How to Prepare CS Executive Economic Commercial Laws

How to Prepare CS Executive Economic Commercial Laws

How to Prepare CS Executive Economic Commercial Laws : Orientation  to  Paper

India has made considerable economic progress since its Independence. Over the years, the various policy initiatives and economic reforms in India have made India one of the fastest growing economies in the world today. The emerging economic environment involving rapid technology changes, response in terms of change in methods, trade and services, globalisation of economy, liberalisation of trade and industry and emphasis on international competitiveness and bringing the existing laws in tune with the future market needs, the Government has also initiated legislative reforms in the area of economic and commercial laws. The Government enacted Foreign Exchange Management Act, The Competition Act, 2002 replacing the MRTP Act and amended the Consumer Protection Act in the year 2002. The Legal Metrology Act, 2009 replacing Standards of Weights and Measures Act, 1976 and Foreign Contribution (Regulation) Act, 2010 replacing Foreign Contribution (Regulation) Act, 1976.

In the area of Intellectual property, the Government has enacted Trade Marks Act and Designs Act, and amended the Patents Act and the Copyright Act. In this regard the Government has further amended the Patents Act in 2005 and Copyright Act in 2012. The Foreign Trade Policy 2009-14 has also been announced in line with the reform agenda and amended from time to time. Further, the Prevention of Money Laundering Act to deal with new categories of economic offences, has also been made effective w.e.f. 1st July, 2005 and amended in 2009 and 2012. Similarly, in the area of Environment Laws, the process of reforms is going on and Parliament enacted National Green Tribunal Act, 2010.

In the light of above developments, ICSI has incorporated this subject to provide an understanding of certain economic and commercial legislations which have direct bearing on the functioning of companies. Syllabus has been divided into two parts consisting of fifteen study lessons. Part A consists of Study Lessons I to IX, whereas Part B consists of Study Lessons X to XV.

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How to Prepare CS Executive Economic Commercial Laws : Syllabus Coverage

At the CS Executive level, Paper-3 deals with Economic and Commercial Laws, where the level of knowledge prescribed is that of ‘Advanced knowledge.’ The paper consists of two sections: 

Section & Level of Knowledge Marks & Objective
Part A

AdvancedKnowledge

Part B

Working Konwledge

70 Marks

To be able to analyze and apply various provisions of the various Acts in practical situations

30 Marks

To develop ability to analyze the requirements of laws stated in the Chapters

In brief, the students are expected to have not only analyzing skills but also application skills in Part A, while in Part B they are expected to have the analyzing skills (an overview of various laws) stated in the syllabus. Accordingly, preparation strategy deserves care, concern and caution.

How to Prepare CS Executive Economic Commercial Laws : Suggestive Approach to Study

‘Study Material’ of ‘Economic and Commercial Laws’ has been developed to explain different concepts of various laws relating to day to day life of a CS . The students are suggested to go through the ‘Study Material’ and conceptualize the topics given in the ‘Syllabus’ and understand depth of knowledge required for achieving success in the examination. In ‘             Economic and Commercial Law’ examination, emphasis is on testing comprehension, self expression and ability to apply knowledge in divergent situations. Success in examinations considerably depends on style of preparation which can be achieved thorough practice, vision and objectivity. Before appearing for the examination, students need to make a comprehensive study plan. Study plan should be developed by keeping adequate time margin for study revision. Students must envisage the whole exercise of preparation before starting the actual work. The time span available till examination may be broken into four stages i.e.

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How to Prepare CS Executive Economic Commercial Laws
  1. Initial Planning  Stage
  2. In-Depth Study Stage

 

Students should go through the ‘Study Material’ for conceptual clarity & understanding and while doing so they should never hesitate to refer some good books so that no doubt can creep into their mind. Make necessary notes for peculiar topics and important key terms whenever come across. After grasping all the concepts and provisions; the next step is application of these concepts and problems in solving different varieties of problems from Scanners .

  1. Revision Stage and
  2. Examination Stage

 

In these two stages students have to concentrate on work done to improve their confidence. Students are advised to solve the question given in the ‘ Test Papers ‘ independently without referring to the answer first. To make confidence, pressure tolerant practice under examination condition will definitely help to manage time and answer framing. Take part in ‘Mock Tests’ arranged by the coaching classes. Solving ‘Mock Test’ papers under examination condition is a good idea. Continuous practice under examination condition (Mock Test) will help students to approach examination with greater degree of confidence.

