Money and Banking: Banking Laws

Reserve Bank of India Act, 1934 
(भारतीय रिज़र्व बैंक अधिनियम)

Date Enacted: 6th March 1934

Individuals and Organizations Regulated: Reserve Bank of India (RBI)

Activities Regulated: Monetary policy, exchange rate management, regulation of banks and non-banking financial companies, and supervision of payment and settlement systems

Purpose of the Law: To establish the Reserve Bank of India as the central bank of India and to regulate the country's monetary and banking system.

Banking Regulation Act, 1949 
(बैंकिंग विनियामक अधिनियम)

Date Enacted: 16th March, 1949

Individuals and Organizations Regulated: Banking companies and their subsidiaries

Activities Regulated: Licensing and regulation of banking companies, management of banking companies, inspection, amalgamation, and liquidation of banking companies, and regulation of the operations of banks

Purpose of the Law: To consolidate and amend the law relating to banking companies and to provide for their regulation in India.

Securities and Exchange Board of India Act, 1992 
(भारतीय प्रतिभूति और विनिमय बोर्ड अधिनियम)

Date Enacted: 30th January 1992

Individuals and Organizations Regulated: Securities market intermediaries, companies issuing securities, and other persons associated with securities markets

Activities Regulated: Regulation and development of securities markets in India, protection of investors' interests, and prevention of fraudulent and unfair trade practices

Purpose of the Law: To provide for the establishment of the Securities and Exchange Board of India (SEBI) and to provide for the regulation of securities markets in India.

Prevention of Money Laundering Act, 2002
(पैसे का धोखाधड़ी से रोकथाम अधिनियम)

Date Enacted: 17th January 2003

Individuals and Organizations Regulated: Banks, financial institutions, and intermediaries

Activities Regulated: Prevention of money laundering and the financing of terrorism, identification, verification, and maintenance of records of the identity of clients, and reporting of suspicious transactions

Purpose of the Law: To prevent money laundering and the financing of terrorism, to provide for confiscation of property derived from or involved in money laundering, and to confer powers on investigating agencies to detect, investigate, and prosecute money laundering offenses.

Foreign Exchange Management Act, 1999 
(विदेशी मुद्रा प्रबंधन अधिनियम)

Date Enacted: 1st June, 2000

Individuals and Organizations Regulated: Person resident in India and outside India, including companies, firms, and other associations of individuals

Activities Regulated: Management of foreign exchange, acquisition, holding, transfer, and disposal of foreign exchange, and dealings in foreign exchange

Purpose of the Law: To consolidate and amend the law relating to foreign exchange to facilitate external trade and payments and promote the orderly development and maintenance of the foreign exchange market in India.

Insurance Regulatory and Development Authority Act, 1999 
(बीमा विनियामक और विकास प्राधिकरण अधिनियम)

Date Enacted: 4th April, 2000

Individuals and Organizations Regulated: Insurance companies and intermediaries

Activities Regulated: Regulation and development of the insurance sector in India, protection of policyholders' interests, and promotion of the insurance industry

Purpose of the Law: To provide for establishing the Insurance Regulatory and Development Authority of India (IRDAI) and the regulation and development of the insurance sector in India.

Negotiable Instruments Act, 1881 
(नेगोशिएबल इंस्ट्रुमेंट्स अधिनियम)

Date Enacted: 9th December, 1881

Individuals and Organizations Regulated: Parties to negotiable instruments, including promissory notes, bills of exchange, and cheques

Activities Regulated: Creation, transfer, and discharge of negotiable instruments and liabilities and obligations of parties to negotiable instruments.

Purpose of the Law: To define and amend the law relating to promissory notes, bills of exchange, and cheques in India and to provide a framework for using negotiable instruments in commercial transactions.

Companies Act, 2013 
(कंपनी अधिनियम)

Date Enacted: 29th August 2013

Individuals and Organizations Regulated: Companies incorporated under the Companies Act, 2013

Activities Regulated: Incorporation and management of companies, corporate governance, protection of shareholders' interests, and regulation of mergers, acquisitions, and winding up of companies

Purpose of the Law: To consolidate and amend the law relating to companies in India, and to provide a comprehensive framework for the incorporation, management, and regulation of companies in the country.

Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 
(वित्तीय संपत्तियों के सेक्युरीटिसेशन और पुनर्गठन और सुरक्षा हित के प्रवर्तन अधिनियम)

Date Enacted: 21st June 2002

Individuals and Organizations Regulated: Banks and financial institutions, asset reconstruction companies

Activities Regulated: Securitization and reconstruction of financial assets, enforcement of security interests, and regulation of asset reconstruction companies

Purpose of the Law: To provide a legal framework for the securitization and reconstruction of financial assets, enforcement of security interests, and regulation of asset reconstruction companies in India, and to facilitate the resolution of non-performing assets of banks and financial institutions.

Prevention of Money Laundering Act, 2002 
(पैसे की धुलाई से बचाव अधिनियम)

Date Enacted: 17th January, 2003

Individuals and Organizations Regulated: Banks, financial institutions, and other entities engaged in financial transactions

Activities Regulated: Prevention of money laundering and financing of terrorism and regulation of reporting and investigation of suspicious transactions

Purpose of the Law: To prevent and control money laundering and financing of terrorism and to provide a legal framework for reporting and investigating suspicious transactions in India.

Foreign Exchange Management Act, 1999 
(विदेशी मुद्रा प्रबंधन अधिनियम)

Date Enacted: 1st June, 2000

Individuals and Organizations Regulated: Residents and non-residents of India, banks, and financial institutions

Activities Regulated: Management of foreign exchange transactions, regulation of capital flows, and enforcement of foreign exchange regulations

Purpose of the Law: To consolidate and amend the law relating to foreign exchange transactions in India and to provide a legal framework for managing, regulating, and enforcing foreign exchange transactions and capital flows in the country.

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