Legal Shorts

RATE OF INTEREST IS NOT SUBJECT MATTER TO SCRUTINY

 

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In the case of Jayant Verma Vs. Union Of India (Civil Petition no. 134 of 2013)

FACTS:-  A writ petition, by way of a Public Interest Litigation, filed under Article 32 of the constitution assails the constitutionality of section 21A of the Banking Regulation Act.

According to the said section of Act “Rates of Interest charged by banking companies not to be subject to scrutiny by courts notwithstanding anything contained in the Usurious Loans Act, 1918 or any other law relating to indebtedness in force in any state.

Held:-  it was held that the Section 21 A of the banking regulation act to be valid as it is part of an enactment which in pith and substance, I relatable to entry 45 of list 1 of the seventh schedule to the constitution.

MAnishek Kumar

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