How to Prepare CS Executive Economic Commercial Laws : How to Study ?

In this paper, students should be able to pinpoint the legal point or issue involved in any statement of a problem or issue and synchronize with the relevant legal provisions clearly and in a logical manner. Secretarial Practice relating to Laws should also be given due weightage for study purposes. Students have to be always alert in updating their knowledge of current developments, recent amendments in relevant laws and recent legal decisions by regularly consulting journal like Chartered Secretary. CS Executive course students have to be thoroughly knowledgeable of important guidelines, leading judgements, notifications etc. Amendments if any taking place in any law should be applicable for the examination provided it is six months prior to the examination and if any Bill has become an Act, they should see that whether the sections in the said Act/Amendment has been notified or not.

Avoid selective reading of chapters, as the question paper contains compulsory questions with coverage on all the chapters. Changes by way of important amendments and having a wider ramification and consequential impact on other Acts as well effect of other provisions within the law should be more specifically read and understood. Give thoughts to your analysis in the form of various practical issues and situations and how you would as an Expert by giving advice on the said matter. A scan through the previous year’s examination papers will give an idea as how the questions are framed so that preparation can be synchronized in that direction.

While reading study material you will come across different practical problems which you may note down separately. This will enable you to consolidate your reading with practical analysis in an easier and time-bound manner. Cross check your answers to the problems with the logical analysis of the sections and draw your conclusions accordingly. Writing generalized answers should be avoided as it reflects your low preparation in the subject. Prioritize your chapter reading based on time for consumption and weightage given in terms of marks. In nut shell you have to prepare a Balanced Score card in the subject for yourselves so that you emerge as a winner.

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Bare Acts

They are the life blood to law and it is very much essential to have relevant Bare Acts while reading the study material. While reading Bare Acts, you may test yourself side-by-side as to which of the subject-matter is dealt by what section.

Sections and Case Laws

It is desirable to support answers with relevant sections and leading case laws on the matter wherever necessary. Extra efforts are to be made in this direction. If by any chance, students do not remember the Section numbers and Case Law while answering any question in the examination paper on the subject, they may not lose heart on this score. They may otherwise strengthen their answer by appropriate reasoning and examples. However, they may desist from citing wrong Section numbers or irrelevant Case laws.

Language

This is an important area of concern and advice for the students. A common feedback from the Examiners was that students are generally weak in the English Language though they are thorough in the subject. As a result, the presentation of answers does not give a brand image as of a candidate at the Final Level. This problem among many of the candidates can be overcome only by way of writing practice and also undertaking self-examination.

Major topics to be focussed

ICSI study material of Economic and Commercial Laws is divided into 15 chapters. Students may focus on the following chapter wise Guidance from the examination perspective:

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How to Prepare CS Executive Economic Commercial Laws : Chapter Specific Guidance

How to Prepare CS Executive Economic Commercial Laws : Lesson 1 FOREIGN EXCHANGE MANAGEMENT Section I
The management of foreign exchange is very important in the present day business. This lesson deals with how FEMA facilitates external trade and payments and promotes the orderly development and maintenance of foreign exchange market. The Act has assigned an important role to the Reserve Bank of India (RBI) in the administration of FEMA. The rules, regulations and norms pertaining to several sections of the Act are laid down by the Reserve Bank of India, in consultation with the Central Government.
How to Prepare CS Executive Economic Commercial Laws :FOREIGN EXCHANGE MANAGEMENT [FOREIGN CONTRIBUTION (REGULATION) ACT, 2010] Section II

The object of the Foreign Contribution (Regulation) Act, 2010 is to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest and for matters connected therewith or incidental thereto.

The Act mandates that every bank or authorized person in foreign exchange shall report to specified authority, the prescribed amount of foreign remittance, source and manner in which foreign remittance was received and other particulars in such form and manner as may be prescribed. The object of the study is to familiarize the students with the legal requirements stipulated under the FCRA, 2010.

How to Prepare CS Executive Economic Commercial Laws : Lesson 2 FOREIGN TRADE POLICY AND PROCEDURE Section I
With a view to make India a major player in world trade, the Government has taken an all encompassing, comprehensive view for the overall development of the country’s foreign trade. Economic reforms and globalisation of the Indian economy has been the guiding factor in formulating the trade policies. In India, the main legislation concerning foreign trade is the Foreign Trade (Development and Regulation) Act, 1992. The Act provides for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from, India and for matters connected therewith or incidental thereto.

