July 29, 2024

SEVENTH SCHEDULE- Arbitration And Conciliation Act, 1996

Arbitration And Conciliation Act, 1996 / /

Arbitrator’s relationship with the parties or counsel The arbitrator is an employee, consultant, advisor or has any other past or present business relationship with a party. 2.   The arbitrator currently represents or advises one of the parties or an affiliate of one of the parties. 3.   The arbitrator currently represents the lawyer or law firm acting as counsel for one of the parties. 4.   The arbitrator is a lawyer in the same law firm which is representing one of the parties. 5.   The arbitrator is a manager, director or part of the management, or has a similar controlling influence, in an affiliate of one of the parties if the affiliate is directly involved in the matters in dispute in the arbitration. 6.   The arbitrator’s law firm had a previous but terminated involvement in the case without the arbitrator being involved himself or herself. 7.   The arbitrator’s law firm currently has a significant commercial relationship with one of the parties or an affiliate of one of the parties. 8.   The arbitrator regularly advises the appointing party or an affiliate of the appointing party even though neither the arbitrator nor his or her firm derives a significant financial income therefrom. 9.   The arbitrator has a close family relationship with one of the parties and in the case of companies with the persons in the management and controlling the company. 10.   A close family member of the arbitrator has a significant financial interest in one of the parties or an affiliate of one of the parties. 11.   The arbitrator is a legal representative of an entity that is a party in the arbitration. 12.   The arbitrator is a manager, director or part of the management, or has a similar controlling influence in one of the parties. 13.   The arbitrator has a significant financial interest in one of the parties or the outcome of the case. 14.   The arbitrator regularly advises the appointing party or an affiliate of the appointing party, and the arbitrator or his or her firm derives a significant financial income therefrom. Relationship of the arbitrator to the dispute 15.   The arbitrator has given legal advice or provided an expert opinion on the dispute to a party or an affiliate of one of the parties. 16.   The arbitrator has previous involvement in the case. Arbitrator’s direct or indirect interest in the dispute 17.   The arbitrator holds shares, either directly or indirectly, in one of the parties or an affiliate of one of the parties that is privately held. 18.   A close family member of the arbitrator has a significant financial interest in the outcome of the dispute. 19.   The arbitrator or a close family member of the arbitrator has a close relationship with a third party who may be liable to recourse on the part of the unsuccessful party in the dispute. Explanation 1.— The term “close family member” refers to a spouse, sibling, child, parent or life partner. Explanation 2.— The term “affiliate” encompasses all companies in one group of companies including the parent company. Explanation 3.— For the removal of doubts, it is clarified that it may be the practice in certain specific kinds of arbitration, such as maritime or commodities arbitration, to draw arbitrators from a small, specialised pool. If in such fields it is the custom and practice for parties frequently to appoint the same arbitrator in different cases, this is a relevant fact to be taken into account while applying the rules set out above.]

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SIXTH SCHEDULE- Arbitration And Conciliation Act, 1996

Arbitration And Conciliation Act, 1996 / /

Name : Contact details : Prior experience (including experience with arbitrations): Number of on-going arbitrations: Circumstances disclosing any past or present relationship with or interest in any of the parties or in relation to the subject-matter in dispute, whether financial, business, professional or other kind, which is likely to give rise to justifiable doubts as to your independence or impartiality (list out): Circumstances which are likely to affect your ability to devote sufficient time to the arbitration and in particular your ability to finish the entire arbitration within twelve months (list out).

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FIFTH SCHEDULE- Arbitration And Conciliation Act, 1996

