16Oct 2018 by admin

What is the Scope of Macroeconomics? – Explained!

Economic Problems
According to Kenneth E. Boulding, “Macroeconomics is the study of the nature, relationships and behaviour of aggregates of economic quantities…”According to P.A. Samuelson, “Macroeconomics is the study of the behaviour of the economy as a whole. It examines the overall level of Nation’s output, employment, prices and foreign trade.”The definitions given above and a few other similar definitions capture the central theme of macroeconomics but they do not fully capture its subject matter. As stated above in the introduction of this chapter, macroeconomics covers a wide range of economic activities and the related theories in respect of the lumped or the aggregated units or of the economy as a whole, as to Image Source: 2.bp.blogspot.com ADVERTISEMENTS: (a) How they generate and spend income through production of goods and services,(b) How…
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15Oct 2018 by admin

Pious Obligation of a Hindu Son to pay his Father’s Debts

Trade
Traditional Hindu law imposed upon the son, grandson, and great- grandson, the duty of paying, out of the family assets, the debts of the ancestor from whom they had inherited the property, provided the debts had not been incurred for an immoral or illegal purpose, and were not barred by limitation. (Girdharee Lall v. Kantoo Lall, 1 I. A. 321)This is the doctrine of pious obligation of sons to discharge the personal debts of the father, which is peculiar to Hindu law. The basis of the pious obligation rule is the benefit which will accrue to the soul of the father by the discharge of his earthly obligations. Image Source: cache-blog.credit.com ADVERTISEMENTS: “This doctrine, as is well-known, has its origin in the conception of Smriti-writers, who regard non-payment of debt…
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15Oct 2018 by admin

‘The Union of India can sue and be sued in its own name’– Explained!

Trade
Article 300 of the Constitution provides that the Government of India may sue and be sued by the name of Union of India, and Government of a State may sue or be sued by the name of the State, or of the legislature of a State. Thus, the Union and States are juristic persons capable of owng and acquiring property, making contracts, carrying on trade or business, bringing and defending legal actions just like individuals. The position remains the same as it existed before the commencement of the Constitution as long as Parliament does not make a law providing otherwise. Image Source: fsui.orgBefore the passing of the Constitution, the East India Company and after the Government of India Act, 1858, which transferred the Government of India to Her Majesty with…
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15Oct 2018 by admin

The powers, functions and position of the Governor of a State under the Indian Constitution

Budget
Powers and functions of a Governor: The powers and functions of a Governor may be classified under the following headings: Image Source: data1.ibtimes.co.in (1) Executive powers and function: Article 154 provides that the executive powers of the State shall be vested in the Governor to be exercised by him either directly or through officers subordinates to him. The executive powers of the State shall, extend to the matters with respect to which the legislature of the State has power to make laws. ADVERTISEMENTS: Provided that in any matter with respect to which the legislature of a State and Parliament have power to make laws, the executive power of the State shall be subject to, and limited by, the executive power expressly conferred by this Constitution or by any law made…
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14Oct 2018 by admin

“Customs” are an Important Source of Hindu Law – Essay

Trade
Customs may be broadly divided into (i) local customs, (ii) class customs, and (iii) family customs. Local customs are those which are confined to a particular locality like a district, town or village, and are binding on all the inhabitants of that locality. Image Source: img1.etsystatic.comClass customs are the customs of a caste or a sect of the community or the followers of a particular profession or occupation, such as agriculture, trade and the like. Family customs are confined to a particular family only and do not apply to persons who are not members of such family. Essentials of Valid Custom: ADVERTISEMENTS: In Hurpurshad v. Sheo Dayal (1876, 3 I.A. 259), the Privy Council observed that “a custom is a rule which, in a particular family, or a particular caste…
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14Oct 2018 by admin

Essay on the Major Schools of Hindu Law

Currency
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…
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14Oct 2018 by admin

Right of the Citizens to form Associations and Unions as Guaranteed under Article 19 (1) (c) of the Constitution of India

Trade
Article 19 (1) (c) of the Constitution guarantees to all citizens the right “to form associations and unions.” Under clause (4) of Article 19, however, the State may by law impose reasonable restrictions on this right in the interest of public order, morality or sovereignty and integrity of India. Image Source: 2.bp.blogspot.comThe right of association pre-supposes organisations. It Is an organisation of permanent relationship between its members in matters of common concern. It thus includes the right to form companies, societies, partnership, trade union and political parties. ADVERTISEMENTS: The right guaranteed is not merely the right to form association implies also the freedom to form or not to form, to join or not to join an association or union, as has been held in Damyanti v. Union of India, AIR…
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14Oct 2018 by admin

Section 28 of Indian Penal Code, 1860 – Explained!

Currency
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…
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14Oct 2018 by admin

Section 511 of Indian Penal Code, 1860 – Explained!

Currency
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…
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14Oct 2018 by admin

4 Different Types of Financial Crises (Banking, Speculative Bubbles, International, Wider Economic Crisis)

Currency
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…
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