Tuesday, October 11, 2011

Problems Are Servants


We all face challenges. It's the human condition. Everyone, on this very
day, is dealing with something they wish they weren't dealing with.
Some have lost a loved one. Others are facing an illness. For others, it's
a money issue or a frustration at work.

Yes, it's no fun.

But just maybe every problem you encounter is an
opportunity in disguise. And if you're wise to that, you can
leverage the challenge for even greater success.

In some ways, positive thinking is a lot more
important than the cynics would suggest.

The founders of Google used positive thinking to overcome their early
setbacks and to stay true to their vision.

Sam Walton used positive thinking to build an empire.

And the best managers use positive thinking to help their teams see
that what ordinary people view as stumbling blocks, the best amongst
us see as stepping stones.

Because problems are servants. And they truly can serve you well. If
you choose to let them.

Listen to this song in the end.


P.S. : Thanks for giving the article a read.

Catch Your Dreams



You may not know how powerful you are.

Big Idea: Every one of us has so many more choices than we can currently see. Remember, we see the world not as it is but as we are.

Most of us see through the eyes of our fears and our limiting beliefs and our false assumptions. Really important point there.

As you begin to walk to your fears, you realize that they were mostly hallucinations - self created illusion that kept you small. As you think about your limiting beliefs, you'll see that they are not the truth but the opinions you adopted from the chattering voices around you. And as you question your assumptions, you'll realize that so many of them are borne of fantasy. They are not real. Nope, not at all. Most of the things we are afraid will happen never do. Something to think about.


In the meanwhile, listen to this song 'You Get What You Give' by New Radicals.



Today, I want to offer you the words of James Allen who wrote a superb little book called As a Man Thinketh many years ago. They will help you enormously as you catch your dreams and step up to the poetic possibilities your life is meant to be: 

Of all of the beautiful truths pertaining to the soul which have been restored and brought to light in this age, none is more gladdening and fruitful of divine promise and confidence than this - that you are the master of your thought, the molder of your character, and the maker and shaper of condition, environment and destiny.”

Thanks for reading the article.

Actions Really Speak


Talk is cheap. Actions speak.

Doesn't matter what you start. Brilliant that you have the courage to
take that first step (nothing changes until you change). But what's the
point of starting if you don't finish?

Leadership and greatness comes to those who follow-through. Who
stand for near-flawless execution. Who stay with a project/pursuit/idea
with the tenacity of a pit bull-until the thing gets done. Beautifully.

So right here, right now, reach deep into your heart. And
commit from the best place that inhabits you - to finish the
important things you start.


Because anyone can take the first step. But only the remarkable ones
stay on the path until they complete the 1000th on.

So go on and give your life something to remember. You must definitely fall in your life a numerous number of times in order to realize your true potential. Kudos !


Listen to this amazing song and chill out. At last I would like to say that you must always remember to live upto your dreams  !

Thank You.

Intellectual Property Rights

Intellectual Property Rights chart as in India

The term Intellectual Property (IP) in whatever form is in the nature of intangible incorporate property which cannot be exhausted by consumption. It reflects the idea that its subject matter is the product of the mind or the intellect. IP like any other form of property can be a matter of trade, that is, it can be owned, bequeathed (passed on personal property by Will), sold or bought. IP includes Copyright, Patents, Trademarks, Geographical Indications, Industrial Designs, Layout-Designs (Topographies) of Integrated Circuits and Plant Variety Protection.

International Aspect

The UN agency dealing in the field of IP is World Intellectual Property Organization (WIPO) based in Geneva. India is a member of WIPO.
India being a member of WTO, it’s agreement on IP, i.e., the Agreement on Trade Related Aspects of Intellectual Property (TRIPS) is applicable to India. The Agreement has made protection of intellectual property an enforceable obligation of the Member States and sets out the minimum standards of intellectual property protection for Member States. India has complied with the obligations contained in the TRIPS Agreement and amended/enacted IP laws. (The Patents Act 1970 was amended in 2005).
India is also a member of
Paris Convention for the Protection of Industrial Property, 1883 (relating to patents, trademarks, designs, etc.) administered by WIPO. The Paris convention sets out a range of basic rules relating to IPs, and although the convention does have direct legal effect in all national jurisdictions, the principles of the convention are incorporated into all notable current IP systems. One of the most significant aspect of this convention in relation to patents is the provision of the right to claim priority i.e., filing an application in any one member state, and receive the benefits of the original filing date. Because the reference to a patent is intensely date driven, this right is fundamental to modern patent usage.

Berne Convention for the Protection of Literary and Artistic Works, 1886 (relating to copyright). The Berne Convention, 1886 established the recognition of copyrights among sovereign nations, rather than merely bilaterally.

Patent Cooperation Treaty (PCT), 1970 (amended in 1979, and modified in 1984 and 2001). It provides a unified procedure for filing patent applications to protect inventions in each of its Contracting states. A patent application filed under the PCT is called international application or PCT application

Domestic Aspect

Under the Indian IP regime the Department of Industrial Policy and Promotion (DIPP) is concerned with legislations relating to Patents, Trade Marks, Designs and Geographical Indications. These are administered through the Office of the Controller General of Patents, Designs and Trade Marks (CGPDTM), subordinate office, with headquarters at Mumbai, as under:

The Patents Act, 1970 (amended in 1999, 2002 and 2005) through the Patent Offices at Kolkata (HQ), Mumbai, Chennai and Delhi.
The Designs Act, 2000 through the Patent Offices at Kolkata (HQ), Mumbai, Chennai and Delhi.
The Trade Marks Act, 1999 through the Trade Marks Registry at Mumbai (HQ) Chennai, Delhi, Kolkata and Ahmedabad.
The Geographical Indications of Goods (Registration & Protection) Act, 1999 through the Geographical Indications Registry at Chennai.

Apart from the abovementioned, the other legislations for the protection of IPs are as under:
Copyright Act, 1957 (Amended in 1999) administered by the Department of Higher Education.
Semi-conductor Integrated Circuits Layout-Design Act, 2000 administered by the Department of Information Technology.
Protection of Plant Varieties & Farmers’ Rights Act, 2001 administered by the Department of Agriculture and Cooperation.