Arbitration And Conciliation Act, 1996 / /

Arbitrator’s relationship with the parties or counsel 1.   The arbitrator is an employee, consultant, advisor or has any other past or present business relationship with a party. 2.   The arbitrator currently represents or advises one of the parties or an affiliate of one of the parties. 3.   The arbitrator currently represents the lawyer or law firm acting as counsel for one of the parties. 4.   The arbitrator is a lawyer in the same law firm which is representing one of the parties. 5.   The arbitrator is a manager, director or part of the management, or has a similar controlling influence, in an affiliate of one of the parties if the affiliate is directly involved in the matters in dispute in the arbitration. 6.   The arbitrator’s law firm had a previous but terminated involvement in the case without the arbitrator being involved himself or herself. 7.   The arbitrator’s law firm currently has a significant commercial relationship with one of the parties or an affiliate of one of the parties. 8.   The arbitrator regularly advises the appointing party or an affiliate of the appointing party even though neither the arbitrator nor his or her firm derives a significant financial income therefrom. 9.   The arbitrator has a close family relationship with one of the parties and in the case of companies with the persons in the management and controlling the company. 10.   A close family member of the arbitrator has a significant financial interest in one of the parties or an affiliate of one of the parties. 11.   The arbitrator is a legal representative of an entity that is a party in the arbitration. 12.   The arbitrator is a manager, director or part of the management, or has a similar controlling influence in one of the parties. 13.   The arbitrator has a significant financial interest in one of the parties or the outcome of the case. 14.   The arbitrator regularly advises the appointing party or an affiliate of the appointing party, and the arbitrator or his or her firm derives a significant financial income therefrom. Relationship of the arbitrator to the dispute 15.   The arbitrator has given legal advice or provided an expert opinion on the dispute to a party or an affiliate of one of the parties. 16.   The arbitrator has previous involvement in the case. Arbitrator’s direct or indirect interest in the dispute 17.   The arbitrator holds shares, either directly or indirectly, in one of the parties or an affiliate of one of the parties that is privately held. 18.   A close family member of the arbitrator has a significant financial interest in the outcome of the dispute. 19.   The arbitrator or a close family member of the arbitrator has a close relationship with a third party who may be liable to recourse on the part of the unsuccessful party in the dispute. Previous services for one of the parties or other involvement in the case 20.   The arbitrator has within the past three years served as counsel for one of the parties or an affiliate of one of the parties or has previously advised or been consulted by the party or an affiliate of the party making the appointment in an unrelated matter, but the arbitrator and the party or the affiliate of the party have no ongoing relationship. 21.   The arbitrator has within the past three years served as counsel against one of the parties or an affiliate of one of the parties in an unrelated matter. 22.   The arbitrator has within the past three years been appointed as arbitrator on two or more occasions by one of the parties or an affiliate of one of the parties. 23.   The arbitrator’s law firm has within the past three years acted for one of the parties or an affiliate of one of the parties in an unrelated matter without the involvement of the arbitrator. 24.   The arbitrator currently serves, or has served within the past three years, as arbitrator in another arbitration on a related issue involving one of the parties or an affiliate of one of the parties. Relationship between an arbitrator and another arbitrator or counsel. 25.   The arbitrator and another arbitrator are lawyers in the same law firm. 26.   The arbitrator was within the past three years a partner of, or otherwise affiliated with, another arbitrator or any of the counsel in the same arbitration. 27.   A lawyer in the arbitrator’s law firm is an arbitrator in another dispute involving the same party or parties or an affiliate of one of the parties. 28.   A close family member of the arbitrator is a partner or employee of the law firm representing one of the parties, but is not assisting with the dispute. 29.   The arbitrator has within the past three years received more than three appointments by the same counsel or the same law firm. Relationship between arbitrator and party and others involved in the arbitration 30.   The arbitrator’s law firm is currently acting adverse to one of the parties or an affiliate of one of the parties. 31.   The arbitrator had been associated within the past three years with a party or an affiliate of one of the parties in a professional capacity, such as a former employee or partner. Other circumstances 32.   The arbitrator holds shares, either directly or indirectly, which by reason of number or denomination constitute a material holding in one of the parties or an affiliate of one of the parties that is publicly listed. 33.   The arbitrator holds a position in an arbitration institution with appointing authority over the dispute. 34.   The arbitrator is a manager, director or part of the management, or has a similar controlling influence, in an affiliate of one of the parties, where the affiliate is not directly involved in the matters