In exercise of the powers conferred by the Foreign Trade (Development and Regulation) Act, 1992, Central Government notifies trade policy on a regular basis with certain underlined objectives. The trade policies were based on the objectives of self-reliance and self-sufficiency and driven by factors like export led growth, improving efficiency and competitiveness of the Indian industries, etc. In the overall context of development perspective, the Government has adopted Foreign Trade Policy as an integrated approach to the developmental requirements of India’s foreign trade. This section deals with Foreign Trade Policy 2009- 2014 incorporating provisions relating to export and import of goods and services.

How to Prepare CS Executive Economic Commercial Laws : FOREIGN TRADE POLICY AND PROCEDURE (SPECIAL ECONOMIC ZONES ACT, 2005) Section II

The Government of India had announced a Special Economic Zone scheme in April, 2000 with a view to provide an internationally competitive environment for exports. To instil confidence in investors and signal the Government’s commitment to a stable SEZ policy regime and with a view to impart stability to the SEZ regime thereby generating greater economic activity and employment through the establishment of SEZs, the Special Economic Zones Act, 2005, was passed by Parliament in 2005. This section deals with how Special Economic Zones Act provides single window approval mechanism, establishment of Authority, Off-Shore Banking Units and Special Court for Special Economic Zones.
How to Prepare CS Executive Economic Commercial Laws : Lesson 3 COMPETITION AND CONSUMER PROTECTION (THE COMPETITION ACT, 2002) Section I
This section deals with the Competition Act, 2002 covers anti-competitive agreements, abuse of dominance, Combination, competition Advocacy, Competition Commission of India, Competition Appellate Tribunal and Role of professional under Competition Act, 2002. The Competition Act also covers all commercial activities of Government-related bodies except sovereign functions of the Government.

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How to Prepare CS Executive Economic Commercial Laws : CONSUMER PROTECTION – LAW AND PRACTISE Section II
Every individual is a consumer, regardless of occupation, age, gender, community, cast, creed, religion or race. Consumer rights and welfare are an integral part of the life of an individual and we all have made use of them at some or the other point in our daily routine. Consumer is the real deciding factor for all economic activities. It is now universally accepted that the extent of consumer protection is a true indicator of the level of progress in a nation. Taking into account the interests and needs of consumers in all countries, particularly those in developing countries, recognizing that consumers often face imbalances in economic terms, educational level and bargaining power,

and bearing in mind that consumer should have the right of access to non-hazardous products, as well as importance of promoting just, equitable and sustainable economic and social development, the Secretary General, United Nations submitted draft guidelines for consumer protection to the Economic and Social Council in 1983. Thereupon on an extensive discussions and negotiations among various countries on the scope and content of such impending legislation certain guidelines were arrived at. In line with the international development on consumer protection, the Parliament enacted Consumer Protection Act, 1986 provides a forum for speedy and simple redressal of consumer disputes. The rights under the consumer protection flow from the rights enshrined in Articles 14 to 19 of the Constitution of India.

How to Prepare CS Executive Economic Commercial Laws : Lesson 4 INTELLECTUAL PROPERTY RIGHTS Section I

The objective of the study is to familiarize the students with the Concept and Development of Intellectual Property Law in India and International Organisation on Intellectual Property Right and International Arrangements dealing with IPR issues.

How to Prepare CS Executive Economic Commercial Laws : INTELLECTUAL PROPERTY RIGHTS (THE PATENTS ACT, 1970) Section II

This section covers legal aspects of Patents and how the Patents Act is a modern, harmonised and userfriendly legislation to adequately protect national and public interests while simultaneously meeting India’s international obligations.

How to Prepare CS Executive Economic Commercial Laws : INTELLECTUAL PROPERTY RIGHTS (TRADE MARKS ACT, 1999) Section III

A Trade Mark distinguishes the goods of one manufacturer or trader from similar goods of others and therefore, it seeks to protect the interest of the consumer as well as the trader. A trade mark may consist of a device depicting the picture of animals, human beings etc., words, letters, numerals, signatures or any combination thereof. Since a trade mark indicates relationship in the course of trade, between trader and goods, it serves as a useful medium of advertisement for the goods and their quality.