Further, an Intellectual Property Appellate Board (IPAB) has been set up at Chennai to hear appeals against the decisions of Registrar of Trademarks, Geographical Indications and the Controller of Patents.

The Controller General of Patents, Designs and Trade Marks (CGPDTM) is also in-charge of the Office of the Patent Information System, Nagpur and the Intellectual Property Training Institute, Nagpur.

Copyrights

Copyright means the exclusive right to do or authorise others to do certain acts in relation to (1) literary, dramatic, musical and artistic works, (2) cinematograph film and (3) sound recordings. In India the Copyright Act, 1957 (Amended in 1999) provides for the registration of copyrights. The object of copyright law is to encourage authors, artists and composers to create original works by rewarding them with exclusive right for a limited period to exploit the works for monetary gain.

The concept of copyright originated in 1710 in Britain with the Statute of Anne. It established the author of a work as the owner of the right to copy that work and the concept of a fixed term for that copyright. Under the Berne Convention, 1886 copyrights for creative works do not have to be asserted or declared, as they are automatically in force at creation. In these countries, there is no requirement for an to "register" or "apply for" a copyright, or to mark his or her works with a copyright symbol or other legend. Hence, even in India registration of copyright is not compulsory, though recommended, either for acquiring copyright or enforcing it by way of filing an infringement suit.

Copyright law is, in essence, concerned with the negative right of preventing copying of an already existing an original work. Copyright gives the creator of an original work the exclusive rights for a certain time period in relation to that work after which time the work is said to enter the public domain. These exclusive rights include the right to produce copies and sell copies; import or export the work to create derivative works (works that adapt the original work); perform or display the work publicly (performance rights); sell or assign these rights to others; snd, transmit or display by radio or video (broadcasting rights).

There is no copyright over ideas and information themselves. Copyright subsists only in the form or manner in which they are expressed. It is not infringement to adopt ideas of others.

The term of copyright varies depending on the nature of work and whether the author is a natural person or legal person or whether the work is anonymous or pseudonymous. In case of literary or musical works or artistic works (other than photographs) the copyright subsists during the lifetime of the author and 60 years after his death. However, if the work has not been published, performed, or offered for sale or broadcast during the life of the author, the copyright protection shall continue for a period of 60 years from the end of the year in which any of these acts are done relating to the work. In all other cases the term is sixty years from the year of publication.

The legitimacy of copyright is being challenged by an emerging concept of ‘Copyleft’. The concept originated with Richard Stallman, but came to public attention with the Linux Operating System developed by Linux Torvalds. Copyleft is opposed to the proprietary nature of copyright. Copyleft basically means that a person has the right to use, modify and distribute software and even improve upon it, without adding any restrictions thereon.

Patents

Patent is an exclusive right granted to a person who has invented a new and useful article or an improvement of an existing article or a new process of making an article. It consists of an exclusive right to make, use, and sell an invention for a limited period.

The concept of patent essentially involves novelty, inventive step or lack of obviousness. The right which they accord is to prevent all others not only from imitation but also using the invention for the duration of the patent.

Unlike India where patent is granted only for inventions, in US patent is granted for inventions as well as discoveries. In India the concept of both pre-grant as well as post-grant opposition exists.

Trade Marks

A trade mark is a visual symbol in the form of a word, device or label applied to articles of commerce to indicate that they are manufactured or dealt with by a particular person / entity and to distinguish it from other similar articles (goods or services) having a different origin. A trade mark in layman’s language is popularly known as a brand name.

In India the law governing trade marks, the Trademarks Act, 1999 provides for certain requirements to register a trade mark. These include that the selected mark should be capable of being represented graphically, it should be distinct and be used to indicate a connection between the goods or services and the identity of the owner of the mark

Trade mark includes any name (including personal or surname of the applicant or predecessor in business or the signature of the person); an invented word or any arbitrary dictionary word or words; alphabets or numerals or any combination thereof; and, pictures or symbols and shape of goods or their packaging.

Certain other marks like Hybrid marks are also trademarks. These are a combination of trademarks of two or more companies or entities used together as one trademark. Eg. Maruti Suzuki, Hero Honda. Further, a trademark with a global reputation is called a Well Known mark. Such marks inspite of not being registered as trademarks are entitled to protection because of their world wide recognition. Examples of such marks would include those for Tatas, Bajaj, Maruti Suzuki, and Mercedes Benz for automobiles.

Integrated Circuits

A circuit is a communication channel or path between two devices capable of carrying electric current. An integrated circuit is an electronic device that combines circuit elements on semiconductor crystal configured to perform an electronic function. It is a small semiconductor circuit that contains many electronic components. Usually, an integrated circuit comprises of active electronic devices like transistors or diodes or passive electronic devices such as resistors and capacitors.

In India layout of transistors and other circuitry elements is protected for a period of ten years through the Semi-conductor Integrated Circuits Layout-Design Act, 2000.

Geographical Indication

The act relating to geographical indications in India is the Geographical Indication of Goods (Registration and Protection) Act, 1999. Prior to this enactment, a misdescription or false representation relating to a geographical indicators was considered as an act of passing off. Now after the passing of this Act, registration of a geographical indication is mandatory. The initial Registration of a Geographical Indication shall remain valid for a period of 10 years each.

It is an indication which, identifies the goods whether natural or manufactured emanating from a particular area or territory known for particular quality or characteristics of goods. For a geographical indication to be registrable, the goods should display a unique quality, reputation or other characteristic attributable to its geographical origin, such as the climate or soil qualities, processing and production methods etc. It is possible to cover even handicrafts and foodstuff under the Act. Some of the most famous Indian Geographical Indicators are Darjeeling Tea, Chanderi Saree, Pochanpally Ikat, Solapur Chaddar, Mysore Silk, Kullu Shawl, Bidriware, etc.

Recently, an application has been submitted before the Geographical Indication Registry by the Tirumala Tirupati Devasthanams (TTD), a trust which manages the world's richest temple Tirumala Venkateswara Temple at Tirumala in Andhra Pradesh for a GI in the Tirupathi Laddu.

Plant Varities and Farmers’ Rights

The government of India in order to encourage scientific research and create incentive for developing new varieties of plants and to provide for the establishment of an effective system for protection of plant varieties, the rights of farmers & plant breeders has passed the Protection of Plant Varieties & Farmers’ Rights Act, 2001 (PPVFR Act).