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due date tax filing

Income Tax / /
due date tax filing

Taxpayers use Income Tax Returns (ITR) to provide reports to the IRS about their earnings and tax payments. It is essential for individuals, businesses, and even various different entities to file their Income Tax Returns within the stipulated timelines. Filing on time saves the unnecessary penalty that may incur on failure or delayed payment of taxes. What is Income Tax Return (ITR)? An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund. The Income Tax Return allows taxpayers to provide comprehensive information about their financial transactions, sources of income, and expenses to the tax authorities. It helps determine the taxpayer’s tax liability and enables the government to assess and collect taxes effectively. Financial Year (FY) and Assessment Year (AY) for Filing ITR From an income tax perspective, the financial year (FY) is the year in which you earn your income. The assessment year (AY) is the year following the financial year when you evaluate the previous year’s income and pay taxes on it. For example, if your financial year is from April 1, 2023, to March 31, 2024, it is known as FY 2023-24. The assessment year for the income earned during this period would start after the financial year ends, from April 1, 2024, to March 31, 2025. Therefore, the assessment year would be AY 2024-25. When is the Last Date to File ITR 2024? Last Date to File Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) Without Late Fees: 31st July 2024. If you miss the July 31st deadline, you can still file a belated return by December 31, 2024. However, late filing may result in penalties and interest charges. Taxpayers are typically required to file their ITR annually, providing details of their income and relevant financial information for a specific period, such as a financial year (FY). ITR filing start date for AY 2024-25 is 1st April 2024, and last date is 31st July 2024. Missing out on the Income Tax Return filing last date can lead to penalties and notices from the Income Tax Department. To avoid these notices, make sure you file your ITR accurately and within the specified deadlines. Why You Must File Your ITR Before July 31 Avoid Penalties and Interest Charges: To avoid any fines and penalties under different sections of the Income Tax Act. Late filing of ITR can attract penalties upto Rs.5000 on income above Rs.5 lakh and Rs.1,000 on income upto Rs.1,00,000. Accurate Tax Reporting: Early filing gives you ample time to gather all necessary documents and information. This helps ensure your tax return is accurate, reducing the likelihood of errors or omissions. Claiming Refunds: Timely filing is essential for claiming refunds. If you’ve paid more tax than you owe, filing early ensures you receive your refund promptly from the Income Tax Department. Loss Adjustment: Timely filing allows you to carry forward losses incurred during the year. These losses can be adjusted against future profits, reducing your tax liability in subsequent years. Verification within 30 Days: After filing, you must verify your ITR within 30 days under tax laws. Filing early provides sufficient time to verify your return and rectify any errors if needed. Maintaining a Good Credit Score: Banks and financial institutions often require ITR as proof of financial stability when you apply for loans or credit cards. Filing your ITR on time showcases financial discipline, potentially improving your chances of securing credit on favorable terms. Avoiding Last-Minute Rush: Filing early helps you avoid the rush closer to the deadline, reducing stress and minimizing the risk of making hasty errors. Effective Financial Planning: Early filing allows you to plan your finances more effectively for the upcoming year, based on your tax obligations and refunds. Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25) Category of Taxpayer Due Date for Tax Filing – FY 2023-24*(unless extended) Individual / HUF/ AOP/ BOI     (books of accounts not required to be audited) 31st July 2024 Businesses (Requiring Audit) 31st October 2024 Businesses requiring transfer pricing reports   (in case of international/specified domestic transactions) 30th November 2024 Revised return 31 December 2024 Belated/late return 31 December 2024 Updated return 31 March 2027 (2 years from the end of the relevant Assessment Year) Consequences of Missed Income Tax Return Due Date Up to Rs. 5,000: For incomes exceeding Rs. 5 lakh. Rs. 1,000: For incomes below Rs. 5 lakh. No penalty: No penalty if your income is below the taxable limit. Interest on Tax Owed: If you owe any tax, you’ll also have to pay interest on it from the due date until you pay it. This interest is calculated at one percent per month or part of a month on the unpaid tax amount from the due date until the date of filing. Delay in Refunds: If you’re due a refund, you won’t receive it until you file your return. Ineligibility to Carry Forward Losses: Missing the deadline results in the inability to carry forward losses under most heads of income, except for house property. This is particularly disadvantageous for businesses and investors, as it can lead to a significant financial setback. Reduced Time for Rectifications and Revisions: Late filing reduces the available time for correcting errors or revising the return. Typically, the deadline for revising an ITR is until the end of the assessment year. Filing late compresses this timeline, limiting the opportunity to rectify mistakes effectively. Prosecution: The income tax department can initiate prosecution proceedings against you. This could lead to imprisonment for up to seven years and a fine. Difficulty Processing Loans: Some banks and financial institutions may not process loan applications from people who haven’t filed their ITRs. Selection of Old Tax Regime: It is important to note that taxpayers must file their income tax returns by the due date, which is July 31st. If they fail to file by this deadline, they will not be able to choose