The current law of Trade Marks contained in the Trade Marks Act, 1999 is in harmony with two major international treaties on the subject, namely The Paris Convention for Protection of Industrial Property and TRIPS Agreement to both of which India is a signatory. The Trade Marks Act, 1999 and the Trade Marks Rules, 2002 govern the law relating to Trade Marks in India. Object of trademark law is to permit an enterprise by registering its trademark to obtain an exclusive right to use, share, or assign a mark. Closely related to trademarks are service marks which distinguish the services of an enterprise from the services of other enterprise. Therefore, students should be well versed in The Trade Marks Act, 1999 and Rules made thereunder.

How to Prepare CS Executive Economic Commercial Laws : INTELLECTUAL PROPERTY RIGHTS (COPYRIGHT LAW AND ENFORCEMENT) Section IV

The copyright law, however, protects only the form of expression of ideas themselves. The creativity protected by copyright law is creativity in the choice and arrangement of words, musical notes, colours, shapes and so on. In India, the law relating to copyright is contained in Copyright Act 1957, which was last amended in the year 2012. This section covers legal aspects of copyright protection, their assignments, protection from infringements, moral right of author and statutory exceptions under Copyright Act, 1957. The objective of the study is to familiarize the students with the legal requirements stipulated under the Act.

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How to Prepare CS Executive Economic Commercial Laws : INTELLECTUAL PROPERTY RIGHTS [GEOGRAPHICAL INDICATION OF GOODS (REGISTRATION AND PROTECTION) ACT, 1999] Section V
Geographical Indications of Goods are that aspect of industrial property which refers to a country or to a place situated therein as being the country or place of origin of that product. Typically, such a name conveys an assurance of quality and distinctiveness which is essentially attributable to the fact of its origin in that defined geographical locality, region or country. The objective of the study is to thoroughly acclimatize the students with the law relating to Geographical Indication.
How to Prepare CS Executive Economic Commercial Laws : Lesson 6 LAW RELATING TO TRANSFER OF PROPERTY
Article 17 of Universal Declaration on Human Rights provides that everyone has the right to own property alone as well as in association with others and no one shall be arbitrarily deprived of his property. As per Article 300A of Constitution of India, persons not to be deprived of property save by authority of law. Property has, always, been on the fundamental elements of socio economic life of an individual.

Transfer of Property means an act by which a living person conveys property in present, or in future, to one or more other living persons, or to himself and one or more other living persons and “to transfer property” is to perform such an act. Consequently, the law relating to transfer of property is not only an important branch of civil law but also one that demands proper elucidation due to its complexity. Therefore, students should be well versed in this subject so as to understand the intricacies involved in the transfer of property.

How to Prepare CS Executive Economic Commercial Laws : Lesson 7 LAW RELATING TO STAMPS
In our country, documents are often executed without proper legal advice and lawyers are faced with a difficult situation when they find that the document to be put in the court is not properly stamped. Sometimes people are unduly taxed by overzealous officers. Therefore, it is essential for the students to be familiar with the law relating to stamp duties.

How to Prepare CS Executive Economic Commercial Laws : Lesson 8 LAW RELATING TO CONTRACT

A contract is an agreement enforceable at law, made between two or more persons, by which rights are acquired by one or more to acts or forbearances on the part of the other or others. A contract is an agreement creating and defining obligations between the parties. The Indian Contract Act, 1872 regulates all the transactions of a company. It lays down the general principles relating to the formation and enforceability of contracts; rules governing the provisions of an agreement and offer; the various types of contracts including those of indemnity and guarantee, bailment and pledge and agency.

It also contains provisions pertaining to breach of a contract. The Law of Contract constitutes the most important branch of Mercantile or Commercial Law. It affects everybody, more so, trade, commerce and industry. It may be said that the contract is the foundation of the civilized world. Therefore, it is essential for the students to be familiar with the law relating to Contract.

