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Lawk & Key

17 April 2017

Which is the oldest pending civil and criminal case before various Indian High Courts?

The oldest pending civil case was filed in the year 1956 before the Rajasthan High Court. The oldest pending criminal case was filed in the year 1976 before the High Courts of Allahabad and Jammu & Kashmir.


24 March 2017

How are election symbols classified for elections in India ?

Governed by the Election Symbols (Reservation and Allotment) Order, 1968. Election Symbols can either be ‘reserved’ or ‘free’. Reserved symbols are those which are reserved for a recognized political party. A free symbol is a symbol which is not a reserved symbol and notified so by the ECI.

As per order dated 22.03.2017 of the ECI in Dispute Case No. 2 of 2017, the symbol of ‘Two Leaves’ a reserved symbol of AIADMK was locked for the purposes of by-election in RK Nagar constituency and the two rival factions of AIADMK were allotted a ‘free‘ symbol each.


9th March 2017

Can you guess the total number of Woman Judges of the Supreme Court since its inception on 1950?

The total number comes to six. While the first was Justice Fathima Beevi in 1989 the latest is Justice Banumathi since 2014.


18 February 2017

From where does the concept of ‘State Governor’ emerge?

The concept of the post of ‘State Governor’ has its roots in the Government of India Act, 1935. Under the said Act, the Governors of the Provinces were democratically elected by the Indian people but the ultimate control was vested with the British through appointment of the Governor of New Delhi exercising extra-ordinary powers. The same concept, with minor changes was also retained in the Constitution of India in the form of ‘Article 356’ which deals with ‘President’s Rule in the State’.


6 February 2017

Is there a mention of Union Budget in the Constitution?

Article 112 of the Constitution mentions that the Union ‘must’ present an annual Financial Statement.

There is no mention of the words ‘Union Budget’ or the ‘Railway Budget’ in the Constitution.


27 January 2017

What is an Ordinance?

Ordinances are temporary laws that are promulgated by the President of India and the Governor of the States for the Union and the states respectively. They can only be issued when the Legislature is not in session.

According to the Constitution of India,

  • The President can promulgate an Ordinance under Article 123
  • The Governor can promulgate an Ordinance under Article 213

When a conflict arises between the State Ordinance and the already existing Central law, then the Ordinance has to be approved by the President before it can be assented by the Governor of that State. This particular law is applicable only to hat concerned state.


11 January 2017

Which are the two Countries to have a ‘Dual GST’ system?
  1. Canada
  2. Brazil

In India, a similar ‘Dual GST’ system is proposed.


13 December 2016

What are the Exemptions to the Gold Seizure Norms in the proposed IT law Amendment?
  • The Jewelry/Gold purchased out of disclosed income
  • Gold purchased out of agricultural income
  • Gold from household savings
  • Gold acquired form Legal inheritance

23 November 2016

RBI allows Masala _ O _ _ for Banks. Guess this?

As you rightly unlocked, it is Masala Bond and not Masala Dosa.

What is meant by Masala Bond?

  • Bonds are instruments of debt – usually used by corporates to raise money from investors.
  • Masala bond is a term used to refer to a financial instrument through which Indian entities can raise money from overseas markets in the rupee, not foreign currency. In other words, they are rupee-denominated bonds issued to overseas buyers.
  • The term “Masala” is tagged to the term “Bond” to signify the Indian angle to it(as Spices of India are extremely popular from Ancient days).
  • Corporates, Real Estate Investment Trust and Infrastructure Investment are entitled to issue such bonds.
  • RBI vide Notification dated November 03, 2016 has permitted Indian banks to raise funds through issuance of Masala bonds

9 November 2016

Whether RBI had demonitised higher demonization currency notes previously?

Yes. Higher denomination currency notes were previously demonitised in January 1946 and January 1978. Rs. 1000 and Rs. 10,000 bank notes were in circulation prior to January 1946. Higher denomination notes of Rs. 1000, RS. 5000 and Rs. 10,000 were reintroduced in the year 1954 and all of them were demonitised in January 1978. However, Rs. 1000 note made a come-back in November 2000.


14 October 2016

Whether a Private company can issue shares in demat form?

