Photo of Garima Joshi

Partner in the Financial Regulatory Practice at the Mumbai office of Cyril Amarchand Mangaldas. Garima has advised various domestic and foreign financial institutions on a range of issues including structuring, entry and licensing procedures, ongoing compliances, internal investigations and transactional advisory, with a special focus on securities law and foreign exchange laws. She has also assisted clients in contentious regulatory matters. She can be reached on


Reserve bank of India - RBI vs Indian Government

At the heart of any modern democracy lies the doctrine of separation of powers, which ensures division of responsibilities and also structurally validates a key principle of governance, i.e., allowing each institution to function autonomously, while still maintaining accountability within the larger legislative framework. In codifying its own unique (and somewhat limited) interpretation of this doctrine, the Constitution of India delineates functions of the Union and the states, allowing Parliament to legislate on the functions of key agencies such as the Central Bureau of Investigation and the Reserve Bank of India (Entry 38, Seventh Schedule).
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