Under the Act, PPVFR Authority and Plant Varieties Registry operating National Register of Plant Varieties (Registrar general) have been established. The registration under this Act is to be valid for 9 yrs (maximum 18 yrs) in trees and wines, and 6 yrs (maximum 15 yrs) for other crops.

The provisions of the Act do not affect the traditional rights of a farmer to save, use, sow, resow, exchange, share or sell his farm produce of a variety protected under this Act. However, such a protection does not extend to reproduction under a commercial marketing arrangement.

The varieties bred by farmers are given the same recognition and protection as given to varieties bred by breeders. Further, the contribution of farmers’ varieties to modern plant breeding is acknowledged and there is a provision that modern breeders will have to pay for using these varieties. The farmers are also protected against spurious or substandard seed. They are entitled to compensation if the Breeders’ seed does not perform as claimed.

The Act also protects the farmers against the Terminator Technology, which is banned by the Indian law. Terminator Technology owned by MNC Syngenta is a sterile seed technology, i.e., once the seeds are used to sow the yield cannot be used for sowing the next season, this would result in making the farmer dependent on the corporate breeder for seeds every season.

Wednesday, October 05, 2011

Economic Glossary


Active Market :-It is a stock exchange term .it is used for a particular stock of share in which there are regular and frequent dealings. This is a term used by exchange which specifies the particular stock or share which deals in frequent and regular transactions. It helps the buyers to obtain reasonably large amount any time.

Administered Price : - When the price of an item or item or a commodity are decided by the central power, generally the government or any other agency and not on the basic of demand and supply, such types of price and called Administered Price.

 Ad-velorem Tax : - Ad velorem tax is a kind of indirect tax in which goods are taxed by the there values .in the case of Ad velorem  tax the tax amount is calculated as the proportion of the price of the goods .Value added tax (VAT ) is an  ad velorem  tax. In other wards when the tax is determinate on the basics of    value of a commodity, it is known as Ad-Velorem tax.

Amalgamation : It means ‘merger’. As and when necessity arises two or more companies are merged into a large organization. The old firms completely lose their identity when the merger takes place.

Appreciation : Appreciation means an increase in the value of something e.g. stock of raw materials or manufactured good. It also includes an increase in the traded value of currency. It is an increase in the value of assets over a particular time period. Example: Land, Building, paintings etc. Appreciation is just opposite to depreciation. When the prices rise due to inflation, appreciation may occur.

Arbitration :-Where there is an industrial dispute, the Arbitration comes of the force. The judgment is given by the Advalorem both the parties have to accept and honor the Advalorem. Advalorem is the settlement of .labor dispute that takes place between employer and the employees.

Action: - Who a commodity is sold by auction, the bids are made by the buyers who so ever make the highest bid, get the   commodity which is being sold. The buyers make the bid taking into consideration the quality and quantity of the commodity

Autarchy: - it means self-sufficiency and –reliance   of an economy autarchy   in an abdicator of self-sufficiency. It means that the country itself can satisfy the needs of its population without making imports from other countries.

Balance of payment :- it is the difference  between country payments and receipt from other countries during a year .in other words the balance of payment  show the relation ship between  the  one country’s total payment to all other countries and its total receipt from them .Balance of payment  not only includes visible export and import but also invisible trade like shipping ,banking ,insurance ,tourism, payment  of interest  on foreign debts.

Balance of trade: - it refers to thee relationship between the values of country’s imports and its export’s i.e. the visible balance. Balance of trade refers to the total of country‘s export commodities and total value of imports commodities .Thus balance of trade includes only visible trade i.e. movement of goods (export and imports of goods).
Balance of trade is part of balance of payment statement.

Balance sheet:-Balance sheet is a statement showing the assets and liabilities of a business certain date. Balance sheet helps in estimate the real financial situation of a firm.

Bank:-  Bank is a financial institution .it accept funds on current account and saving account .it also lends money .the bank pays the cheque drawn by customer against current or saving bank account  .The bank is a trader that deals in money and credit
  
Bank draft: - Banker's draft (Demand Draftiest a negotiable claim drawn upon a bank. Draft are as good as cash .The draft cannot be returned unpaid .Draft is issued when a customer shown his unwillingness to accept cheque in payment for his service or mercantile goods .Bank draft is safer than a cheque.

Bank Rate: - It is a situation in which a person is unable to discharge his debt obligations.

Basket of Currency:-In this system the exchange value of a country’s currency is fixed in terms of some major international currencies Indian. Rupee is value against US Dollar, British Pound, Japanese Yen, French Franc and German Deutsche Mark. India opted for this system in 1975.

Bankruptcy:- It is a situation in which a person is unable to discharge his debt obligations.

Bear and Bull:- These terms are used in stock exchange 'Bears' is an individual who sell share in a hope that the stock's price would fall” Bull' is an individual who buys share in a hope that the stock's price would rise.

Bill of Exchange:- It is an unconditional order in writing addressed by one person to another requiring  the addressee to pay on demand or at a fixed future time a certain sum of money to the order of this specified person or to the bearer.

Birth Rate :- Birth Rate (or cube Birth Rate ) is number of the births per thousand of the population a period .usually a year .only live births are include in the calculation of birth rate

Black Money:-.it is unaccounted money which is concealed from tax authorities. All illegal economic activities are debit with this black money .Black money creates parallel economy. It puts an adverse pressure on equitable distribution of wealth and income in the economy.

Blue Chip: - The most reliable industrial share on a stock exchange .It is concerned with such equity share whose purchase is extremely safe it is a safe investment .it does not involve any risk.

Blue Collar Jobs:- These jobs are concerned with factory .person who are unskilled and depend upon manual jobs that require physical strain on human muscle are said to be engaged in blue collar jobs .in the age of machinery, such jobs are on the decline these days.

Boom: - The point at which price and employment are the maximum the trade is also at its highs point and beyond this no upward Movement is possible.

Bounty: - it is a subsidy paid by the government to exporters .It reduces the price of exportable goods and hence act as incentive to enhance exports.