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Import Export Code

learn / /
import export code

In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. Doing business globally is more easy now-a-days due to the advent of internet and technology. However, before going business globally, you need to follow several procedures and laws and get various registration and license. IEC (Import Export Code) license is one of such prerequisites when you’re thinking of importing into or exporting from India. It is also known as Importer- Exporter Code. IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity. Predominantly importer merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc., without IEC. Import Export Code (IE Code) Import & Export Code is to be obtained by the business entity for import into or export from India. Import & Export Code is popularly known as the IEC number. Import & Export Code is a ten-digit unique number issued by the Directorate General of Foreign Trade (DGFT). IEC registration certificate is mandatory for a business involved in import and export. Hence, before initiating an import of goods into India, an importer must ensure that the importing entity has GST registration and IE code, both of which are required to clear customs. If an importer does not have both GST and IEC Code Registration, the goods will be stuck at the port and start incurring demurrage charges or could be destroyed. Situations where IEC is required When an importer has to clear his shipments from the customs then it’s needed by the customs authorities. When an importer sends money abroad through banks then it’s needed by the bank. When an exporter has to send his shipments then it’s needed by the customs port. When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank. Importance of Import Export Code International market unlocks: As the IE Code is a requirement for the import and export business, they allow the products to reach the global market. IE code makes the entry of the international Indian company smoother and opens doors for growth and expansion. Online IEC registration: The process to find the IE Code is entirely online and hassle-free with short document submission. Less document requirement: It is not required to submit many documents to obtain an IEC. Lifetime Validity: IE Code is a lifetime registration valid as long as the business exists. Hence, there are no issues with updating, filing, and renewing Import Export Code registration. The IEC registration is valid until the company exists or the registration is not revoked or surrendered. Reduces illegal goods transportation: The most basic requirement for the Import-Export code is that you need to provide authentic information. Without giving proper information, IE code cannot be obtained. This criterion makes the transportation of illegal goods impossible. Availing Several Benefits: IEC code registration has enormous benefits for importers and exporters. The registered business entities can get help through subsidies from the Customs, Export Promotion Council or other authorities. With LUT filing under GST, the exporters can make exports without paying taxes. If the exports are made with tax payment, the exporter can claim the refunds of the paid tax amount. Compliances: Unlike other tax registration, the person carrying import or export does not require to fulfill any specific compliance requirements such as the annual filing or the return filings. Documents required for IEC Individual’s, firm’s or company’s copy of PAN Card. Proprietor’s voter ID, Aadhaar card or passport copy. Proof of establishment, incorporation or registration of the partnership, society, proprietorship firm, company, HUF, etc.  Proof of address of business premise, such as sale deed, lease deed, rent agreement or utility bills (electricity bill, telephone bill or mobile bill). Individual’s or company’s or firm’s cancel cheque copies of current bank accounts. A self-addressed envelope for delivery of IEC certificate by registered post. Steps involved in IEC (Import/Export Code) registration Visit the DGFT website. Click on the ‘Services’ tab on the homepage. Select the ‘IEC Profile Management’ option from the drop-down list. A new page will open. Click on the ‘Apply for IEC’ option on the page. Click on the ‘Register’ option. Enter the required details and click on the ‘Sent OTP’ button. Enter the OTP and click on the ‘Register’ button. Upon successful validation of the OTP, you will receive a notification containing the temporary password which you can change after logging into the DGFT website. After registering on the DGFT website, login to the website by entering the user name and password. Click on the ‘Apply for IEC’ option on the DGFT website dashboard. Click on the ‘Start Fresh Application’ button. Enter the general information, details of proprietor/partner/director/Karta/managing trustee, bank information, other details, attach Digital Signature Certificate (DSC) and make the payment. After successful payment, it will be redirected to the DGFT website. The receipt will be displayed. Download the receipt for future reference. The IEC Certificate will be sent in the email. It can be downloaded after logging in to the DGFT website and clicking the ‘Print IEC’ option under the ‘IEC Profile Management’. FAQs Is IEC mandatory? Yes. An Importer-Exporter Code (IEC) is mandatory for import to India or export from India. It is a significant business identification number for an import/export business. A person/entity cannot export or import without obtaining an IEC unless specifically exempted. However, IEC is not necessary for services exports, except when the service provider is taking benefits under the Foreign Trade Policy. Can individuals obtain IEC? Yes, individuals acting as proprietors of a business can obtain IEC registration. Individuals can use either the name or the name of their company to apply for IEC registration.

