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The main question which arose was whether the rules of evidence in Indian banking would be governed by British legislation, as India was then a British colony. As a result, it was decide to adapt and adopt the Bankers' Books Evidence Act, 1879 of the British Parliament to Indian banking.
The Indian Evidence Act, [1] originally passed in India by the Imperial Legislative Council in 1872, during the British Raj, contains a set of rules and allied issues governing admissibility of evidence in the Indian courts of law. The India Evidence Act was replaced by the Bharatiya Sakshya Adhiniyam [2] on 1st July 2024.
The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India. [1] Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in Jammu and Kashmir from 1956. Initially, the law was applicable only to ...
1947: India gains independence from British rule. 1949: The Banking Regulation Act is passed, which gives the Reserve Bank of India greater control over the functioning of banks and other financial institutions. [9] 1955: The Imperial Bank of India is nationalized and renamed as the State Bank of India. [17] [18] [19]
The Adhiniyam consists of 170 sections as opposed to the 167 sections in the previous Indian Evidence Act. Of these 167 sections, 23 sections have been modified, five removed, and one more section added. [7] [8] [9] [10]
High Court and Bombay (Extension of Jurisdiction to Goa, Daman and Diu) Act: 1981: 26 Export-Import Bank of India Act: 1981: 28 British India Corporation Limited (Acquisition of Shares) Act: 1981: 29 Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act: 1981: 31 Cine-Workers Welfare Fund Act: 1981: 33 Essential Service ...
Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements, restrictions and guidelines, enforced by a financial regulatory authority generally referred to as banking supervisor, with semantic variations across jurisdictions.
For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India [5] was established in 1935, under the Reserve Bank of India Act, 1934. [6] [7] In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act ...