Brain -Drain: - It means the draft of intellectuals of a country to another country .Scientist Doctors and technology expert generally go to other prominent countries of the world to better their lot and earn huge sums of money. This Brain -Drain deprives a country of its genius and capabilities.

Bridge Loan:- A loan made by a bank for a short period  to make up for a temporary shortage of cash .on the part of borrower ,mostly the companies  for example ,a business organizations wants to installed  a new companies with new equipments etc. While his present installed company or equipments etc. are not yet disposed off. Bridge loan covers this period between the buying the new and disposing of the old one.

Broad Banding: - it means providing more flexibility to manufacturers to produce wider variety of product with same raw material mix so as to ensure optimum capacity.

Budget: - it is a document containing a preliminary approved plan of public revenue and public expenditure .it is a comparative table giving the account of the receipt to be realized and of the expenses to be incurred.

Budget Deficit: - Budget deficit is the difference between the estimated public expenditure and public revenue. The government meets the deficit by way of printing new currency or by borrowing .Budget may take a shape of deficit when the public revenue falls short to public expenditure.

Buffer stock:-These are the stock (generally of primary goods) accumulated by a government agency when supply is plentiful These stock are released in case of shortage of supply .in India food corporation of India (FCI)accumulates food grains as buffer stocks.

Bullion: - It is gold or silver having a specific degree of purity. Generally it is in the form of gold or silver bars.

Bull Market: - it is a market where the speculators buy share or commodities in anticipation of rising price. This market enables the speculators to resale such share and make a profit.

Buoyancy: - in the inflationary period, the increase in tax revenue is know as buoyancy .when the government fails to check inflation, it concerns with the revenue from taxation in the period of inflation.

Buyer's Market: - When the market is favorable to buyer's market this situation occurs when their is a change from boom to recession i.e. demand is less than supply

Call Money: - It is a loan that is a made for an every short period of a few days only or for a week .It carries a low rate of interest .in case of stock exchange market the duration of the call money may be for a fortnight.

Capital: - The stock of gods which are used in production and which themselves have been produced .It is one of the major factors of production .the other being land, labour and entrepreneurship.

Capitalism: - The economic system based on free enterprise and private profit capitalism is an economic system in which all means of production are owned by private individuals self-profit motive is the guiding feature for all the economic conditions activities under capitalism .Under pure capitalist system is based on "Laissez-FAIRE system I.E. no state intervention, sovereignty of consumer prevails in this system.

Capital Market: - It is a market for long term loans .Capital market is the market which gives medium term and old term loans. It is different from money market which deals only in short term loans.

Cash Reserve Ratio(CRR):- It refers to that portion of banker's total cash reserve which they are statutorily required to hold with the B.S.I The commercial bankers are required to keep a certain amount  of cash reserve at the central bank .i.e. RBI .this percentage amount is called CRR. It influences the commercial bank's volume of credit because variation in CRR affects the liquidity position of the banks and hence their ability to lend.

Celling Price: - This is the maximum limit fixed generally by government or its agency .Beyond it the price cannot raise.

Cheap Money: - in indicates a situation when bank rate and other rates of interest are low.

Cheque: - Cheque is an order in writing issued by the drawer to a bank if the customer has sufficient amount in his account, the cheque is paid by the bank cheque are used in place of cash money.

Clearing House:-Clearing houses an institution which helps to settle the mutual in datedness that occurs among the members of its organization.

Closed Economy: - closed economy refers to the economy having no foreign trade (i.e. export and import) such economic depend exclusively on their own internal domestic resources and have no dependence on out side world.

Core industries: - core industries include strategic basic and critical industries which remain generally under state control, e.g. defence, iron and steel fertilizers etc.

 Core sector :-  Economy needs basic infrastructure for accelerating development  of infrastructure  industries like  cement ,iron and steel, petroleum, heavy machinery etc. can only ensure the development of the economy as a whole such industries are core sector industries

Corporate Tax: - it is a direct tax levied on company's profit it is calculated on profit after interest and allowance (i.e. capital allowance) have been deducted.

Cost Price Index (CPI):-It is used for measuring cost of living and it covers large numbers of commodities than wholesale price index (WPI) which is used for measuring rate of inflammation.

Credit control: - it implies the measures employed by central bank of a country to control of credit in the banks.

Credit Rating:-it is the assessed credit worthiness of prospective customer

Credit Rationing: - Credit rational takes place when the banks discriminates between the borrowers credit rationing empires
 The bank to land to someone and refuse to lend others. In this way credit rationing restricts lending on the part of bank.

Credit Squeeze: - Monetary authorities restrict credit as and when required .This credit restriction is called credit squeeze in other words when the credit control is very tight and restrict, this situation is know as credit squeeze.

Custom Duty:-  it implies tax on imports custom duty is a duty that is imposed on the products received  from exporting nations of the word it is also calls protective duty as it product the home industries.
Cyclical Unemployment: - It is that phase of unemployment which appears due to the occurrence of the downward phase of the trade cycle such an employment is redacted or eliminated when the business cycle turns up again.

Death Rate: - Death Rate Signifies the number of death in a year per thousand of the population .it is mostly know as crude death rate .life expectancy will have a high crude death rate.

Debentures:-  it is a document which enlists the terms or condition of a loan .The debenture are used by corporate sector (Companies) The debenture  holder are to be paid a fixed annual rate of interest and they have the first claim on the asserts of a company as creditors.

Decentralization: - Decentralization means the establishment of various units of the same industry at difference place .Large scale organization or industry can not be run at one particular place or territory. In order to increase the efficiency of the industry, various unit at different places are located the efficiency of the industry, various unit at difference places are located.

Deed: -
it is a written contract signed under legal seal.

Deflation: - it is just opposite to inflation .Thus deflation is a fall in the general price level over a particular period of time.

Depreciation:
-it is the reduction in the value of the fixed asset due to wear and tear.

Demand Draft: -
it is the reduction in the value of a fixed asset due to wear and tear.

Depreciation: -
it is just opposite to: Boom” it implies a state of economy when lack of demand result in heavy unemployment and stagnation in economy.

Devaluation:
- It is the reduction in the official rate of a currency in terms of a foreign currency Indian rupee has been devalued thrice in 1949, 1966 and 1991.

