https://www.taxtmi.com/caselaws?id=194477 A non-banking financial company governed by Chapter IIIB of the Reserve Bank of India Act, 1934 cannot be treated as a money-lender under the Bombay Money Lenders Act, 1946 unless the State Government issues a notification under Section 2(10)(v). The court held that the RBI Act occupies the field for such companies and that Section 45-Q gives Chapter IIIB overriding effect over the State law. In the absence of the required notification, State authorities lacked jurisdiction to continue criminal or penal proceedings under the Bombay Money Lenders Act, 1946, and the proceedings were liable to be quashed. 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 A non-banking financial company governed by Chapter IIIB of the Reserve Bank of India Act, 1934 cannot be treated as a money-lender under the Bombay Money Lenders Act, 1946 unless the State Government issues a notification under Section 2(10)(v). The court held that the RBI Act occupies the field for such companies and that Section 45-Q gives Chapter IIIB overriding effect over the State law. In the absence of the required notification, State authorities lacked jurisdiction to continue criminal or penal proceedings under the Bombay Money Lenders Act, 1946, and the proceedings were liable to be quashed. Case-Laws Indian Laws Mon, 11 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194477