Chapter IIIC — Deposits by Unincorporated Bodies
Section 45R: Interpretation
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 45R defines expressions used in Chapter IIIC, the chapter prohibiting certain deposit acceptance by unincorporated bodies.
Operative provisionOfficial sources mappedProvision-specific decode
Finin2min - Section 45R in 2 minutes
Statutory structure and clause / subsection decode
This map separates the operative limbs of this provision so thresholds, powers, conditions and exceptions are not collapsed into a single summary.
Scope
Section 45R defines expressions used in Chapter IIIC, the chapter prohibiting certain deposit acceptance by unincorporated bodies.
Operative limb
The definitions determine who is an individual, firm or unincorporated association within the chapter and how deposit-related terms are applied.
Legal boundary
Classification should be completed before applying Section 45S's prohibition or Section 45T's search-warrant power.
Worked practical example
Facts. Calling an arrangement a 'members' pool' does not exclude Chapter IIIC if the persons and receipts fall within the statutory definitions.
Compliance points and common mistakes
- Do not decide the issue from the heading alone. Map the facts to the operative words of Section 45R and to each relevant subsection, clause, proviso or explanation shown above.
- Keep the statutory question separate from the operational overlay. Classification should be completed before applying Section 45S's prohibition or Section 45T's search-warrant power.
- Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
- Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.
Connected provisions and instruments
Section 45R has no universal instrument dependency in this package. Add an RBI circular or direction only when its subject, entity and effective date cover the issue being analysed.
Questions and answers
What is the purpose of Section 45R?
Interpretation: Section 45R defines expressions used in Chapter IIIC, the chapter prohibiting certain deposit acceptance by unincorporated bodies.
Which statutory limb should be checked first?
Scope - Section 45R defines expressions used in Chapter IIIC, the chapter prohibiting certain deposit acceptance by unincorporated bodies.
What is the next legal boundary?
Operative limb - The definitions determine who is an individual, firm or unincorporated association within the chapter and how deposit-related terms are applied.
What record should support the conclusion?
Section 45R file evidence: For a partnership or informal investment club, keep constitution/partnership documents, member status and receipt-purpose evidence.
Primary sources
- Department of Financial Services - consolidated RBI Act (states amendments through Finance Act, 2022)
- India Code - Reserve Bank of India Act, 1934
Source control for Section 45R: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.