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Business Laws in India

Courtesy/By: Athira Suresh  |  15 Apr 2020     Views:3370

Business Laws in India

Many business laws in India existed preceding the country’s independence in 1947. Partnership firms in India are covered under The Partnership Act of 1932. The Banking Regulation Act of 1949 continues to manage private banking companies and manage banks in India. In 2012, it was amended by the Banking Law (Amendments) Act. Under these amendments, the reserve bank of India (RBI) was given power to limit voting rights and shares acquisition during a bank. The RBI established the Depositor Education and Awareness Fund. Banks are now ready to issue both equity and preferred stock under RBI guidelines.

While India is usually criticized for complex regulations, it's important to keep in mind that in some cases, these laws are simpler than those of the U.S. Moreover, most regulations are consistent across the country. Attorneys in India can practice in any state. Filing lawsuits is seldom productive in most commercial disputes since proceedings can drag on for many years and collection can take even longer. For large deals, binding third-country arbitration is often the simplest thanks to resolving disputes.

Regulations for both businesses and investors are passed and amended by The Parliament of India. In addition to provisions from the companies Act of 1956, the companies Act of 2013 features provisions regarding mergers and acquisitions, boardroom decision-making, related party transactions, corporate social responsibility, and shareholding. 

As a member of the International Labor Organization, India offers protections for workers . These include the Payment of Wages Act of 1936, the economic Employment Act of 1946, the industrial Disputes Act of 1947, the Payment of Bonus Act of 1965, and the 1972 Payment of Gratuity Act. Protections include annual bonuses of 8.33% and separation fees of about 15 days per annum of employment. Other labor laws like the Building and Other Construction Workers Acts of 1996 and therefore the Workmen’s Compensation Act of 1923 (amended in 2000) are in effect. 

Business laws in India include consumer protection. The Consumer Protection Act, 1986 mandates Consumer Dispute Redressal Forums at local and national levels. Older laws, like the Standards of Weights & Measures Act of 1956, ensure fair competition within the market and free flow of correct information from providers of products and services to consumers.

Due to the expansion of trade, the Indian government passed the Foreign Trade (Development and Regulation) Act of 1992 to facilitate imports and augment exports. The latest EXIM Policy, referred to as the Foreign trade policy, was issued for April 2015 to March 2020.  The Served from India Scheme was replaced by The Service Exports from India Scheme (SEIS). The SEIS extends the duty-exempted script to Indian service providers and provides notified services during a specified mode outside the country. Under the Export Promotion Capital Goods Scheme, the export obligation requires sixfold the duty saved on imported capital goods; within the case of local sourcing of capital goods, the export obligation is reduced by 25%. Beyond goods and services, the exchange Management Act of 1999 regulates exchange transactions including investments abroad.

As a founding member of the Planet Trade Organization in 1995, India has updated business laws regarding copyrights, patents, and trademarks to satisfy the Agreement on Trade Related Aspects of Intellectual Property Rights. Indian companies and therefore the federal honor global IP rights. However, because music copyrights are different in India, both Indian and Western IP owners within the industry have suffered because of digital piracy. In 2013, India’s Supreme Court denied Novartis an extension to update its antineoplastic Glivec because of “evergreening” charges. The Information Technology Act of 2000 in 2008 was amended to supply explicit legal recognition of electronic transactions.


