Category: Finance

The Indian Council Act, 1861 was a significant constitutional development that took place after the revolt of 1857.It provided for expansion of Executive Council and the number of its members was raised from 4 to 5 and its nomenclature was changed to Imperial Legislative Council. ADVERTISEMENTS: Under the provisions, the place of its fifth member was reserved for a law qualified person.Apart from this, the Act authorized the Governor-General to nominate a President who was to preside over the meetings of the Executive Council in his absence. Image Source: 185.26.182.219/Rqae5eb53b-c103-49e4-a363-9cb05f81161dThe Governor-General was also given the power to make rules and regulations for the conduct of the business of the Executive Council i.e. he was accorded authority to enact rules deemed fit by him.The Governor-General had the right of increasing the…

Amazing collection of 10 samples to help you to write praiseworthy Notices! 1. Public Notice Regarding Thefts/Dacoit (Date)This is to inform the general public, that with the increase in crime, mostly related to theft and burglary, the resi­dents should adopt safety measures which includes the installation of alarm bell, not opening the door for strang­ers without proper identification of the domestic help from the nearest police station, informing the police of any sus­pected individuals, or any suspicious matter in the local­ity, and lastly but most importantly maintaining a good relation with the neighbours so that at that particular moment their help can be taken. Image Source: cdn.shareyouressays.com ADVERTISEMENTS: Out duty is your safety. Help us to help you – courtesy ____________ (City Name) Police. 2. Notice Regarding the Holiday (Date)This…

SEBI guidelines (1992) on public issue envisage the listing of securities on any stock exchange or OTCEI.OTCEI is a company incorporated in 1990 under the Companies Act. It became operational on September 1992. ADVERTISEMENTS: OTCEI is a recognized stock exchange under the securities Contract (Regulation) Act, 1956. The objective of the OTCEI is to help companies raise finances from capital in a cost effective manner and provide a convenient and effective avenue of capital market investment for investors at large.Listing on OTCEI may be sought by companies with an equity capital of less than Rs. 10 Crore or closely held companies wanting to attain a listed company status and company assisted by venture capitalists. Image Source: theemergingworld.in Listing Requirements of OTCEI: a. The minimum issued share capital of a company…

Co-acceptance is a means of non-fund based import finance whereby a Bill of Exchange drawn by an exporter on the importer is co-accepted by a Bank. By co-accepting the Bill of Exchange, the Bank undertakes to make payment to the exporter even if the importer fails to make payment on due date.The co-acceptance by the importer’s banker acts as a guarantee for the exporter for timely receipt of proceeds from the importer. For the Bank, it is a non-fund based exposure on the importer. It is an increasingly used form of import finance offered by many Banks across the world. Image Source: 4.bp.blogspot.com Benefits to Customer: ADVERTISEMENTS: 1. For the importer, Co-acceptance works out cheaper as compared to opening Import Letter of Credit (LC) since under LC, commission is payable…

The key features of this Act are as follows:1. Uniform three tier Panchayati Raj system at the village, intermediate and district levels. However, States with a population of less than 20 lakhs are given the option to avoid intermediate level Panchayat. ADVERTISEMENTS: 2. Gram Sabha has been hailed as foundation stone of the Panchayat System.3. State legislatures by law may make provisions for the composition of the Panchayats. Image Source: c2.staticflickr.com4. Elections to all the three tiers and to the Chairperson of village Panchayat shall be direct.5. The Chairperson of a Panchayat and other members of Panchayat shall have the right to vote in the meetings of Panchayat. ADVERTISEMENTS: 6. The Chairperson of a Panchayat at the village level shall be elected in such a manner as the legislature of…

The Lok Sabha is represented directly by elected representatives of the people. The Rajya Sabha, on the other hand, consists of 12 nominated and indirectly elected members.They are elected by elected representatives of respective states and similarly by Union Territories as such have been termed as the House of People and Council of State. This contrast between the two houses is also reflected in the domain of Parliamentary powers and functions.The contrast between the powers of two houses can be studied under following headings: Image Source: top10wala.in 1. Finance: ADVERTISEMENTS: A money Bill or a Financial Bill can only be introduced in the Lok Sabha. A Money Bill when passed by Lok Sabha is returned from Rajya Sabha with certain recommendations, may or may not be accepted by the Lok…

Balance of payments is a record of the flow of all financial transactions between the residents of one country and the other countries in statistical form and over a given period of time. Image Source: welchllp.com The BOP Must Balance: Yes, if it does not, it means something has not been properly counted or wrongly counted. ADVERTISEMENTS: Subaccounts of the BOP, such as the merchandise trade balance, may be imbalanced, but the entire BOP of an individual country is always balanced. BOP is based on Double Entry System of Book Keeping: Every transaction has a debit and credit. If asset increases or liability decreases then the two transactions are to be debited and vice versa. Suppose India imports some electronics goods from Japan to the tune of $100 million, the…

‘Globalisation has been the most widely used, misused, and abused word’. As a concept globalisation does not evoke a single image, instead an imagery of disparate meanings. Searching for a single definition of the word is a fruitless exercise, as it includes anything and everything. Image Source: djcadteam9.files.wordpress.comThe term has been used in a multiplicity of senses. We can think about economic definition, political definition, and managerial definition as ‘”globalisation is political, technological and cultural, as well as economic.” ADVERTISEMENTS: How do people view globalisation – some see it as a highly positive force leading to economic liberalism, political democracy, and cultural universalism; others see in its wake the rising power of transcorporations, integration of international finance, diffusion of technological innovations and the emergence of community culture around the world.Some…

Legal Provisions of Section 190 of Code of Criminal Procedure, 1973 (Cr.P.C.), India.Cognizance of offences by Magistrates:The term “taking cognizance” has not been defined in the Code but in general sense it means to take notice judicially. It is sine qua non for trial the Magistrate is said to have taken cognizance of an offence as soon as he applies his mind to the suspected commission of the offence with a view to decide whether to initiate judicial proceedings against the offender. Image Source: i.ytimg.com ADVERTISEMENTS: Thus taking cognizance does not require any formal action or indeed action of any kind, but as soon as a Magistrate applies his judicial mind to the suspected commission of an offence, he is said to have taken cognizance of that offence.Thus taking cognizance…

Functional relationship between saving and income is known as the savings function. Savings vary directly with income, that is, they are high when income is high and low when income is low. In other words, an increase in income leads to an increase in savings. Image Source: 2.bp.blogspot.comFrom the Psychological Law of Consumption, savings represent that part of the disposable income of consumers which is not spent on consumption. Thus, savings function can be derived from the consumption function. ADVERTISEMENTS: Saving = Disposable Income – ConsumptionOr, S = Yd – C = Yd – (Ca + bYd)= Y – Ca – bY[For a two sector model, Yd = Y] ADVERTISEMENTS: = -Ca + (1 – b) YWhen Y = 0, S = – Ca. That means savings are negative when…