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dir 3 kyc of directors

learn / /
dir 3 kyc of directors

Director identification number (DIN) is a unique identification number given to a person wanting to be a director or an existing director of a company. In this digitised era, application in e-Form DIR-3 was sufficient to obtain DIN. This was a one-time process for any person who wants to be a director in one or more companies.  Purpose of the Form DIR-3 KYC  Every director shall inform all the companies in which he/ she is a director of the DIN allotted to him/her in Form DIR-3B within 30 days of the receipt of intimation of approval of DIN. Similarly, the Secretary and Manager of a company shall inform the company of their Income-tax Permanent Account Number (PAN). The company needs to provide further information about the DIN of the directors to the Registrar in Form DIR-3C within 15 days of receiving the intimation. Who Needs to File e-Form DIR 3 KYC? As per the announcement by the MCA department, any director whose Director Identification Number (DIN) was approved by 31st March 2018 must submit his KYC details. Moreover, the disqualified directors are also required to follow this procedure. Every director who has been allocated a DIN on or before the end of the financial year and whose DIN has been approved shall file form DIR-3 KYC before 30th September of the following financial year. For Example, The DIN or Director Partner Identification Number (DPIN) holders and directors assigned DPIN by 31st March 2023 need to complete the eForm DIR-3 KYC by 30th September 2023. Type of DIR-3 KYC Filing KYC Details Update Via e-Form DIR-3 The web services are available to the DIN holder who has previously submitted the e-Form DIR-3 KYC in the past financial years and also does not require an update in KYC details and can make annual KYC updation. KYC Update via Web Services of DIR-3 The holder of DIN filing the KYC details in the initial period as per the MCA should file the details of KYC via the e-Form DIR-3 KYC and the web services access is not available to the person, also the DIN holder needs to update the KYC via the e-Form DIR-3 KYC if the update has to be updated. There is no access to the web services for the updation of DIR-3 KYC Checkpoints for filing the e-Form DIR-3 KYC Every director’s personal mobile number and email address will have to be provided while filing the e-Form. This number and email address will be verified by an OTP (one-time password). The director has to use his/her own digital signature while filing this e-Form. The director has to ensure that complete and right information is provided on the e-Form and it should be certified by a practising Chartered Accountant (CA) or Company Secretary (CS), or Cost Accountant. Consequence of not filing e-Form DIR-3 KYC within the specified due date In case a director who is supposed to file the e-Form does not file it by 30th September on MCA 21 portal, the department will mark the DIN of such director as ‘Deactivated due to Non-filing of DIR-3 KYC’.  If the director wishes to re-activate his/her DIN in future by filing the missed out e-Form DIR-3 KYC, he can do so after paying a late fee of Rs 5,000. This fee would be payable on or after 30th September of the year in which the e-Form DIR-3 KYC (Web) is to be filed. This form needs to be filed annually by the directors. Documents required for filing e-Form DIR-3 KYC Permanent address proof, such as Voter’s ID, driving license or PAN card.  Present address proof, such as utility bills not older than 2 months, rental agreement, etc. Aadhaar card. Passport. Other optional documents. Apart from the above documents mentioned above, please keep the following things ready: Digital Signature Certificate (DSC) of the director filing the form (applicant). DSC, membership number, certificate of practise number from a practising professional, such as CA, CS, or Cost Accountant.  Step-by-step guide to file e-Form DIR-3 KYC Step 1: Login to MCA website Login to the MCA website by clicking ‘Sign In/Sign Up’ button on the homepage. If you have not registered on the MCA website, you can register by clicking the ‘Register’ button, entering the required details and logging in by entering the User ID and password. Step 2: Enter the mobile number and email After logging into the MCA website, go to ‘MCA Services’ tab, then ‘Company e-Filing’, ‘DIN Related Filings’ and click ‘Form DIR-3 KYC’ or ‘Form DIR-3 KYC Web’. On the form, the director must enter the DIN number, mobile number and email. OTP will be sent to mobile number and email. Enter the OTP and click on ‘Next’.  Step 3: Enter the details in the DIR-3 KYC Form The director has to enter the below details on the next page: Name Father’s name Nationality Date of birth Gender PAN number Mobile number OTP sent to mobile number Email ID OTP sent to email ID Aadhaar number Permanent residential address Present residential address If the director is filling e-Form DIR-3 KYC (Web), the above details will be pre-filled. The details which are not pre-filled will have to be filled by the director. Note: It is mandatory to declare Permanent Account Number (PAN). After entering PAN details, director will have to click on the ‘Verify income-tax PAN’ button. The system will verify the details based on the PAN card number. If the foreign nationals do not have a PAN, the name mentioned in the form must be the same as the name mentioned in the DSC for successful validation. Step 4: Attachments and e-Form certification Next, the director must upload the required documents. After documents are attached, the director must make the declaration that the information provided by him/her on the e-Form DIR-3 KYC is correct and attach his/her DSC. The e-Form should also be digitally signed by a practising CA, CS or Cost Accountant. It is important to enter the details of the practising professional and then attach their digital signature. Last, click the ‘Submit’ button to submit

