Bhavesh D. Parish & Others vs Union Of India And Another

The Supreme Court examined the validity of Section 9 of the Reserve Bank of India Act, 1934, as amended by the Amendment Act, 1997, challenged by appellants engaged in the business of shroffs. The Court held that the provisions of the Act do not violate Articles 14 and 19(1)(g) of the Constitution, affirming the RBI's authority to regulate non-banking institutions accepting deposits. The judgment reinforced the need for regulatory oversight to ensure monetary stability and protect public interest in financial transactions.