.................In the Writ Petition, AICL also has challenged the legality and validity of the circulars of RBI dated September 28, 2006, May 24, 2007 and January 2, 2009 as the circulars are ultra vires the provisions of the Reserve Bank of India Act. Reserve Bank of India under Section 45-L has powers to issue directions but shall have due regard to the condition in which and the objects for which the institution has been established, its statutory responsibilities, if any, and the effect of the business of such financial institution is likely to have on the trends in the money and capital markets.
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