whether the circulars issued by RBI have the force of law? Is there any statute authoring the same and judgment in which the Supreme court has recognized the authority of the circulars?
Haajra (student) 24 March 2014
whether the circulars issued by RBI have the force of law? Is there any statute authoring the same and judgment in which the Supreme court has recognized the authority of the circulars?
Advocate Ravinder (Advocate/Attorney) 25 March 2014
Definitely the circulars of RBI have force of law, but within the purview of the RBI and will not bind on other Ministries or Departments. There is no need of Supreme court judgment or any judgement. It is already mentioned in the Acts related to RBI. Under subordinate legislation, the RBI has got authority to pass circulars, memos etc.
T. Kalaiselvan, Advocate (Advocate) 26 March 2014
What is your interest in it. RBI is an authority and also a competent authority as far as banking and other financial institutions of India are concerned. It has got full powers to issue circulars or to frame any rule within the ambit as per law. What is your concern in it, how are you related to the question?
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