https://www.taxtmi.com/caselaws?id=272753 Section 45-K of the Reserve Bank of India Act, 1934 empowered the Reserve Bank to regulate deposits accepted by non-banking institutions, so the 1973 Directions were valid and were not undermined by the later 1977 definition of deposit. The Directions were treated as permissible public-interest regulation because they controlled the source, categories, and limits of deposits without prohibiting the chit fund business itself, so the Article 19(1)(g) challenge failed. The Deputy Governor could sign the Directions in the name of the Reserve Bank under the governing statutory and regulatory framework, so the mode of issuance was valid and the writ petitions were dismissed on merits. en-us Wed, 09 Feb 1983 00:00:00 +0530 Fri, 22 Feb 2019 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272753 Section 45-K of the Reserve Bank of India Act, 1934 empowered the Reserve Bank to regulate deposits accepted by non-banking institutions, so the 1973 Directions were valid and were not undermined by the later 1977 definition of deposit. The Directions were treated as permissible public-interest regulation because they controlled the source, categories, and limits of deposits without prohibiting the chit fund business itself, so the Article 19(1)(g) challenge failed. The Deputy Governor could sign the Directions in the name of the Reserve Bank under the governing statutory and regulatory framework, so the mode of issuance was valid and the writ petitions were dismissed on merits. Case-Laws Indian Laws Wed, 09 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272753