Indian Regulatory Framework Chapter 1 Quiz

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5 Questions

What is the term for a proposed law in the Parliament?

Bill

Which law deals with the violation of the rule of law and punishment of the same?

Criminal law

In which year was the Constitution of India officially adopted?

1950

Which department is NOT a part of the Ministry of Finance?

Department of States

Which one of the following is NOT an example of Civil law?

Traffic offenses

Study Notes

Indian Regulatory Framework

  • The purpose of a regulatory framework is to provide a set of uniform rules and regulations that govern the conduct of people interacting with each other in personal and business relationships.

What is Law?

  • Law is a set of rules and regulations that guide human behavior and ensure orderly conduct in society.

Sources of Law

  • The "Code of Hammurabi" is considered the oldest written law, dating back to 1792 BC to 1758 BC.
  • The "Twelve Tables" of Rome, created in 450 BC, is considered the first detailed code of any civilization.

Types of Laws

  • Criminal Law: deals with violation of the rule of law and punishment.
  • Civil Law: deals with non-criminal disputes, such as breach of contract, non-delivery of goods, and non-payment of dues.

Enforcement of Law

  • Laws are enforced through courts, which have territorial limits based on the location of the party or the property under dispute.

Major Regulatory Bodies

  • Ministry of Finance: responsible for economic affairs, expenditure, and revenue.
  • Ministry of Corporate Affairs (MCA): responsible for regulating corporate affairs.
  • Securities and Exchange Board of India (SEBI): responsible for regulating the securities market.
  • Reserve Bank of India (RBI): responsible for regulating the banking and financial system.
  • Insolvency and Bankruptcy Board of India (IBBI): responsible for regulating insolvency and bankruptcy proceedings.
  • Ministry of Law and Justice: responsible for providing legal advice and support to the government.

Structure of Indian Judicial System

  • The Indian Judicial System has a hierarchical structure, with the Supreme Court at the apex, followed by High Courts, and then lower courts.

Importance of Law for Chartered Accountants

  • Awareness of law is essential for Chartered Accountants to advise management and clients on legal matters.
  • Knowledge of law is necessary for specializing in taxation, as tax laws are part of the legal and regulatory framework.

Test your knowledge on the meaning and sources of law, types of laws in the Indian legal system, enforcement of law, and major regulatory bodies such as Ministry of Finance, MCA, SEBI, RBI, IBBI, and Ministry of Law and Justice.

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