The issue is concerned with the constitutional legitimacy of Section -S of the Reserve Bank of India RBI Act as it stands amended in The appellants old-style financial intermediaries in ... the form of shroffs being unincorporated firms such as partnership firms assailed the provision on the ground that it offended their fundamental rights under Articles equality and g freedom to carry on trade of the Indian Constitution The RBI added Section -S to disallow unincorporated entities from taking public deposits when they deal in financial activities to safeguard depositors and control the monetary system

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