ninety years. Given its role as the foundation of the country's central bank and its activities, this statute has a pride of place in the family of financial legislations. This book attempts to throw light on the various provisions of the Reserve Bank of India Act, 1934 making use of the available historical and current material, and cases decided by courts. It attempts to bridge the existing gap in the literature on the law of central banking. It also provides some short notes on the Banking Regulation Act, 1949. The statutory Rules and Regulations made under these Acts are also included.
