Some important acts

#Some_Important_Acts

🔴NEGOTIABLE INSTRUMENTACTS -1881

⚫Section 4 :- Promissory Notes
⚫Section 5 :-Bill of Exchange
⚫Section 6 :- Cheque
⚫Section 13 :- Negotiable instrument
⚫Section 123 :- Cheque Crossed Generally
⚫Section 124,126 : -Cheque Crossed Specially
⚫Section 130 : -Cheque bearing Not Negotiable
⚫Section 118 :- Presumption as to Negotiable instrument

🔴RESERVE BANK ACT (RBI ACT 1934)

⚫Section 17 :- Define Banking Business
⚫Section 18 :-Deals With Emergency Loan To Bank
⚫Section 22 :-Exclusive Rights To Issue Currency Notes In India
⚫Section 24 :-Maximum Denomination a Note Can Be Rs 10,000
⚫Section 26 :- Describe The Legal Tender Character of Indian Bank Notes
⚫Section 28 :-Form Rule Regarding The Exchange Of Damaged and imperfect Notes
⚫Section 31 :-In India only RBI or the central government issue and accept promissory notes that are payable on demand
⚫Section 42 :-Every schedule bank must have an average daily balance with RBI

🔴BANKING REGULATION ACT -1949

⚫Section 10 :-Power of RBI to appoint chairman of banking company
⚫Section 11 :-Recruitment as to minimum capital and reserve.
⚫Section 12 : -Regulation of Paid of capital, authorized capital,voting rights of shareholder
⚫Section 21 :-To control advances by banking company
⚫Section 21(A) : - Rate of interest charged by banking company
⚫Section 22 :- license of banking company
⚫Section 23 :-Restriction on opening transfer of business
⚫Section 29 :-Account and balance sheet
⚫Section 36 :-Power of central government to acquire banking company in a certain case
⚫Section 44 :-Amalgamation of banking company
⚫Section 47 :-Power of RBI to impose penalty

🔴Some Other Important Acts Related To Banking -

⚫SBI ACT: -1955
⚫SBI SUBSIDIARY ACT: - 1959
⚫DICGC ACT :- 1961
⚫EXIM ACT: - 1981
⚫NABARD ACT: - 1981
⚫RRB ACT: - 1976
⚫NHB ACT: - 1987
⚫SIDBI ACT :- 1989
⚫SARFASI ACT :- 2002
⚫FEMA ACT: - 1999
⚫CREDIT INFORMATION CORP :- 2005
⚫PMLA ACT: -2002