How to Prepare CS Executive Economic Commercial Laws : Lesson 9 PREVENTION OF MONEY LAUNDERING

The problem of money-laundering is no longer restricted to the geo political boundaries of any country. It is a global menace that cannot be contained by any nation alone. In view of this, India has become a member of the Financial Action Task Force and Asia Pacific Group on money-laundering, which are committed to the effective implementation and enforcement of internationally accepted standards against money-laundering and the financing of terrorism. The Prevention of Money-laundering Act, 2002 addresses the international obligations under the Political Declaration and Global Programme of Action adopted by the General Assembly of the United Nations to prevent money laundering. The Act was amended in the year 2005, 2009 and 2012 to remove the difficulties arisen in implementation of the Act. Therefore, it is essential for the students to be familiar with the law relating to Prevention of Moneylaundering Act, 2002

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How to Prepare CS Executive Economic Commercial Laws : Lesson 10 LAW RELATING TO ESSENTIAL COMMODITIES, WEIGHTS AND MEASURES (ESSENTIAL COMMODITIES ACT, 1955) Section I
The Essential Commodities Act, 1955 was enacted to ensure easy availability of essential commodities to the consumers and to protect them from exploitation by unscrupulous traders. The Act provides for regulation and control of production, distribution and pricing of commodities, which are declared as essential for maintaining or increasing supplies or for securing their equitable distribution and availability at fair prices’. The Essential Commodities Act is being implemented by the State Governments/UT Administrations by availing of the delegated powers under the Act.

The State Governments/ UT Administrations have issued various Control Orders for regulation, production and distribution of Essential Commodities such as food grains, edible oils, pulses kerosene, sugar etc. The Central Government regularly monitors the action taken by State Governments/UT Administrations to implement the provisions of the Essential Commodities Act, 1955. The items declared as essential commodities under the Essential Commodities Act, 1955 are reviewed from time to time in the light of liberalized economic policies in consultation with the Ministries/Departments administering the essential commodities and particularly with regard to their production, demand, and supply.

How to Prepare CS Executive Economic Commercial Laws : LAW RELATING TO ESSENTIAL COMODITIES, WEIGHTS AND MEASURES (THE LEGAL METEROLOGY ACT, 2009) Section II
The essence of these words show the importance of weights and measures. In fact, the influence and impact of the system of weights and measures for trade use is as pervasive as ever. Weights and measures embrace every aspect of modern living. It is therefore critical for any country to have an accurate system of weights and measures. Such a system is indispensable in facilitating trade – as it fosters certainty, trust and confidence in all transactions involving weights and measures. It underpins fair trade and competition, and promotes efficiency, and in so doing, helps economy to grow. Metrology studies many types of measurements.

It studies not only length but also such measurements as weight and time. Each and every one of these elements can be studied in various manners as well. In metrology, there are set standards that are set for measurement qualities to determine what the typical measurement is. In many cases, they also have a well thought out plan as to how much of a degree of error there is as well in each measurement. There are various answers to questions about metrology because, in many cases, each theory can be right. Metrology goes back thousands of years to early civilization and was present well before the aspects of science as well. The branch of knowledge concerning weights and measures is technically known as legal metrology. In basic form, metrology is the science of measurement.

How to Prepare CS Executive Economic Commercial Laws : Lesson 11 LAW RELATING TO SOCIETIES

 The concept of societies is not new to India. In ancient period, societies were the breeding ground for like-minded intellectuals to discuss important developments in the fields of arts, sciences, or for recreational purposes. In India, societies existed in the form of religious or charitable conventions dispensing relief to the needy. Generally a need is felt to set up an institution of noncommercial nature for promotion of numerous charitable activities like education, art, religion, culture, music, social welfare, sports etc.

Associations, clubs or societies are formed to help these purposes as they work on non-profit basis. To legalise such organisations, the Societies Registration Act, 1860 was enacted. The Societies Registration Act, 1860 is a pre-independence era legislation that envisaged the incorporation, management and dissolution of societies incorporated under the said Act. For identical purposes, a non-profit association can be registered under Section 25 of the Companies Act, 1956. However, the registration, operation and management of an association registered under the Societies Registration Act, 1860 is easier and simpler comparatively. Therefore, it is essential for the students to be familiar with the law relating to Society.

How to Prepare CS Executive Economic Commercial Laws : Lesson 12 LAW RELATING TO TRUST

The concept of ‘trust’ relates to the ancient times. When the properties were dedicated for charitable, pious, religious, social welfare, educational, medical purposes. The Trust laws came to India via English Trust law which stipulates dual ownership of trust property i.e. legal title vests with the trustee while equitable title vests with the beneficiary. On this basis, Indian Trusts Act 1882 was enacted. The Indian Trusts Act, 1882 codifies the law relating to private trusts and private trustees under different subject heads which include Creation of trusts; Duties and liabilities of trustees; Their rights and powers; Their disabilities; The rights and liabilities of the beneficiary; Vacating the office of trustee; The extinction of trusts and; Certain obligations in the nature of trusts.

