Category: Economics

Here is your essay on the major Schools of Hindu law:The Hindu scriptures were not uniformly interpreted by the Hindu scholars, and this gave rise to diverging opinions on the interpretation of particular texts. Colebrook, the learned European scholar of Hindu Law, spoke of this divergence as representing schools of Hindu Law. Thus, the Hindu jurists themselves never propounded any theory or doctrine dividing Hindu Law into various schools of thought, and it was the European writers on the subject who labelled the differences in interpretation as representing specific “schools”, a term which has now gained currency in Hindu Law. ADVERTISEMENTS: As regards the origin of schools of Hindu Law, the following observations of the Privy Council are relevant: “The remoter sources of Hindu Law (i.e. the Smritis) are common…

Legal Provisions of Section 28 of Indian Penal Code, 1860.Counterfeit:When a person causes one thing to resemble another thing with the intention of deceiving thereby or with the knowledge that deception will thereby be practised, he is said to counterfeit. Explanation 1 makes it clear that it is not necessary that the imitation should be exact. As long as there is such a close resemblance that deception may be practised it is of no importance that, there are differences between the original and the imitation, and if the abovementioned intention or knowledge is proved it will be a case of counterfeiting. Actual deception takes place or not is of no consequence. Image Source: thirddegreemerch.com ADVERTISEMENTS: Where there is no possibility of a deception because the imitation is so different from…

Legal Provisions of Section 511 of Indian Penal Code, 1860.Punishment for attempting to commit offences punishable with imprisonment for life or other imprisonment:This section provides for punishment for attempting to commit offences punishable with imprisonment for life or other imprisonment. It says that whoever attempts to commit an offence punishable by the Code with imprisonment for life or imprisonment, or to cause such an offence to be committed, and in such attempt does any act towards the commission of the offence, shall, where the Code has not made any express provision to punish such attempt, be punished with imprisonment of any description provided for the offence, for a term extending up to one-half of the imprisonment for life or, as the case may be, one-half of the longest term of…

1. Banking crisis: When a bank suffers a sudden rush of withdrawals by depositors, this is called a bank run. Since banks lend out most of the cash they receive in deposits, it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run may leave the bank in bankruptcy, causing many depositors to lose their savings unless they are covered by deposit insurance.A situation in which bank runs are widespread is called a systemic banking crisis or just a banking panic. A situation without widespread bank runs, but in which banks are reluctant to lend, because they worry that they have insufficient funds available, is often called a credit crunch. In this way, the banks become an accelerator of a financial crisis.Examples…

The Great Depression of the 1930s, and the subsequent actions, like currency devaluations and trade restrictions imposed by many countries so as to eliminate the impact on domestic income, led to lowering of world trade and increase in unemployment. This led to Bretton Woods Conference, attended by 44 countries, in July 1944.The IMF came into being on December 27, 1945 as a result of this Conference. It is a “cooperative apolitical intergovernmental monetary and financial institution.” Presently there are 185 members of IMF (with the exception of Taiwan being expelled in 1980, North Korea and Cuba being left out in 1964 and a few small member states of the UN). Each member does not enjoy equal voting strength. ADVERTISEMENTS: The IMF draws its financial resources principally from the quota subscriptions…