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department of school education

learn / /

The school education system in India is vast and complex. It is overseen by three national bodies: The All India Council for Technical Education, the University Grants Commission, and the National Council of Educational Research and Training. In addition to these, each state has its Department or Ministry of Education, which regulates school education within its jurisdiction. In India, the literacy rate for people aged seven and above is 74.04%. The male literacy rate is 82.14% while the female literacy rate is 65.46%. The Gross Enrolment Ratio (GER) for higher education in India is 26.30%. The GER is the percentage of people aged 18-23 who are enrolled in higher education institutions. In India, there are more than 700 universities and 37000 colleges. The education system of India as a whole is not up to the mark. There are many problems in the education system. The quality of education is not good. There is a lot of corruption in the education system. The government is not doing enough to improve the education system. There are many private schools in India which are providing good quality education. But the fees of these schools are very high. So, only rich people can afford to send their children to these schools. Many public schools in India are not provided with good quality education. The government is not doing anything to improve the condition of these schools Governing Bodies All India Council for Technical Education (AICTE) The AICTE is responsible for regulating technical education in India. It was established in 1945 as an advisory body to the Government of India and became a statutory body in 1987. The AICTE accredited and approved institutions for technical and management education in India. As of 2019, there are more than 3000 AICTE-approved institutions in India. University Grants Commission (UGC) The University Grants Commission is a statutory body that provides recognition to universities in India. It also provides financial assistance to eligible universities and colleges. The UGC was established in 1956 and currently has fifty-six members. National Council of Educational Research and Training (NCERT) The National Council of Educational Research and Training is an autonomous organisation that advises the Government of India on education policy. It was established in 1961 and its headquarters are located in New Delhi. The NCERT develops textbooks, teacher training materials, and research journals. School education in India starts at the age of three with pre-primary school. Pre-primary school is not compulsory and is not part of the formal education system. The pre-primary stage is followed by five years of primary schooling, which is divided into two cycles of two years and three years. After the completion of primary school, children can either attend middle school or high school. The middle school comprises Grades VI to VIII, while high school includes Grades IX to XII. Upon successful completion of high school, students can pursue higher education at a university or college. Types of Education in India Formal Education:  Formal education is imparted in schools, colleges, and universities that follow a set curriculum. In India, the formal education system consists of five years of primary schooling, followed by three years of middle school and two years of high school. After the completion of high school, students can pursue higher education at a university or college. Informal Education:  Informal education is provided outside the formal education system and does not follow any set curriculum. It includes training programs, workshops, and internships. Informal education can be beneficial for students who want to learn specific skills or knowledge that are not covered in the formal education system. It can also be helpful for students who want to gain work experience before entering the workforce. FAQs What are the types of education offered in India? The types of education offered in India include primary, secondary, and tertiary education. Primary education is free and compulsory for all children aged six to fourteen years. Secondary education is not compulsory, but it is free for all children aged fifteen to eighteen years. Tertiary education includes both undergraduate and graduate programs. Undergraduate programs typically last four years, while graduate programs can last anywhere from two to eight years. What is the curriculum like for schools in India? The curriculum for schools in India is based on the National Curriculum Framework, which was last updated in 2005. This framework outlines the goals of education in India and guides what should be taught at each level of schooling. The curriculum includes subjects such as language, mathematics, science, social studies, and art.