Hindu charitable or religious trusts are mainly governed by the provisions of Hindu Laws which have been passed by several States under Article 25 (2) of the Constitution of India, like, The Bombay Public Trust Act, 1950, Rajasthan Public Trust Act, 1959, Madras Hindu Religious and Charitable Endowment Act, 1959 etc. The Wakf Act 1995 regulates muslim Wakfs for public benefit. There are also several States laws for regulating the proper administration of Wakfs in India. There are other trust laws like, Sikh Gurdwara Act, 1925 governing Sikh Gurdwaras. In this lesson, all issues relating to formation, types and other matters relating to trusts are discussed.

How to Prepare CS Executive Economic Commercial Laws : Lesson 13 INDUSTRIES DEVELOPMENT AND REGULATION Section I
 The main objectives of the Act is to empower the Government to take necessary steps for the development of industries; to regulate the pattern and direction of industrial development; to control the activities, performance of industrial undertakings in the public interest. Therefore, it is essential for the students to be familiar with the law relating to enacting Industries (Development and Regulation) Act, 1951.

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How to Prepare CS Executive Economic Commercial Laws : THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 Section II

The role of Micro, Small and Medium Enterprises (MSMEs) in the economic and social development of the country is well established. In most of the developing countries like India, MSMEs play a vital role for growth of Indian economy. They play an important role in employment creation, resource utilization and income generation. The MSMEs sector is nursery of entrepreneurship, often driven by individual creativity and innovation.

In India the Micro, Small and Medium Enterprises Development Act, 2006 is the main legislation governing MSMEs. With the enactment of MSMED Act, 2006, the concept and classification of enterprises on the basis of investment were introduced.

The Company Secretaries play an important role in educating the promoters and management of the MSMEs and also perform the functions like counselling of MSMEs for the rights and benefits available to them; advisory role in formation, registration, taxation and foreign direct investment; assistance in compliance with the technicalities laid down by the MSMED Act, 2006 itself like classification of industries, registration under the Act, procedure of filing of Entrepreneurs Memorandum and disclosure requirements.

Therefore, students should be well versed in this subject so as to understand the intricacies involved in the MSMEs.

How to Prepare CS Executive Economic Commercial Laws : Lesson 14 LAW RELATING TO POLLUTION CONTROL AND ENVIRONMENTAL PROTECTION Section I

In India, as in other developing countries, the environmental problems are not confined to side affects of industrialisation but reflect the inadequacy of resources to provide infrastructural facilities to prevent industrial pollution. Other peculiar problems like population, illiteracy and unemployment obviously also pose questions regarding provisions of food, water, shelter and sanitation.

Governments National Conservation Strategy and the Policy Statement on Environment and Development is in response to the need for laying down the guidelines to help weave environmental considerations into the fabric of national life and development process. It is an expression of government’s commitment for reorienting and action in unison with the environment perspective. Therefore, it is essential for the students to be familiar with the law relating to Environment Protection.

How to Prepare CS Executive Economic Commercial Laws : PUBLIC LIABILITY INSURANCE ACT, 1991 Section II

The growth of hazardous industries, processes and operations in India has been accompanied by growing risks of accidents, not only to the workmen of such undertakings, but also members of the public in the vicinity. Whereas the workers are generally protected under the Workmen’s Compensation Act and the Employees’ State Insurance Act, members of the public who may be victims are not assured of any relief except through long-drawn legal processes. Considering that majority of the affected people belong to weaker sections of the society, and very limited resources available with them to go through legal proceedings, this Act provides for Mandatory Public Liability Insurance to be taken by companies for installations handling any hazardous substance notified under the Environment Protection Act.

Therefore, under Public Liability Insurance Act, 1991 every owner, before starting handling any hazardous substance, have to take out one or more policies to cover the liability of providing immediate relief on a specified scale to any person who suffers injury or damages to property or, in the event of death, to the legal heirs of the deceased. In this lesson, all issues relating to handling hazardous substance, liability to provide relief, compulsory insurance and other matters relating to Public Liability are discussed.

How to Prepare CS Executive Economic Commercial Laws : THE NATIONAL GREEN TRIBUNAL ACT, 2010 Section III

The rapid expansion in industrial, infrastructure and transportation sectors and increasing urbanisation in recent years have given rise to new pressures on our natural resources and environment. There is a commensurate increase in environment related litigation pending in various courts and other authorities. The risk to human health and environment arising out of hazardous activities has also become a matter of concern.

