Business entity or not

This query is : Resolved

Report Abuse Follow Query Ask a Query

Ravi Nallipogu

Ravi Nallipogu (Querist)
Follow

03 October 2012 RBI is covered under definition of business entity or not

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
Follow

03 October 2012 RBI is Regulatory Body and not business entity.

Legal Framework:

Umbrella Acts

Reserve Bank of India Act, 1934: governs the Reserve Bank functions
Banking Regulation Act, 1949: governs the financial sector
Acts governing specific functions

Public Debt Act, 1944/Government Securities Act (Proposed): Governs government debt market
Securities Contract (Regulation) Act, 1956: Regulates government securities market
Indian Coinage Act, 1906:Governs currency and coins
Foreign Exchange Regulation Act, 1973/Foreign Exchange Management Act, 1999: Governs trade and foreign exchange market
"Payment and Settlement Systems Act, 2007: Provides for regulation and supervision of payment systems in India"
Acts governing Banking Operations

Companies Act, 1956:Governs banks as companies
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980: Relates to nationalisation of banks
Bankers' Books Evidence Act
Banking Secrecy Act
Negotiable Instruments Act, 1881
Acts governing Individual Institutions

State Bank of India Act, 1954
The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
National Bank for Agriculture and Rural Development Act
National Housing Bank Act
Deposit Insurance and Credit Guarantee Corporation Act