T. VELAYUDHAN ACHARI AND ANR. vs UNION OF INDIA AND OTHERS

The Supreme Court upheld the constitutional validity of Chapter III-C and Section 58B(5A) of the Reserve Bank of India Act, 1934, introduced by the Banking Laws (Amendment) Act, 1983, which imposes restrictions on the number of depositors for individuals and firms. The Court ruled that while these provisions restrict the right to carry on business under Article 19(1)(g), they are justified to protect depositors' interests, thus not violating Articles 14 and 20(1) of the Constitution. The petitioners' challenges were dismissed, affirming the legislative intent to regulate economic activities for public welfare.