Direct Tax:- it is a tax whose burden cannot be shifted i.e. the burden of direct tax is borne by the person on whom it is initially fixed e.g.-Personal income tax, social security tax paid by employees, death tax etc.

Dividend: - It is earnings on stock paid to shareholders

Dumping: - it means selling goods in international market at a price which is lower than that in domestic or home market.

Elasticity of demand: - the responsiveness of demand of a commodity to the change in its price is known as elasticity of demand.

Embargo: - it means prohibition of entry of goods from certain countries into a particular country.

Engel’s Law:- Ernest  Engel, the 19th centaury  germen statistician, analyzed the budget data of working families and established a relationship between the families income and expenditure .According to the law” When a family income increase the percentage  of its income spent on food decreases”.

Exchange Rate: - the rate at which certain banks will exchange one country for another.

Excise Cost: - Tax imposed on the manufacture, sale of the consumption of various commodities, such as taxes on textiles, cloth, liquor etc. Factor Cost:-it is the sum total of amount paid to four main factor of production i.e. Land (rent), Labor (Compensation of employees), Capital (interest), entrepreneurship (Profit) it is exclusive of taxes or subsidies.

Floating of a currency:-When the exchange value of a currency in terms of other currencies is not fixed officially, that currency is said to be floating

Foreign Exchange Reserves: - Foreign Exchange Reserve of a country includes foreign currency assets and interest bearing bonds help by it. In India it also includes SDR and value of gold.

Free Market: - it means a market where price of a commodity is determined by free play of the demand and supply

Free Trade: - it implies absence of any protective tariffs or trade barriers by any economy with respect to export and import

Gresham’s law: - if not limited in quantity: bad money drives god money out of circulation this statement was given by economist sir Thomas Gresham, the economic advisor of Queen Elizabeth.

Gross Domestic Product (GDP): it is the aggregate of total flow of goods and service produced by an economy in a year.

Gross National product (GNP) Gross domestic product plus net factor income from abroad is equal to Gross National Product.

Hot Money: - it is volatile money which comes easily but can also go out easily e.g. Portfolio investment.

Indirect Tax: - taxes levied on goods purchased by the consumer (and exported by the producer) for which the tax payer’s liabilities varies in proportion to the quantity of particular goods purchased or sold.

Inflation: - it is a sustained increase in general price level over a particular period of time. It reduces the purchasing power of money.

Interim Budget: - it is an addition to the general budget and is presented as a part of it through the financial year.

International Monetary Fund (IME)
It is a multinational institution set up in 1945. It started working as an independent organization in 1947 .it seeks to maintain cooperative and orderly currency arrangement between member countries with the aim of promoting increased international trade and BOP equilibrium.

I. O.U.  It means “I owe you “it is non –negotiable promissory note indicating the debt owed by one party to another.

Joint Stock Company: - it is a form of company in which a number of people contribute funds to financial a firm in return for “Share” in the company

Laissez –Faire: - it is an economic doctrine which emphasizes the superiority of free markets over state’s interference in economic affairs.

Legal Tender: - The currency (Coins and bank notes) which have to be accepted in payment.

Liquidation: - Winding up of company by selling assets and paying liabilities: any remaining money goes to owners.

Market Value: - The market value of an equity share is the price at which it is trade in the market. This price can be easily established for a company that is listed on the stock market and actively traded. For a company that is listed on the stock market but traded very infrequently, it is the difficult to obtain a reliable market quotation .for a company that is not listed on the stock market. One can merely conjecture as to what its market price would be if were traded.

Merchant Banking: - In Merchant Banking banks act as “Underwriter” and does business on behalf of corporate sector .such banking helps in larger participation of people in capital market e.g. ICICI.

MODVAT
: - The modified system of value added taxation is based on the idea of tax final products and not input that o into production

Money Market: - It is a market engaged in short –term lending and borrowing of money linking together the financial institution, companies and the government.

Monopoly: - It is a type of market structure having one seller and money buyers. There is a lack of substitute products and entry of new firms into market is not possible.

MoU:-The concept of Memorandum of Understanding (MoU) was introduced in 1988 .The main objective of MoU is reduce the quantity of control and increase the quality of accountability .the emphasis is on achieving the negotiated and agreed objectives rather than interfering in the day-to-day affairs .Over the years, the MoU system has grown at a steady rate, from 4 MoU in 1987-88 to 108 MoUs in 1997-98.

Mutual Fund:
- it is a form of collective investment that is useful in spreading risks and optimizing returns.

National Income: - it is equal to the total money value of goods and service produced over the given time period less capital consumption

Net Domestic Product(NDP) The money value of a nation’s annual output of goods service, less capital consumptions (depreciation experienced in producing that output.

Net National Product (NNP) Net National Product is equal to net domestic product plus net factor income from aboard.

Octroi : - it is an internal tariff system among different region of a country

Per Capita Income:-It implies income per person. It is obtained by dividing national income of country by its population.

Plastic Money :- it refers to use of instruments like” Credit cards” instead of cash in business transaction .it is called so because credit cards are made of plastic .Plastic money also carries information about its holder in coded form which makes it theft proof .No one ,but the holder is able to use the card.

Portfolio: - Various share etc. help by institution or individual is called portfolio.

Poverty Line:- The poverty line has  been fixed by the planning commission on the basis an average daily intake of 2400 calories per person in rural areas and 2100 calories in urban areas .in monetary terms the poverty line is commented to be Rs 76 per month in rural and Rs 88 in urban areas in terms of 1979-80 prices.

Reflation
: - it is an increase in the level of National Income and output Reflation is often deliberately brought about by the authorities in order to secure full employment and to increase the rate of economic growth.

Recession: - Recession cycle characterized by a modest downturn in the level of economic activity means fall up of demand

Schedule Bank: - it is a bank included in the second schedule of RBI it has a minimum cash reserve of “Rs 5 lakh”

SDRs (Special Drawing Rights) The SDR is a reserve asset created within the frameworks of the international Monitory fund in an attempt to increase international liquidity and forming a part of country’s official reserve along with gold reserve position in the IMF & Convertible Foreign Currencies. It is also known as “Paper Gold”

SEBI: - It was set up in 1988 by the Government of India to regulate the operations market of India .The SEBI stands for security and Exchange Board of India

Self Reliance :-self reliance ,in short ,can mean attainment of economic independence which ,in turn ,implies capability to sustain a higher rate of growth of economy essentially with the help of the domestic resource.

