Reserve Bank of India Act

Citi Bank, an authorized dealer under the Foreign Exchange Regulation Act, 1973 (FERA), accepted cash in foreign currency into the NRE account of a non‑resident Indian during October 1992‑January 1993. In 2002 the Enforcement Directorate issued a show‑cause notice alleging violations of several FERA provisions, relying…

The petition challenged the operation of multinational accounting firms (MAFs) in India through Indian chartered accountant firms (ICAFs) that used the same brand name, alleging violations of Sections 25 and 29 of the Chartered Accountants Act, the Companies Act, FDI policy, RBI and FEMA regulations, and the ICAI Code …

The Reserve Bank of India (RBI) challenged the Peerless General Finance & Investment Co.'s Endowment Certificate Scheme, alleging it fell within the definition of a "prize chit" under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and was therefore prohibited. The scheme involved long‑term subscripti…

Peerless General Finance and Investment Co. Ltd. floated collective investment schemes where subscribers deposited money that was to be repaid with interest and could be forfeited under certain clauses. For assessment years 1985-86 and 1986-87 no forfeiture occurred, yet the company recorded the subscription receipts a…

The State of Maharashtra appealed against the Bombay High Court’s order quashing a First Information Report (FIR) lodged by an investor who alleged cheating and misappropriation by City Limouzines Ltd. The High Court had held that the dispute was merely a civil matter concerning the interpretation of an investment agre…