Category: Business

An important species of self-acquired property in Hindu Law is what is known as gains of learning or gains of science, also known as vidhyadhana in the ancient texts. The term learning signifies education, whether elementary, technical, scientific, special or general, and training of every kind which is usually intended to enable a person to pursue any trade, industry, profession or a vocation in life. The term gains of learning means all acquisitions of property made substantially by means of learning.Prior to 1930, income earned by a member of a joint family by the practice of a profession or occupation requiring a special training imparted at the expenses of the joint family property was considered to be joint family property. If, however, such a person had received only ordinary education…

Facts: The facts of the case were as follows. On January 1, 1979, the Government headed by Prime Minister Moraiji Desai appointed the Second Backward Classes Commission under Article 340 of the Constitution under the Chairmanship of Sri B. P. Mandal, (M.P.) to investigate the socially and educationally backward classes within the territory of India and to recommend steps to be taken for their advancement including disability for making provisions for reservation of seats for them in Government jobs. Image Source: i.ytimg.comThe Commission submitted its report in December, 1980. It identified 3743 castes as socially and educationally backward classes and recommended for reservation of 27% Government jobs for them. The Janata Party collapsed due to internal differences and the Congress headed by Smt. Indira Gandhi came to power in 1980.…

The preamble of a Constitution sets out the main objectives which the legislature seeks to secure for the people. It expresses what the legislature has dreamt or thought to achieve. It embodies the ideals which the framers of the Constitution wanted for the general purpose of the people in their best interests.The Preamble of Indian Constitution declares: “We, the People of India, having solemnly resolved to constitute India into a Sovereign, Socialist, and Secular. Democratic Republic and to secure to all its citizens: Justice, social, economic and political; ADVERTISEMENTS: Liberty, of thought, expression, belief, faith and worship;Equality of status and of opportunity; and to promote among them all;Fraternity, assuring the dignity of the individual and the unity and integrity of the nation.In our Constituent Assembly this twenty-sixth day of November,…

Many countries, particularly the developing countries put barriers in the form of tariffs, as these are the only ways to generate and collect revenue for the state. In case of Myanmar, export and import duties are the major source of state revenue.The most important of all economic arguments is the employment/labor argument. It is based on the premise that less of imports will create more jobs. Markets are to be protected, particularly from countries where wages are much lower. This lower wage advantage will either wreck the domestic industry or force it to match the lower wages. ADVERTISEMENTS: The decision of many states of the US to enact statutes to not to award BPO work to India is guided by this very logic. In banking and insurance, regulation serves to…

Strategic arguments those are non-economic reasons for government intervention in international trade. These include: 1. National Security Argument: Each nation protects some industries to guard its national security. The most obvious examples are weapons, aerospace, advanced electronics, semiconductors, and strategic minerals (e.g., exotic ores used in jet aircraft), etc. Protection for the sake of making available specific minerals or resources does not appear to be an optimal policy. A better alternative is to stockpile such resources during peacetime when they are cheap. ADVERTISEMENTS: Protagonists of national security argument claim that a nation should be. Self-reliant and be ready to pay for inefficiency when the case relates to national security. Recently, Pentagon has pressed for development of flat-panel industry even though the same can be bought much cheaper from Asian countries.…