Seller’s Market: - It is market situation which exists for a short time period .During this period there is an excess demand for good and services a current price which forces price up to the advantage of the seller.

Sensex:- The stock Exchange Sensitive index (Popularly referred to as the SENSEX) reflects the weighted arithmetic average of the price relative of a group of share include in the index of sensitive share .for example Bombay stock exchange sensitive index is a group of 30 sensitive shares.

Shares:- These are the equal portions of the capital of a limited company share in a company do not carry fixed rate of interest .the holder of the ordinary share carry the residual risk of the business.
They rank after debenture holders and preference shareholder for the payment of dividends and they are liable for losses, although this liability is limited to value of the shares and the limit of guarantee given by them. Preference share are such share of a company on which interest is paid before any others, and owners have prior right to repayment of capital is wound up.

Share Capital :
- Money raised by issuing of shares is called .share capital.

Share index : - It is the statistical indicator of overall share values, based on selected group.

VAT : - It seeks to tax the value added at every stage of manufacturing and sale with a provision of refunding the amount of VAT already paid at earlier stages to avoid double taxation.


Top 10 Must Watch Movies For A Law Student


Here we go:

1. To Kill a Mockingbird

 

2. Erin Brockovich

 

3. Philadelphia

4. Adam's Rib

 

5. Miracle on 34th Street

6. The Man Who Sued God

7. Kramer Vs. Kramer




8. Caine Mutiny

9. The Man Who Wasn't There

10. Judgment at Nuremberg



P.S. - Thanks for reading the article.

DPS MMS Sex Scandal Case 2004

Sex scandal: Boy who shot MMS clip held:


NEW DELHI, DECEMBER 20: The 17-year-old schoolboy, who allegedly filmed a sexual act with his classmate and then circulated it, was arrested on Sunday evening by Delhi Police.

The arrest comes after the two high-profile arrests of Baazee.com CEO, Avnish Bajaj, and IIT Kharagpur student, Raviraj, in this connection.

The chief of Bazee.com, Avnish Bajaj, being produced at Patiala House court in New Delhii

The teenager was arrested late on Sunday evening from the Capital, although officials were tightlipped on the place from where he was picked up.

Sources said the boy had gone to Nepal and returned after arrests warrants were issued against him. He will now be interrogated to put together the chain of events leading to the circulation of the controversial clip, which was then sold on Baazee.com by Raviraj and also found its way to the market in the form of CDs.

Police sources said the boy is likely to be charged under Sections 292 and 294 of the IPC and Section 67 of the IT Act.

According to Delhi Police, the boy is central to the entire episode. Officials said he would be interrogated to ascertain whether the act was filmed with the intention to circulate it among others or even sell it. Police also hope that the boy would name those to whom he had sent the clip and if any money had exchanged hands.

Officials said all legal formalities had been followed in the arrest of the juvenile, who will be produced in court on Monday. The girl and the boy involved in the incident, both students of Delhi Public School, RK Puram, were suspended and later left the school.

The boy was also a member of the Delhi Under-17 cricket team this season but didn’t play a match. He was part of the team from the second game against Himachal Pradesh at Una and also in the match against Haryana (at Gurgaon). He withdrew before the match against J&K (December 12-14) after the ‘video clip’ incident and opted out submitting a medical certificate citing ill-health.

 
Baazee CEO held, DPS boy next:

The investigations into the sale and transmission of the DPS MMS clip today led to the arrest of Baazee.com CEO Avnish Bajaj. He had been called in for questioning by the Economic Offences Wing (EOW) of Delhi Police and his arrest was announced at a hurriedly called Press conference in the evening.

The arrest of Bajaj, a former IITian, comes four days after a student of IIT Kharagpur, Ravi Raj, was arrested for putting on sale the DPS clip on Baazee.com. Bajaj had been served a notice at his office in Mumbai two days back to join investigations and he had reported at the EOW office yesterday.

And today, for the first time, the police said arrest of the DPS student who filmed the act and started the chain was imminent. The police have got his arrest warrants.

DCP, EOW, Prabhakar said the boy was central to the entire act. ‘‘The boy is a juvenile, and after following all legal formalities and procedure, he would be proceeded against,’’ he said. First the boy and, if needed, his parents would be questioned. The girl might be questioned too.

Baazee CEO Bajaj, an American citizen, was arrested for not showing ‘‘due diligence’’ when the clip was sold online. Though Baazee had deleted the clip after it was noticed, Prabhakar said they had ‘‘evidence that goes against them.’’ Bajaj has been charged under Section 67 of the IT Act which prohibits transmission and sale of obscene data electronically.

The clip was sold to eight persons on Baazee. Prabhakar, however, refused to give details of the evidence. He said they have written to the Controller of the certifying authority in the Ministry of Communications and IT to take appropriate action against the portal.

Bajaj, 34, is an MBA from Harvard Business School. He also has an MS in Computer Science from University of Wisconsin and BTech in Computer Science from IIT, Kanpur. He will be produced in court tomorrow.

Prabhakar warned that any person or entity that was involved in transmission of the objectionable clip would be liable for action, indicating that the investigations could last for days and more arrests could be made.

The police are also looking at the profit made by the website after the clip was sold online. Efforts are also being made to find out how the clip landed on the LAN of IIT Kharagpur.

The police said though chances were high that the boy had deleted the objectionable clip from his cell, which could mean destruction of evidence, a particular software could establish whether something had been deleted or not.

MMS sex clip scandal rocks Parliament :


New Delhi, December 16: The MMS sex clip scandal involving two Delhi school students had its echo in Lok Sabha on Thursday with a Shiv Sena member demanding that government ban mobile phones with camera facility in schools.

Raising the issue during Zero Hour, Subodh Mohite said the human resource development ministry should set up a committee to review the whole education system.

Mohite said the clippings had also found their way to Singapore and America.

The Shiv Sena member charged that the principal of the school was continuing for the last three years on "illegal extension" despite the policy of not giving extension after retirement.