Yes. There is no express provision in the Companies Act, 2013 or Depositories Act, 1996 for issue and transfer of shares in demat form. Only factor which need to be considered is the basic character of the Private company ( i.e. right on Restriction on transfer of shares shouldn’t be diluted pursuant to dematerialisation of shares). If the private company wants to transfer its dematerialized shares it may arrange demat connectivity from depositories like NSDL or CDSL along with a Registrar and Transfer Agent by entering into a tripartite agreement between the company, the depositories and the transfer agent.


20 September 2016

What is the status of a private company which is the subsidiary of a public company under the Companies Act, 2013?

Wherever in the 1956 Act private company is exempted, it is provided that the exemption will apply only in case of private companies which are not subsidiaries of public companies. The reason being, a private company which is a subsidiary of a public company, is throughout in the 1956 Act put in the same position as a public company. Where a private company is subsidiary of a public holding company, it is controlled by the latter, and treated as having the characteristics of the holding company itself, enjoying the same privileges and rights and subject to the same restrictions, duties and liabilities. Its interests are the interests of the holding company and its acts are the acts of the holding company. Such a company is now statutorily declared as a public company for all purposes under the 1956 Act in view of Section 3 of the 1956 Act (proviso to S.2(71) of the 2013 Act).


17 August 2016

How many times is the Copyright Law amended?

6 times. The recent amendment was in the year 2012.

What are the rights provided under the Copyright Law?

The rights provided under Copyright law include the rights of reproduction of the work, communication of the work to the public, adaptation of the work and translation of the work.

What is the duration of copyright protection under the Copyright Act, 1957?

Lifetime of the author + sixty years

Which provision under the Copyright Act,1957 deals with acts not treated as infringement of copyright?

Section 52 of the Copyright Act,1957


26 July 2016

What is the other name of GST Bill?

The GST (Goods and services tax) Bill is officially known as The Constitution (One Hundred and Seventy -Second Amendment) Bill,2014.

What is the method of levy of GST?

GST would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method.

Who proposed the dual GST module for India?

Empowered Committee

What are the two components of GST?
  • One levied by the center called as Central GST.
  • Other levied by the states called as State GST

Rates for Central GST and State GST would be prescribed appropriately, reflecting revenue considerations and acceptability. This dual GST model would be implemented through multiple statutes (one for CGST and SGST statute for every State).


4 July 2016

What is meant by Cess?

Cess is a tax on tax, levied by the Government for a specific purpose. Generally, Cess is expected to be levied till the time the Government gets enough money for that purpose.

The proceeds of the Cess shall first be credited to the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament by law in this behalf, utilise such sums of money of the Cess for such earmarked purposes. Article 270 of the Constitution of India confers power for the Union Government to impose and retain the Cess and Cess shall not distributed to the State Governments.

What are all the different Cesses levied as Service Tax in India?
  • Swachh Bharat Cess
  • Krishi Kalyan Tax
What is meant by Krishi Kalyan Cess?

Krishi kalyan Cess is a Cess which shall be levied and collected in accordance with the provision of Chapter VI of the Finance Act, 2015. It shall be levied as Service Tax on all Taxable Services at the rate of 0.5% of the value of Taxable Services.

 

The proceeds of Krishi Kalyan Cess would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. The Cess has come into force with effect from 1st June 2016.

What is meant by Swacch Bharat Cess?

Swacch Bharat Cess is a Cess which shall be levied and collected in accordance with the provision of Chapter VI of the Finance Act, 2015. It shall be levied as Service Tax on all Taxable Services at the rate of 0.5% of the value of Taxable Services.

The proceeds of Swacch Bharat Cess would be exclusively used for financing and promoting Swachh Bharat initiatives. The Cess has come into force with effect from 15th November 2015.


13 June 2016

Name the judgements which paved way for constitution of the National Company Law Tribunal (NLCT)?
  1. Union of India vs. R.Gandhi
  2. Madras Bar Association v. Union of India

 

Which Government will control NCLT?

Central Government – Ministry of Corporate Affairs

What are the matters currently exercised by the High Courts to be transferred to the NCLT?
  1. Winding up
  2. Reduction of Capital
  3. Compromise and Arrangement (including Mergers and Amalgamations)

 

Is NCLT the first Company Law Tribunal in India?

