https://www.taxtmi.com/caselaws?id=194491 The court declared the Gujarat Money-Lenders Act (GML Act) as ultra vires the Constitution concerning Non-Banking Financial Companies (NBFCs) and restrained the State from applying the GML Act to activities governed under the Reserve Bank of India Act. The court found that the GML Act encroached upon the legislative competence of the Parliament and imposed additional restrictions on NBFCs already regulated by the RBI Act. The court allowed the Special Civil Applications, declaring the GML Act unconstitutional in its application to NBFCs under the RBI Act's purview. en-us Thu, 06 Sep 2012 00:00:00 +0530 Tue, 13 Mar 2018 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194491 The court declared the Gujarat Money-Lenders Act (GML Act) as ultra vires the Constitution concerning Non-Banking Financial Companies (NBFCs) and restrained the State from applying the GML Act to activities governed under the Reserve Bank of India Act. The court found that the GML Act encroached upon the legislative competence of the Parliament and imposed additional restrictions on NBFCs already regulated by the RBI Act. The court allowed the Special Civil Applications, declaring the GML Act unconstitutional in its application to NBFCs under the RBI Act's purview. Case-Laws Indian Laws Thu, 06 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194491