relation between economics and law(1).PDF

Relation between Economics and Law Economic offences and Economic legislation Relation between economics and law Law and Economy individually have immense importance in the development of a Nation. They are studied together to get an Analysis on law which impacts the economy of a nati...

Relation between Economics and Law Economic offences and Economic legislation Relation between economics and law Law and Economy individually have immense importance in the development of a Nation. They are studied together to get an Analysis on law which impacts the economy of a nation. India is a diverse country with people being engaged in different kind of occupation. To manage the citizens and their work as well as their contribution to the economy, Indian Legislature has passed numerous laws related to it. Benefits of Economic analysis of Law Better Knowledge of Human behaviours Regulation of some bodies needs a better understanding of Economics To understand Tax Laws To Conserve limited resources Critical Examination on Law making Economic offences Economic offensesrefer to a wide range of illegal activities that are primarily driven by financial gain and involve fraud, or other unlawful means to obtain money, assets, or property. Economic offenses can include activities such as fraud,money laundering, insider trading, bribery, tax evasion, and various forms of financial misconduct. Economic legislation Economic legislation refers to a set of laws and regulations enacted by a government to regulate and govern various aspects of economic activity within a country. These laws are designed to establish the legal framework for economic transactions, trade, commerce, and the functioning of financial markets. Economic legislation plays a crucial role in promoting economic stability, protecting consumers, ensuring fair competition, and facilitating economic growth and development. 1. Tax evasion Economic offence Economic legislation Tax evasion is an illegal act where Income tax act under you as an individual or company Central Board of Direct Taxes avoid paying the tax liability. For example, not paying taxes or paying less than what you should pay is considered tax fraud and comes under tax evasion. 2. Money laundering Economic offence Economic legislation Money laundering is the illegal process of making large amounts Foreign Exchange Regulation Act, of money generated by criminal 1973 activity, such as drug trafficking or Enforced by: Directorate of terrorist funding, appear to have Enforcement (ED) come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean. 3.Securities fraud Economic offence Economic legislation Securities fraud involve deceptive IPC practices in the stock market , Enforced by : CBI/Police such as insider trading, spreading false information etc to manipulate stock prices. 4.Bribery and Corruption Economic offence Economic legislation Bribery and corruption involve Prevention of Corruption Act, offering, giving or receiving 1988 something valuable to influence Enforced by: State/ Vigilance/CBI/ the action of public officials or Corruption bureau business associates. 5. Bank fraud Economic offence Economic legislation Bank fraud is the act of illegally IPC obtaining money from banks or Enforced by : Police/CBI other financial institutions through fraudulent methods. Like false information to obtain loan or credit, identity theft etc. 6. Illegal foreign trade Economic offence Economic legislation Illegal foreign trade refers to the illicit Import and Export (control) Act, 1947 import or export of goods and services Enforced by: Directorate General of across international borders, typically in Foreign Trade/ CBI violation of the customs and trade laws and regulations of the involved countries. It involves engaging in cross- border trade activities that are prohibited, unlicensed, or conducted through fraudulent means. Illegal foreign trade can encompass various activities, including smuggling, illegal drug trading, illegal wildlife trading etc. Conclusion After all is said and done, Law with Economics results into considerable Acts and Laws. Economic Laws are beneficial for the nation and is considered to be very important for the development of nation. Without Economic Analysis of law, we cannot make better policies for the citizens of the nation. Without Economic, Lawmakers can fail to recall the betterment of the nation and lead to the laws which affect the employment and livelihood of the citizens, especially impacting the underprivileged.