Reserve Bank of India Act,1934
Act No : 2
Section : Definitions
45I. Definitions.- In this Chapter, unless the context otherwise requires,-- (a) "company" means a company as defined in section 3 of the Companies Act, 1956 (1 of 1956) and includes a foreign company within the meaning of section 591 of that Act; (b)"corporation" means a corporation incorporated by an Act of any legislature; 7*[(bb) "deposit" includes and shall be deemed always to have included any receipt of money by way of deposit or loan or in any other form, but does not include,-- (i) amounts raised by way of share capital; (ii) amounts contributed as capital by partners of a firm; (iii) amounts received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (46 of 1949); (iv) any amount received from,-- (a) the Development Bank, (b) a State Financial Corporation, (c) any financial institution specified in or under section 6A of the Industrial Development Bank of India Act, 1964 (18 of 1949), or (d) any other institution that may be specified by the Bank in this behalf; (v) amounts received in the ordinary course of business, by way of-- (a) security deposit, (b) dealership deposit, (c) earnest money, or (d) advance against orders for goods, properties or services; (vi) any amount received from an individual or a firm or an association of individuals not being a body corporate, registered under any enactment relating to money lending which is for the time being in force in any State; and (vii) any amount received by way of subscriptions in respect of a chit. Explanation I.--"Chit" has the meaning assigned to it in clause (b) of section 2 of the Chit Funds Act, 1982 (40 of 1982). Explanation II.--Any credit given by a seller to a buyer on the sale of any property (whether movable or immovable) shall not be deemed to be deposit for the purposes of this clause;] 8*[(c) "financial institution" means any non-banking institution which carries on as its business or part of its business any of the following activities, namely:-- (i) the financing, whether by way of making loans or advances or otherwise of any activity other than its own; ---------------------------------------------------------------------- 1. Chap. IIIB ins. by Act 55 of 1963, s. 5 (w.e.f. 1-2-1964). 2. Subs. by Act 51 of 1974, s. 3, for "Banking Companies Act, 1949". 3. Subs. by Act 1 of 1984, s. 8, for certain words (w.e.f. 15-2-1984). 4. Ins. by Act 23 of 1965, s. 8 (w.e.f. 1-3-1966). 5. Subs. by Act 21 of 1976, s. 33, for "a co-operative bank" (w.e.f. 26-9-1975). 6. Subs. by Act 51 of 1974, s. 16, for "Madras Industrial Investment Corporation Limited". 7. Subs. by Act 1 of 1984 s. 9, for cl. (bb) (w.e.f. 15-2-1984). 8. Subs. by Act 51 of 1974, s. 17, for sl. (c). 42A (ii) the acquisition of shares, stock, bonds, debentures or securities issued by a Government or local authority or other marketable securities of a like nature; (iii) letting or delivering of any goods to a hirer under a hire-purchase agreement as defined in clause (c) of section 2 of the Hire-Purchase Act, 1972 (25 of 1972); (iv) the carrying on of any class of insurance business; (v) managing, conducting or supervising, as foreman, agent or in any other capacity, of chits or kuries as defined in any law which is for the time being in force in any State, or any business, which is similar thereto; (vi) collecting, for any purpose or under any scheme or arrangement by whatever name called, monies in lumpsum or otherwise, by way of subscriptions or by sale or units, or other instruments or in any other manner and awarding prizes or gifts, whether in cash or kind, or disbursing monies in any other way, to persons from whom monies are collected or to any other person, but does not include any institution, which,-- (i) is an industrial concern as defined in clause (c) of section 2 of the Industrial Development Bank of India Act, 1964 (18 of 1964), or (ii) carries on as its principal business,-- (a) agricultural operations, or (b) the purchase or sale of any goods (other than securities) or the providing of any services; or (c) the purchase, construction or sale of immovable property, so however, that no portion of the income of the institution is derived from the financing of purchases, constructions or sales of immovable property by other persons;] (d) "firm" means a firm as defined in the Indian Partnership Act, 1932 (9 of 1932), 1*** ---------------------------------------------------------------------- 1. Certain words omitted by Act 1 of 1984, s. 9 (w.e.f. 15-2-1984). 42B (e) "non-banking institution" means a company, corporation, 1*[or co-operative society]
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