A sound banking system should possess three basic characteristics to protect depositor’s interest and public faith namely a fraud free culture, a time tested Best Practice Code, and an in house immediate grievance remedial system. The financial sector, including Banking, Insurance and Stock Market is more prone to frauds. RBI has laid down policy norms on “Fraud- Classification and Reporting”. RBI issues the master circular on frauds after making revisions on old circular.
Last Updated ( Friday, 30 October 2009 11:56 )
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When we enumerate the powers of Karta, the real importance of his legal position comes into clear relief. His powers are vast and limitations are few. The ambit of his powers can be considered under two heads: - (a) power of alienation of joint family property, (b) other powers. In the former case, his powers are limited since a Karta can alienate in exceptional cases. In the latter case his powers are large, almost absolute. First we will discuss the other powers.
Last Updated ( Thursday, 08 October 2009 13:00 )
Read more...The Supreme Court of India has asked the Government of India to immediately set up a body of eminent scientists asking it to undertake scientific research in the field of distillation of sea water into potable water on a war footing in order to resolve the problem of water shortage in the country. ”This body of scientists should be given the financial, technical and administrative help by the central and state governments for this purpose”.
Reinstating a primary school teacher who was in danger of losing her job, the Supreme Court has affirmed that the law is not merciless. “’The law is merciless’ is a most frequently quoted saying. We have become used to the understanding that such emotions as indignation, sorrow and compassion should not exist in legal cases, especially not in judiciary. This, in our view, is a misunderstanding,” said a bench of Justice Tarun Chatterjee while reinstating primary school teacher D.M. Premkumari.
India is the largest democracy in the world, with its consistent growth and performance and abundant skilled manpower provides enormous opportunities for investment, both domestic and foreign. Major initiatives such as industrial decontrol, simplification of investment procedures, enactment of competition law, liberalization of trade policy, full commitment to safe guarding intellectual property rights, financial sector reforms, liberalization of exchange regulation etc., have been taken, which ...
Surrogate advertising is when an advertisement has the logo or brand of another company advertised within it. An example would be a product that shows in the commercial retailer outlets that offer their product in stores. For Example: The Health Minister had challenged the name of the Bangalore Indian Premier League (IPL) cricket team, “Royal Challengers”, which was such an obvious and blatant form of surrogate advertising for liquor brand “Royal Challenge”.
Last Updated ( Thursday, 27 August 2009 16:02 )
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Anti-money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. Anti-money laundering guidelines came into prominence globally after the September 11, 2001 attacks and the subsequent enactment of the USA PATRIOT Act. It was Britain’s The Guardian newspaper that coined the term, referring to the process as “laundering.” As financ...
Last Updated ( Friday, 21 August 2009 15:50 )
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Land Acquisition can be referred to as the acquisition of land by the State. Land is a finite factor of production and the state has the responsibility and the right to make optimal use of this factor. This power of eminent domain of the state exists universally; recognizing that public purpose may occasionally take precedence over individual rights. The concept of eminent domain speaks about the inherent power of the state to seize a citizen’s private property or rights in property with due mon...
Historical Background
India was a country with a very rigid caste based hierarchal structure where the higher casts enjoyed most of the benefits while the lower casts were looked down upon by the higher casts. The majority of the population was backward socially, economically, educationally, and politically. The backward classes were classified as the Scheduled castes (SC), Scheduled tribes (ST), and other backward classes. Reservation, in India, is a type of affirmative action that tries to allo...
