https://www.taxtmi.com/caselaws?id=159164 Restrictions on deposit-taking by individuals, firms and unincorporated associations under the Reserve Bank of India framework were upheld as a valid economic regulation. The Court treated the deposit ceiling and related penal consequences as measures designed to protect depositors and prevent abuse in the deposit market, and found no violation of Articles 14 or 19(1)(g) because the scheme was neither arbitrary nor discriminatory. The requirement to bring existing deposits within statutory limits within the prescribed period was held to be prospective, so the associated penalty did not amount to ex post facto criminal liability and did not offend Article 20(1). en-us Fri, 05 Feb 1993 00:00:00 +0530 Thu, 17 Jul 2014 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159164 Restrictions on deposit-taking by individuals, firms and unincorporated associations under the Reserve Bank of India framework were upheld as a valid economic regulation. The Court treated the deposit ceiling and related penal consequences as measures designed to protect depositors and prevent abuse in the deposit market, and found no violation of Articles 14 or 19(1)(g) because the scheme was neither arbitrary nor discriminatory. The requirement to bring existing deposits within statutory limits within the prescribed period was held to be prospective, so the associated penalty did not amount to ex post facto criminal liability and did not offend Article 20(1). Case-Laws Companies Law Fri, 05 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159164