No. Company law Board is the first company law tribunal which was formed in the year 1991. It has been dissolved from 1st of June 2016.


13 May 2016

What is the minimum age for becoming a candidate for Lok Sabha or Assembly election?

Twenty-Five Years

Article 84 (b) of Constitution of India provides that the minimum age for becoming a candidate for Lok Sabha election shall be 25 years. Similar provision exists for a candidate to the Legislative Assemblies vide Article 173 (b) of the Constitution read with Sec. 36 (2) of the R. P. Act, 1950.

Can a non-citizen be a candidate?

No

A non-citizen cannot be a contesting candidate in the elections. Article 84 (a) of the Constitution of India envisages that a person shall not be qualified to be chosen to fill up a seat in the Parliament unless he is a citizen of India. Similar provision exists for State Legislative Assemblies in Article 173 (a) of the Constitution.

What is EVM?

Electronic voting machines (EVM) are being used in Indian general and state elections to implement electronic voting in part from 1999 elections and in total since 2004 elections. The EVMs reduce the time in both casting a vote and declaring the results compared to the old paper ballot system.

What has been the maximum number of candidates in any constituency in India at any election so far?

In Modakurichi Assembly Constituency of Tamil Nadu there were 1033 contesting candidates during the general election to Tamil Nadu Legislative Assembly in 1996. The ballot papers were in the form of a booklet.


25 April 2016

What is meant by a Bill?

A Bill is the draft of a legislature proposal. It becomes an Act after it is passed by both Houses of Parliament and assented by the President.

What are the different classifications of Bill?

Bills are classified on the basis of their contents.

  • Original Bills – Bills containing new proposals, ideas or policies.
  • Amending Bills – Bills that modify, amend or revise the existing Acts.
  • Consolidating Bills – Bills that dwell upon consolidating existing laws on a particular subject.
  • Expiring laws(Continuance)Bills – Bills to continue an expiring Act.
  • Repealing Bills – Bills seeking to revoke existing Acts.
  • Bills to replace Ordinances.
  • Constitution (Amendment) Bills.
  • Money and Financial Bills.
When is a Bill regarded as a ‘Money Bill’?

A Bill shall be regarded as a ‘Money Bill’ only if it contains provisions related to the following matters:

  • Taxes;
  • Financial issues related to the Government of India;
  • The Management of funds from the Consolidated Fund or the Contingency Fund of India.

 

Which Bill can be introduced only in the Lok Sabha?

A Money Bill can be introduced only in the Lok Sabha. The speaker of the Lok Sabha has the sole power of deciding whether a Bill is a Money Bill. A Bill other than Money Bill or Financial Bills, may be introduced in either House of Parliament.

 


7 April 2016

Which state in India has a separate Flag, Constitution and a Republic day?
  • Jammu and Kashmir is the only state in India which enjoys special autonomy under Article 370 of the Constitution of India.
  • It is the only Indian state to have its own official state flag along with national flag and constitution. Flag was designed by the then ruling National Conference, the flag of Jammu and Kashmir features a plough on a red background symbolising labour; it replaced the Maharaja’s state flag.
  • The three stripes represent the three distinct administrative divisions of the state, namely Jammu, Valley of Kashmir, and Ladakh.
  • Republic day of the Jammu & Kashmir is celebrated on 17th November 2016.
There is only one law in India, which is handwritten, Name it.

Constitution of India

  • Constitution of India is neither typed nor printed. It was handwritten and calligraphed both in English and Hindi.
  • The original copies are kept safely inside helium-filled cases in the library of the Parliament of India.
  • It is hand-written with beautiful calligraphy by Prem Behari Narain Raizada and each page beautified and decorated by artists from Shantiniketan including Beohar Rammanohar Sinha and Nandalal Bose.
Who is the father of Company law?

Robert Lowe

  • He was Secretary to the Board of Control and Vice-President of the Board of Trade in England.
  • During his time, the Joint Stock Companies Act 1856 passed – the first nationwide codification of company law in the world.
Name a Mercantile law which has more illustrations than Sections

Indian Contract Act, 1872. For 190 Sections, 239 Illustrations are given

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