https://www.taxtmi.com/caselaws?id=260225 A cooperative society registered under the Rajasthan Cooperative Societies Act, 2001 or a multi-state cooperative society under the Multi-State Cooperative Societies Act, 2002 cannot accept deposits or carry on banking activity without a licence under the Banking Regulation Act, 1949. Activities involving receipt of deposits for lending or investment, repayable on demand or otherwise, fall within the statutory definition of banking, and the term "public" includes nominal and other members where deposits are solicited without meaningful restriction. Authority under cooperative law or bye-laws does not exempt such societies from the banking licensing regime. The Court restrained the respondent societies from undertaking banking activities without the requisite licence and directed strict enforcement by State authorities. en-us Thu, 14 May 2015 00:00:00 +0530 Fri, 05 Jun 2015 13:28:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260225 A cooperative society registered under the Rajasthan Cooperative Societies Act, 2001 or a multi-state cooperative society under the Multi-State Cooperative Societies Act, 2002 cannot accept deposits or carry on banking activity without a licence under the Banking Regulation Act, 1949. Activities involving receipt of deposits for lending or investment, repayable on demand or otherwise, fall within the statutory definition of banking, and the term "public" includes nominal and other members where deposits are solicited without meaningful restriction. Authority under cooperative law or bye-laws does not exempt such societies from the banking licensing regime. The Court restrained the respondent societies from undertaking banking activities without the requisite licence and directed strict enforcement by State authorities. Case-Laws Companies Law Thu, 14 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260225