https://www.taxtmi.com/caselaws?id=194477 The Division Bench ruled that Non Banking Finance Companies are not considered 'money-lenders' under the Bombay Money Lenders Act, 1946. The Reserve Bank of India has regulatory authority over NBFCs, overriding state statutes. Due to the absence of notification bringing NBFCs under the Act and the company's compliance with RBI regulations, the criminal proceedings against the company were quashed. The judgment emphasized the supremacy of the RBI Act over the State Act, leading to the State lacking jurisdiction in penalizing or regulating the company. en-us Mon, 11 Feb 2013 00:00:00 +0530 Sat, 09 Sep 2017 13:47:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194477 The Division Bench ruled that Non Banking Finance Companies are not considered 'money-lenders' under the Bombay Money Lenders Act, 1946. The Reserve Bank of India has regulatory authority over NBFCs, overriding state statutes. Due to the absence of notification bringing NBFCs under the Act and the company's compliance with RBI regulations, the criminal proceedings against the company were quashed. The judgment emphasized the supremacy of the RBI Act over the State Act, leading to the State lacking jurisdiction in penalizing or regulating the company. Case-Laws Indian Laws Mon, 11 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194477