https://www.taxtmi.com/caselaws?id=194490 The Bombay Money-Lenders Act, 1946 does not apply to non-banking financial companies because its definition of "company" was confined to companies under the Indian Companies Act, 1913, and no notification extended the Act's reach to such entities. Chapter IIIB of the Reserve Bank of India Act, 1934 prevails where inconsistency exists, as Section 45Q and the constitutional scheme under Articles 246 and 254 give primacy to the Parliamentary code. The result is that Chapter IIIB operates as a self-contained regulatory framework for non-banking financial companies, and the State money-lending law cannot regulate or penalise them in the same field. en-us Tue, 26 Apr 2011 00:00:00 +0530 Wed, 07 Feb 2018 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194490 The Bombay Money-Lenders Act, 1946 does not apply to non-banking financial companies because its definition of "company" was confined to companies under the Indian Companies Act, 1913, and no notification extended the Act's reach to such entities. Chapter IIIB of the Reserve Bank of India Act, 1934 prevails where inconsistency exists, as Section 45Q and the constitutional scheme under Articles 246 and 254 give primacy to the Parliamentary code. The result is that Chapter IIIB operates as a self-contained regulatory framework for non-banking financial companies, and the State money-lending law cannot regulate or penalise them in the same field. Case-Laws Companies Law Tue, 26 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194490