BANKING ACTS EXPLANATION 1 TO 20

Sl. No	NAME OF THE ACT  - BANK	Year
1	Societies Registration Act	1860
2	Negotiable Instrument Act	1881
3	Indian Trusts Act	1882
4	The Bankers’ Books Evidence Act	1891
5	Indian Stamp Act	1899
6	Co-operative Societies Act	1912
7	Provident Funds Act	1925
8	Indian Partnership Act	1934
9	The Reserve Bank of India Act	1934
10	Insurance Act	1938
11	Central Excise Act	1944
12	Public Debt Act	1944
13	International Monetary Fund and Bank Act	1945
14	Employees’ State Insurance Act	1948
15	The Industrial Finance Corporation of India Act	1948
16	The Banking Companies (Legal Practitioner Clients’ Accounts) Act	1949
17	The Industrial Disputes (Banking and Insurance Companies) Act	1949
18	The Banking Regulation(Companies) Rules	1949
19	The Banking Regulation Act	1949
20	Chartered Accountants Act	1949

BANKING ACTS EXPLANATION

SOCIETIES REGISTRATION ACT, 1860

The Societies Registration Act, 1860 is a legislation in India which allows the registration of entities generally involved in the benefit of society - education, health, employment etc.

NEGOTIABLE INSTRUMENT ACT, 1881

In India, the Negotiable Instruments Act, 1881 is responsible for governing NIs. This law defines these instruments and also deals with each type of them individually.

It governs the use of cheques, promissory notes, and bills of exchange. There are other customary payment methods similar to NIs in India (like Hundis) but this law does not cover them.

INDIAN TRUSTS ACT, 1882

Indian Trusts Act, 1882 is an Act in India related to private trusts and trustees. The act defines what would lawfully be called as a trust and who can be legally its trustees and provides definition for them.

THE BANKERS BOOKS EVIDENCE ACT, 1891

In this Act, unless there is something repugnant in the subject or context.

Bankers' books include ledgers, day-books, cash-books, account-books and all other records used in the ordinary business of the bank.

INDIAN STAMP ACT, 1899

The Indian Stamp Act, 1899 is a fiscal statute laying down the law relating to tax levied in the form of stamps on instruments recording transactions.

C0-OPERATIVE SOCIETIES ACT, 1912

In this Act, unless there is anything repugnant in the subject or context,-

(a) "by-laws" means the registered by-laws for the time being in force, and includes a registered amendment of the by-laws;

 (b) "Committee" means the governing body of a registered society to whom the management of its affairs is entrusted;

(c) "Member" includes a person joining in the application for the registration of a society and a person admitted to membership after registration in accordance with the by-laws and any rules;

(d) "Officer" includes a chairman, secretary, treasurer, member of committee, or other person empowered under the rules or the by-laws to give directions in regard to the business of the society;

(e) "Registered society" means a society registered or deemed to be registered under this Act;

(f) "Registrar" means a person appointed to perform the duties of a Registrar of Co-operative Societies under this Act; and

(g) "Rules" means rules made under this Act.

PROVIDENT FUNDS ACT, 1925

THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms: “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”

THE RESERVE BANK OF INDIA ACT,1934

Reserve Bank of India Act, 1934 is the legislative act under which the Reserve Bank of India was formed. This act along with the Companies Act, which was amended in 1936, were meant to provide a framework for the supervision of banking firms in India.

INSURANCE ACT, 1938

The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates.

CENTRAL EXCISE ACT, 1944

Central Excise Act defines 'Manufacture' by an inclusive definition as any process incidental or ancillary to the completion of a manufactured product.

PUBLIC DEPT ACT, 1944

The Public Debt Act has been established on 22nd November 1944. This is an Act framed to consolidate and amend the laws in relation to Government Securities and in relation to the maintenance of Government public debt by the Reserve Bank of India.

INTERNATIONAL MONETARY FUND AND BANK ACT, 1945

An Act to implement the International Monetary Fund and Bank Agreements.

EMPLOYEES STATE INSURANCE ACT, 1948

Employees' State Insurance (abbreviated as ESI) is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation (ESIC) according to rules and regulations stipulated in the ESI Act 1948. ESIC is an autonomous corporation by a statutory creation under Ministry of Labour and Employment, Government of India.

THE INDUSTRIAL FINANCE CORPORATION OF INDIAN ACT, 1948

IFCI, previously Industrial Finance Corporation of India, is a Non-Banking Finance Company in the public sector. Established in 1948 as a statutory corporation, IFCI is currently a company listed on BSE and NSE. IFCI manages seven number of subsidiaries and one associate under its fold.

It provides financial support for the diversified growth of Industries across the spectrum.

THE BANKING COMPANIES (LEGAL PRACTITIONER CLIENTS ACCOUNTS) ACT, 1949

The Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949. ACT NO. 46 OF 1949 1 [ 8th December, 1949.] An Act to restrict the liability of banking companies in connection with certain transactions by legal practitioners.

THE INDUSTRIAL DISPUTES (BANKING AND INSURANCE COMPANIES) ACT, 1949

In this Act, unless there is anything repugnant in the subject or context, the expressions "award", "banking company", "industrial dispute" and "insurance company" have the meanings respectively assigned to them in section 2 of the Industrial Disputes Act, 1947 (14 of 1947) as amended by this Act.

THE BANKING REGULATION (COMPANIES) RULES, 1949

Form VI for the rule, Banking Regulation (Companies) Rules, 1949 and passed by the Indian Parliament is listed here.

THE BANKING REGULATION ACT, 1949

The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 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 banking companies. But, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes.

CHARTERED ACCOUNTANTS ACT,1949

An Act to make provision for the regulation of the [profession of Chartered Accountants]. WHEREAS it is expedient to make provision for the regulation of the [profession of chartered accountants] and for that  purpose  to  establish  an  Institute  of  Chartered  Accountants.