https://www.taxtmi.com/caselaws?id=272754 Chapter III-B of the Reserve Bank of India Act was treated as a valid Union law because, in pith and substance, it regulates public deposits and credit control by the Reserve Bank; any incidental effect on chit fund operations does not alter that character. The provisions were therefore not regarded as trenching upon State entries on money-lending or trade and commerce. The Explanation to Section 45I(c) was treated as declaratory, and the 1966 directions under Sections 45J to 45L were upheld as reasonable depositor-protection measures supporting statutory control. The challenge based on excessive delegation also failed. en-us Fri, 29 Jan 1971 00:00:00 +0530 Wed, 16 May 2018 16:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272754 Chapter III-B of the Reserve Bank of India Act was treated as a valid Union law because, in pith and substance, it regulates public deposits and credit control by the Reserve Bank; any incidental effect on chit fund operations does not alter that character. The provisions were therefore not regarded as trenching upon State entries on money-lending or trade and commerce. The Explanation to Section 45I(c) was treated as declaratory, and the 1966 directions under Sections 45J to 45L were upheld as reasonable depositor-protection measures supporting statutory control. The challenge based on excessive delegation also failed. Case-Laws Companies Law Fri, 29 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272754