Taking into account the large number of environmental cases pending in higher courts. A need was felt to establish a specialised Tribunal to handle the multidisciplinary issues involved in environmental cases. Accordingly, Parliament enacted a law to provide for the establishment of the National Green Tribunal for effective and expeditious disposal of civil cases relating to environmental protection and conservation of forests and other natural resources including enforcement of any legal right relating to environment.

National Green Tribunal is a specialized body equipped with the necessary expertise to handle environmental disputes involving multidisciplinary issues. The Tribunal shall not be bound by the procedure laid down under the Code of Civil Procedure, 1908, but shall be guided by principles of natural justice. The Tribunal’s dedicated jurisdiction in environmental matters shall provide speedy environmental justice and help reduce the burden of litigation in the higher Courts. Therefore, it is essential for the students to be familiar with National Green Tribunal Act, 2010.

How to Prepare CS Executive Economic Commercial Laws : PREVENTION AND CONTROL OF AIR POLLUTION Section IV

The United Nations Conference on the Human Environment met at Stockholm from 5 to 16 June 1972, considered the need for a common outlook and for common principles to inspire and guide the peoples of the world in the preservation and enhancement of the human environment, Proclaims that the protection and improvement of the human environment is a major issue which affects the wellbeing of peoples and economic development throughout the world; it is the urgent desire of the peoples of the whole world and the duty of all Governments.

The air pollution and the resultant air quality can be attributed to emissions from transportation, industrial and domestic activities. The air quality has been, therefore, an issue of social concern in the backdrop of various developmental activities. The norms for ambient air quality and various industry specific emissions standards are notified from time to time by Government. For control of air pollution, Parliament enacted Air (Prevention and Control of Pollution) Act, 1981.

How to Prepare CS Executive Economic Commercial Laws : PREVENTION AND CONTROL OF WATER POLLUTION Section V

The United Nations Conference on the Human Environment which took place at Stockholm in 1972 proclaims that man has constantly to sum up experience and go on discovering, inventing, creating and advancing. In our time, man’s capability to transform his surroundings, if used wisely, can bring to all peoples the benefits of development and the opportunity to enhance the quality of life. Wrongly or heedlessly applied, the same power can do incalculable harm to human beings and the human environment. We see around us growing evidence of man-made harm in many regions of the earth: dangerous levels of pollution in water, air, earth and living beings; major and undesirable disturbances to the ecological balance of the biosphere; destruction and depletion of irreplaceable resources;

and gross deficiencies, harmful to the physical, mental and social health of man, in the man-made environment, particularly in the living and working environment. India is a party to the decisions taken at the United Nations Conference on Human Environment held at Stockholm, in which India participated, calling upon the states to take appropriate steps for the Protection and Improvement of the human environment. Parliament passed the Water (Prevention and Control of Pollution) Act, 1974 for prevention and control of water pollution. Therefore, it is essential for the students to be familiar with the law relating to prevention and control of water pollution and maintaining or restoring wholesomeness of water.

How to Prepare CS Executive Economic Commercial Laws : Lesson 15 LAW RELATING TO REGISTRATION OF DOCUMENTS

Registration means recording of the contents of a document with a Registering Officer and preservation of copies of the original document. Document whose registration is compulsory are instruments of gift of immovable property; other non-testamentary instruments which purport or operate to create, declare, assign, limit or extinguish,

to or in immovable property; leases of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent and non-testamentary instruments transferring or assigning any decree or order of a court or any award when such decree or order or award purports or operates to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards, to or in immovable property. The Registration Act, 1908 is the law relating to registration of documents.

The object and purpose of the Act among other things is to give information to people regarding legal rights. It is important for the students to be thoroughly acclimatized with this branch of law to know its practical significance.

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Important Topics of CS Executive Exam

Here we are providing subject wise important topics to CS Executive students. See below How to prepare CS Executive Module – 1 and Module – 2. Click below links

Module – 1

CS Executive Company Law

CS Executive Cost and Management Accounting

CS Executive Economic and Commercial Laws

CS Executive Tax Laws and Practice

Module – 2

CS Executive Capital Market and Securities laws

CS Executive Company Accounts and Auditing Practices

CS Executive Industrial labour and General Laws

ICSI Past Papers

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