DPS sex scandal: IIT student remanded to three day:

New Delhi, December 16: A Delhi court on Thursday remanded IIT student Ravi Raj, arrested for allegedly transmitting the infamous DPS R K Puram sex clip through Internet, to police custody for three days.

Metropolitan Magistrate DIG Vinay Singh remanded him after police claimed that they needed to interrogate him to ascertain where he had procured the media clip from and if anyone else was involved in its transmission.

Raj, a student of geophysics at IIT Kharagpur, had posted the sexually explicit two-minute clip involving two students of the Delhi public school for sale in the website of portal bazee.com, police claimed seeking his remand.

Some persons had even purchased the clip, police said adding financial transactions to the tune of Rs 17,800 were traced to Raj's account.

The transactions had to be analysed to ascertain whether they related to sale of the DPS clip, they added.

Police also claimed that besides this clip, the accused had been selling other pornographic literature also through the Internet.

Raj has been arrested under Section 67 of Information Technology act dealing with publication and transmission of obscene material through electronic means and under Sections 292 and 294 (dealing with sale of obscene books and obscene acts) of Indian Penal Code.


Parliament of India


Parliament is the supreme legislative body of a country. Our Parliament comprises of the President and the two Houses—Lok Sabha (House of the People) and Rajya Sabha (Council of States). The President has the power to summon and prorogue either House of Parliament or to dissolve Lok Sabha.

The Constitution of India came into force on January 26, 1950. The first general elections under the new Constitution were held during the year 1951-52 and the first elected Parliament came into being in April, 1952, the Second Lok Sabha in April, 1957, the Third Lok Sabha in April, 1962, the Fourth Lok Sabha in March, 1967, the Fifth Lok Sabha in March, 1971, the Sixth Lok Sabha in March, 1977, the Seventh Lok Sabha in January, 1980, the Eighth Lok Sabha in December, 1984, the Ninth Lok Sabha in December, 1989, the Tenth Lok Sabha in June, 1991, the Eleventh Lok Sabha in May, 1996, the Twelfth Lok Sabha in March, 1998 and Thirteenth Lok Sabha in October, 1999.

LOK SABHA:

Lok Sabha, as the name itself signifies, is the body of representatives of the people. Its members are directly elected, normally once in every five years by the adult population who are eligible to vote. The minimum qualifying age for membership of the House is 25 years. The present membership of Lok Sabha is 545. The number is divided among the different States and Union Territories as follows:

(1) Andhra Pradesh 42

(2) Arunachal Pradesh 2

(3) Assam 14

(4) Bihar 40

(5) Chhattisgarh 11

(6) Goa 2

(7) Gujarat 26

(8) Haryana 10

(9) Himachal Pradesh 4

(10) Jammu & Kashmir 6

(11) Jharkhand 14

(12) Karnataka 28

(13) Kerala 20

(14) Madhya Pradesh 29

(15) Maharashtra 48

(16) Manipur 2

(17) Meghalaya 2

(18) Mizoram 1

(19) Nagaland 1

(20) Orissa 21

(21) Punjab 13

(22) Rajasthan 25

(23) Sikkim 1

(24) Tamil Nadu 39

(25) Tripura 2

(26) Uttaranchal 5

(27) Uttar Pradesh 80

(28) West Bengal 42

(29) Andaman & Nicobar Islands 1

(30) Chandigarh 1

(31) Dadra & Nagar Haveli 1

(32) Daman & Diu 1

(33) NCT of Delhi 7

(34) Lakshadweep 1

(35) Pondicherry 1

(36) Anglo-Indians (if nominated 2 by the President under Article 331 of the Constitution)

RAJYA SABHA:

Rajya Sabha is the Upper House of Parliament. It has not more than 250 members. Members of Rajya Sabha are not elected by the people directly but indirectly by the Legislative Assemblies of the various States. Every State is allotted a certain number of members. No member of Rajya Sabha can be under 30 years of age.

Twelve of Rajya Sabha members are nominated by the President from persons who have earned distinction in the fields of literature, art, science and social service.

Rajya Sabha is a permanent body. It is not subject to dissolution but one-third of its members retire every two years. Rajya Sabha was duly constituted for the first time on April 3, 1952 and it held its first sitting on May 13, that year.

There are at present 245 members in Rajya Sabha, distributed among different States and Union Territories as follows:

(1) Andhra Pradesh 18

(2) Arunachal Pradesh 1

(3) Assam 7

(4) Bihar 16

(5) Chhattisgarh 5

(6) Goa 1

(7) Gujarat 11

(8) Haryana 5

(9) Himachal Pradesh 3

(10) Jammu & Kashmir 4

(11) Jharkhand 6

(12) Karnataka 12

(13) Kerala 9

(14) Madhya Pradesh 11

(15) Maharashtra 19

(16) Manipur 1

(17) Meghalaya 1

(18) Mizoram 1

(19) Nagaland 1

(20) Orissa 10

(21) Punjab 7

(22) Rajasthan 10

(23) Sikkim 1

(24) Tamil Nadu 18

(25) Tripura 1

(26) Uttaranchal 3

(27) Uttar Pradesh 31

(28) West Bengal 16

(29) NCT of Delhi 3

(30) Pondicherry 1

(31) Nominated by the President under 12 Article 80(1)(a) of the Constitution

Presiding Officers:

Lok Sabha elects one of its own members as its Presiding Officer and he is called the Speaker. He is assisted by the  Deputy Speaker who is also elected by Lok Sabha. The conduct of business in Lok Sabha is the responsibility of the Speaker.

The Vice-President of India is the ex-officio Chairman of Rajya Sabha. He is elected by the members of an electoral college consisting of members of both Houses of Parliament. Rajya Sabha also elects one of its members to be the Deputy Chairman.

Functions of Lok Sabha and Rajya Sabha:

The main function of both the Houses is to pass laws. Every Bill has to be passed by both the Houses and assented to by the President before it becomes law. The subjects over which Parliament can legislate are the subjects mentioned under the Union List in the Seventh Schedule to the Constitution of India. Broadly speaking, Union subjects are those important subjects which for reasons of convenience, efficiency and security are administered on all-India basis. The principal Union subjects are Defence, Foreign Affairs, Railways, Transport and Communications, Currency and Coinage, Banking, Customs and Excise Duties. There are numerous other subjects on which both Parliament and State Legislatures can legislate.