Courtesy/By: Athira Suresh  |  15 Apr 2020     Views:3370

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Magistrate Shall Specify Whether Sentences Awarded...
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Successive Applications For Recalling Witnesses Sh...
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Autonomy Of the Bar Cannot Be Taken Over By The Co...
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Casual Act Of Possession Over Property Does Not Co...
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No Authority Can Claim Privilege Not To Comply Wit...
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Death Sentence Only When The Alternative Option Is...
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Poorest Of Poor Cannot Go To Private Hospitals: Ut...
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Courts Must See That The Public Doesn’t Lose Con...
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UK Tier 1 Entrepreneur Visa: Overview from Experts...
31 Jul 2018     Views:1961
Enact Law For Safety Of Soldiers Of Jammu And Kash...
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SC Advocates Creating A Special Law Against Lynchi...
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Matrimonial Discord Can’t Be Considered As Reaso...
23 Jul 2018     Views:3200
Uttarakhand HC Recommends Govt To Enact Legislatio...
23 Jul 2018     Views:3040
High Court Priests Cannot Refuse To Perform Religi...
23 Jul 2018     Views:2313
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SC Finally Decides Master Of Roster Case...
23 Jul 2018     Views:1607
Stone Pelters And Terrorists Have No Right To Life...
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Remove Designations Like Police, HC, Journalist, A...
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Farmer Suicide Due To Bankruptcy Or Indebtedness: ...
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Every Indian Should Salute Brave Soldier Aurangzeb...
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Have A Functional National Law University Within 3...
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Cancel Licences of Drivers Using Cell Phones; Helm...
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Supreme Court To Look Into Validity Of Amended Law...
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29 Jun 2018     Views:2666
No Politics Please Over Plan To Assassinate PM Mod...
11 Jun 2018     Views:2071
Free Mentally Ill Children And Formulate Policies ...
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Landmark Ruling By Uttarakhand HC On Solitary Conf...
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Right Of Adult Couple To Live Together Without Mar...
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Why BJP Will Be Wiped Out In West UP And UP?...
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Women Governed By Muslim Personal Law Can Invoke P...
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Why Is BJP Not Creating More Benches In UP?...
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Probation Period To Count For New Civil Servants B...
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SC Women Lawyers Association Seeks Chemical Castra...
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SC Finally Steps In To Expedite POCSO Cases...
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Make BCCI A Public Body: Law Panel...
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Self-Styled Godman Asaram Awarded Life Until Death...
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People Of Karnataka Should Worship Congress...
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Delhi HC Upholds Life Term To Seven Policemen...
19 Mar 2018     Views:1622
Finance Act-2018 And Customs Act-1962 (Amendments)...
28 Feb 2018     Views:1748
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19 Feb 2018     Views:1541
Will Electoral Bonds Usher In Transparency?...
19 Feb 2018     Views:1501
How Long Will Lawyers Of West UP Keep Striking?...
19 Feb 2018     Views:1617
Finance Act 2018 and Customs Act 1962...
18 Feb 2018     Views:2085
Why Has Stone Pelting Been Legalised In Kashmir?...
12 Feb 2018     Views:1657
Shopian Firing: Major's Dad Moving SC For Quashing...
12 Feb 2018     Views:1569
Soldiers Have Every Legal Right To Kill Stone Pelt...
12 Feb 2018     Views:2948
Attack On Lawyers: Delhi HC Issues Notice To Delhi...
10 Feb 2018     Views:1544
Female Foeticide Must Be Punished Most Strictly...
10 Feb 2018     Views:1807
Soldiers Have Every Legal Right To Act In Self Def...
10 Feb 2018     Views:1546
New Consumer Protection Bill 2018 Will Entail More...
10 Feb 2018     Views:1577
CJI Brings Out A Roster To Allot Cases...
10 Feb 2018     Views:2114
Five Year Jail Term For Lalu In Third Fodder Scam ...
10 Feb 2018     Views:1643
SC Quashes All The 88 Mining Leases In Goa...
10 Feb 2018     Views:1683
Prevention Of Money Laundering Act -2002 (PMLA-20...
07 Feb 2018     Views:1693
Prevention Of Money Laundering Act-2002 Amended ...
04 Feb 2018     Views:2199
Prevention Of Money Laundering Act -2002 --U/S 45(...
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13 Jan 2018     Views:1508
Prevention Of Money Laundering Act-2002 PMLA...
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A STUDY OF CERTAIN DEDUCTIONS ON INCOME TAX RELATI...
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Enviornment protection is for saving universe...
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RIGHT TO PRIVACY AND STATUS OF SECTION 377, IPC, 1...
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RIGHT TO PRIVACY AND DIRECTION FOR MANDATORY AADHA...
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THE PARADOX OF PLEA BARGAINING...
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JOURNEY OF EVMs AMIDST CONTROVERSIES ...
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2G Scam : The 2G Scam and much more...
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