https://www.taxtmi.com/caselaws?id=104749 The amended section 45S of the Reserve Bank of India Act, 1934, which prohibits individuals, firms and unincorporated associations engaged in financing or deposit-taking business from accepting public deposits, was upheld as a valid regulatory measure. The Court found that the restriction served to protect depositors, maintain monetary discipline and curb unregulated financial intermediation by entities that were difficult to regulate, and held that the legislature had wide latitude in economic policy. It further held that there is no fundamental right to carry on financing business with public deposits, and that the prohibition was a reasonable, non-arbitrary and non-discriminatory restriction in the public interest under Articles 14 and 19(1)(g). en-us Fri, 12 May 2000 00:00:00 +0530 Sat, 20 Dec 2025 21:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104749 The amended section 45S of the Reserve Bank of India Act, 1934, which prohibits individuals, firms and unincorporated associations engaged in financing or deposit-taking business from accepting public deposits, was upheld as a valid regulatory measure. The Court found that the restriction served to protect depositors, maintain monetary discipline and curb unregulated financial intermediation by entities that were difficult to regulate, and held that the legislature had wide latitude in economic policy. It further held that there is no fundamental right to carry on financing business with public deposits, and that the prohibition was a reasonable, non-arbitrary and non-discriminatory restriction in the public interest under Articles 14 and 19(1)(g). Case-Laws Companies Law Fri, 12 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104749