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smu bba assignment help of BBA301 Q1. Discuss the major commercial and corporate laws prevailing in India.

AnswerLaws Applicable to Business in India
1) Commercial laws
The Indian Contract Act, 1872: The Indian Contract Act, 1872 lays down the general principles relating to formation, performance and enforce ability of contracts and the rules relating to certain special types of contracts like Indemnity and Guarantee; Bailment and Pledge as well
as Agency.
Sales of Goods Act, 1930: This Act governs all aspects of sale and purchase of goods. A sale is a specialised form of contract.
Indian Partnership Act, 1932: Partnership is the relationship between two or more persons who agree to enter into business together with mutual assent.
Indian Negotiable Instruments Act, 1881: A negotiable instrument is a document that guarantees the payment of a specific amount of money as per the stipulations contained in the document. This Act deals with the following three instruments recognised in India:
i) Promissory note   ii) Bill of exchange   iii) Cheques and Demand Drafts
Industries (Development and Regulation) Act, 1951 (IDRA): This Act empowers the government to take necessary steps and actions for the development of industries, to regulate the pattern and direction of industrial development.
The Consumer Protection Act, 1986: It was amended in 1989 and since then has been amended five times to keep pace with the changing times and increased awareness about consumer rights.
Competition Act, 2002: This Act provides for a modern framework of protection against unfair competition. The Act replaced the Monopolies and Restrictive Trade Practices (MRTP) Act of 1969.
2) Corporate laws
The Companies Act, 1956: It lays down the provisions relating to the formation of a company, powers, roles and responsibilities of the directors and managers, raising of capital, holding company meetings, maintenance and audit of companyaccounts.
Foreign Exchange and Management Act, 1999 (FEMA) is a successor to the Foreign Exchange Regulation Act, 1973 (FERA). FEMA was enacted to consolidate and amend the already existing law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting of foreign exchange market in India.
The Foreign Trade (Development and Regulation) Act, 1992 and the EXIM Policy: Imports and exports are the two important components of a foreign trade. 'Imports' imply the physical legal movement of goods into one country from another while 'exports' imply the physical movement of goods out of a country in a legal manner. 

1 comment:

  1. Students from all over the country are concerned in pursuing management education, and for them, there are plenty of seats in the large number of MBA colleges in India. Top MBA schools in Mumbai are at hand in approximately all the states, with some of them being quite famous.


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