15Oct 2018 by admin

What are the Rights and Duties of Coparceners? (14 Rights)

Management
The following are the fourteen main rights of a coparcener: 1. Community of interest and unity of possession: No coparcener is entitled to exclusive possession of any part of the coparcenary property; nor is any coparcener entitled to any special interest in such property. Image Source: i.ytimg.com ADVERTISEMENTS: As observed by the Privy Council in Katama Natchairv. Rajah of Shivagunga (1893 9 M.I.A. 539), “there is community of interest and unity of possession between all the members of the family”. 2. Share of Income: A member of a joint family cannot, at any given moment, predicate what his share in the joint family property is. Such a share becomes defined only when a partition takes place. The reason is that his share is a fluctuating one, which is liable to…
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15Oct 2018 by admin

Useful Notes on Hindu Gains of Learning Act

Industry
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…
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14Oct 2018 by admin

Decision of the Supreme Court in Indra Sawhney vs. Union of India, AIR 1993 S.C. 477 (Mandal Commission Report)

Industry
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.…
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14Oct 2018 by admin

Essay on the Importance of the Preamble of the Constitution of India

Industry
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,…
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14Oct 2018 by admin

Powers of a Testamentary Guardian under Hindu Law

Business
The father is the natural guardian of his minor children. By his will he can point a guardian to look after the property and person of his minor children. Such a guardian is called a testamentary guardian. Under s. 9 he cannot function if the testator is survived by his widow (i.e. mother of the children for whom the testamentary guardian is appointed).As natural guardian the mother has a superior right to guardianship. In fact she can herself by her will appoint another testamentary guardian who will look after her children and their property during their minority on her death. But if she dies without leaving such a will, the appointment of testamentary guardian by the father revives and such testamentary guardian can function.The powers of the testamentary guardian are…
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14Oct 2018 by admin

Essay on International Currency Wars

Management
It was September 27, 2010, when the Brazilian finance minister stated that an “international currency war” has erupted. Three separate but related battles are going on – first, there is the old and serious problem of a more or less inflexible pegging of the Chinese Yuan to the US dollar contributing to the massive Chinese current account surpluses and huge international reserve holdings and correspondingly large and unsustainable deficits elsewhere.Second is the exceptionally loose monetary policy being followed (after the 2008-09 global crisis) by major industrial countries, including the USA, the UK, Japan and, to some extent, the Euro zone. Policy rates in these jurisdictions are at or close to zero and money supply is being boosted through “quantitative easing” (QE), whereby the central banks pump up liquidity by purchasing…
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14Oct 2018 by admin

Essay on the Brief History of International Monetary System

Management
History of international monetary system is lengthy and complex. Here we shall describe only important features in chronological terms:i. Pre-First World War Gold Standard: A Fixed Exchange System. Under the gold standard, countries used gold standard as a medium of exchange and a store of value. ADVERTISEMENTS: During this era the exchange rate was stable. Prior to World War I, a country’s monetary unit was defined in terms of certain weight of gold. Image Source: fouman.comDuring this era London, a financial centre for 90 percent of world trade, dominated the international finance. Sterling was the sole reserve currency, as it was convertible into gold at the Bank of England. Interestingly the Bank of England had only two to three percent of gold backing to the actual money supply.ii. The two…
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14Oct 2018 by admin

Essay on the Position of a Karta in Hindu Joint Family

Accounting
The joint family is a patriarchal organisation. The senior most male ascendant is the head of the family and is called the Karta or Manager. The Manager represents the family and acts on its behalf. In a family consisting of the father and his children, the father is the manager.When he dies his eldest son becomes the manager. Thus in a joint family consisting of brothers the eldest brother is the Manager. It is open to the senior member to give up his right of Management. Then one junior to him can become the Manager.A woman cannot be a coparcener and so cannot be the Manager of the Family. Radhe Ammal v. Income-Tax Commissioner, AIR 1950 Mad 538. A minor may be the Manager but he has to act through…
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13Oct 2018 by admin

Legal Provisions of Section 9 of Code of Civil Procedure, 1908 (C.P.C.), India

Management
Suit of civil nature:The question that falls for determination is what is a suit of a civil nature? A suit is of a civil nature if the principal question in the suit relates to the determination of a civil right. Thus if the principal question in the suit is a caste question or a question relating to religious rites or ceremonies, the suit is not of a civil nature. ADVERTISEMENTS: In order to fall within the purview of the term “of a civil nature” the suit must be for the enforcement of rights and obligations of a citizen and not matters which are purely social. The rights vesting in a person by virtue of being a member of a caste or religious community would not be of a civil nature…
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13Oct 2018 by admin

What are the Arguments in Favour and Against Trade Barriers? – Explained!

Industry
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…
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