Under this category mention may be made of economic and social planning, social security and insurance, labour welfare, price control and vital statistics.

Besides passing laws, Parliament can by means of resolutions, motions for adjournment, discussions and questions addressed by members to Ministers exercise control over the administration of the country and safeguard people’s liberties.

Difference between Lok Sabha and Rajya Sabha
:

(1) Members of Lok Sabha are directly elected by the eligible voters. Members of Rajya Sabha are elected by the elected members of State Legislative Assemblies in accordance with the system of proportional representation by means of single transferable vote.

(2) The normal life of every Lok Sabha is 5 years only while Rajya Sabha is a permanent body.

(3) Lok Sabha is the House to which the Council of Ministers is responsible under the Constitution. Money Bills can only be introduced in Lok Sabha. Also it is Lok Sabha which grants the money for running the administration of the country.

(4) Rajya Sabha has special powers to declare that it is necessary and expedient in the national interest that Parliament may make laws with respect to a matter in the State List or to create by law one or more all-India services common to the Union and the States.

Reply from Lord Mountbatten to Maharaja Hari Singh

My dear Maharaja Sahib,

Your Highness' letter dated 26 October 1947 has been delivered to me by Mr. V.P. Menon. In the circumstances mentioned by Your Highness, my Government have decided to accept the accession of Kashmir State to the Dominion of India. In consistence with their policy that in the case of any State where the issue of accession has been the subject of dispute, the question of accession should be decided in accordance with the wishes of the people of the State, it is my Government's wish that, as soon as law and order have been restored in Kashmir and its soil cleared of the invader, the question of the State's accession should be settled by a reference to the people.

Meanwhile, in response to Your Highness' appeal for military aid, action has been taken today to send troops of the Indian Army to Kashmir, to help your own forces to defend your territory and to protect the lives, property, and honour of your people. My Government and I note with satisfaction that Your Highness has decided to invite Sheikh Abdullah to form an interim Government to work with your Prime Minister.

Mountbatten of Burma
October 27, 1947

Maharaja Hari Singh's Letter to Mountbatten

Text Of Letter Dated October 26, 1947 From Hari Singh, The Maharaja Of Jammu & Kashmir to Lord Mountbatten, Governor General of India.

Dated: 26 October 1947

My dear Lord Mountbatten, 

I have to inform your Excellency that a grave emergency has arisen in my State and request immediate assistance of your Government.

As your Excellency is aware the State of Jammu and Kashmir has not acceded to the Dominion of India or to Pakistan. Geographically my State is contiguous to both the Dominions. It has vital economical and cultural links with both of them. Besides my State has a common boundary with the Soviet Republic and China. In their external relations the Dominions of India and Pakistan cannot ignore this fact.

I wanted to take time to decide to which Dominion I should accede, or whether it is not in the best interests of both the Dominions and my State to stand independent, of course with friendly and cordial relations with both.

I accordingly approached the Dominions of India and Pakistan to enter into Standstill Agreement with my State. The Pakistan Government accepted this Agreement. The Dominion of India desired further discussions with representatives of my Government. I could not arrange this in view of the developments indicated below. In fact the Pakistan Government are operating Post and Telegraph system inside the State.

Though we have got a Standstill Agreement with the Pakistan Government that Government permitted steady and increasing strangulation of supplies like food, salt and petrol to my State.

Afridis, solidiers in plain clothes, and desperadoes with modern weapons have been allowed to infilter into the State at first in Poonch and then in Sialkot and finally in mass area adjoining Hazara District on the Ramkot side. The result has been that the limited number of troops at the disposal of the State had to be dispersed and thus had to face the enemy at the several points simultaneously, that it has become difficult to stop the wanton destruction of life and property and looting. The Mahora powerhouse which supplies the electric current to the whole of Srinagar has been burnt. The numer of women who have been kidnapped and raped makes my heart bleed. The wild forces thus let loose on the State are marching on with the aim of capturing Srinagar, the summer Capital of my Government, as first step to over-running the whole State.

The mass infiltration of tribesmen drawn from distant areas of the North-West Frontier coming regularly in motor trucks using Mansehra-Muzaffarabad Road and fully armed with up-to-date weapons cannot possibly be done without the knowledge of the Provisional Government of the North-West Frontier Province and the Government of Pakistan. In spite of repeated requests made by my Government no attempt has been made to check these raiders or stop them from coming into my State. The Pakistan Radio even put out a story that a Provinsional Government had been set up in Kashmir. The people of my State both the Muslims and non-Muslims generally have taken no part at all.

With the conditions obtaining at present in my State and the grreat emergency of the situation as it exists, I have no option but to ask for help from the Indian Dominion. Naturally they cannot send the help asked for by me without my State acceding to the Dominion of India. I have accordingly decided to do so and I attach the Instrument of Accession for acceptance by your Government. The other alternative is to leave my State and my people to free-booters. On this basis no civilized Government can exist or be maintained. This alternative I will never allow to happen as long as I am Ruler of the State and I have life to defend my country.

I am also to inform your Excellency's Government that it is my intention at once to set up an interim Government and ask Sheikh Abdullah to carry the responsibilities in this emergency with my Prime Minister.

If my State has to be saved immediate assistance must be available at Srinagar. Mr. Menon is fully aware of the situation and he will explain to you, if further explanation is needed.

In haste and with kind regards,
The Palace, Jammu
26th October, 1947 

Your sincerely,
Hari Singh

Tuesday, October 04, 2011

Illiteracy In India



Illiteracy is a social problem in India. As per the definition given by government, a person who has attained the age of seven years and does not know how to read or write in any language is known as illiterate. A country’s progress depends much on literacy. About 35 percent of the population of India is illiterate. According to the Global Education Monitoring Report of 2005, India ranks 106 out of 127 countries surveyed. The rate of illiteracy is the highest among the agricultural laborers and among the poor. The Constitution Amendment Act of 2002 has made elementary education a fundamental right for children between the age group of 6 14 years. More than 50 percent of the villages in India still do not have a primary school. Even today, single teacher schools exist in many parts of India. The government has been undertaking steps to remove illiteracy. The people as well as the NGOs should assist the Government to carry out its policies more effectively.

Help eradicate illiteracy.