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Ladli Laxmi Scheme

Government Schemes / /
ladli laxmi scheme

Laadli Laxmi Scheme was launched on 6th July 2012 as one of the flagship programmes of the Department of Women & Child Development, Government of Goa with the intention to address the undesirable tendency of female foeticides and with an aim towards erasing the general perception that the birth of a girl in the family is the burden on her parents/guardian during her marriage. The objective of the scheme is to financially empower the girl child to meet educational and other expenses on becoming a major of age and to improve the female sex ratio in the State. Objectives of Ladli Lakshmi Yojana Provide monetary support to the ladli or girl child to ensure quality education Improve health status of women in the state Control population growth Prevent infanticide and foeticide of female child Create a positive attitude among public towards the birth of a girl child Prevent child marriages Spread public awareness towards gender equality List of states implementing Ladli Laxmi Yojana Ladli Yojana, Haryana Bhagya Laxmi Yojana, Uttar Pradesh Delhi Ladli Yojana, New Delhi Dhan Lakshmi Yojana, Chhattisgarh Ladli Lakshmi Yojana, Goa Lakshmi Ladli Yojana, Jharkhand Eligibility The applicant should be a Girl. The applicant should be born in the State of Goa OR should be a resident of Goa for the last fifteen years. In case, the applicant is a resident of Goa for the last fifteen years, she should have been educated in Goa for a minimum period of 7 years (continuous). The parental income of the applicant does not exceed ₹ 3,00,000 per annum. The applicant should qualify for ANY ONE of the following three criteria: a) At least one of the parents of the applicant is born in Goa and is also a resident of Goa for the last fifteen years. b) One of the parents of the applicant is residing in Goa for the last twenty-five years. Documents Required Documents Required by Parents Document Required by Ladli girl child (ladli) Duly filled Ladli Lakshmi Yojana form Income Certificate of parents Residence proof of MP state ID proof of parent Family Planning Certificate adopted after 2nd child Date of Birth proof School certificate of education ID proof Photograph of the ladli girl with parents Bank Account details Application Process Step 1:Visit the official website of the scheme, i.e. ladlilaxmi.mp.gov.in Step 2:Click on the “Application Letter” tab Step 3:Select the option “General Public” from the given three options. These options are: Public Service Management General Public Project Officer Step 4:Proceed to fill up the application form with the necessary details Step 5:Duly fill out the application form and click on “Save” Step 6:Upload the mandatory documents before submitting the form Step 7:Click on “Submit”  FAQs Are The Decisions Made By The Committee Regarding Eligibility Final And Binding Are The Decisions Made By The Committee Regarding Eligibility Final And Binding What Types Of Applications Are Referred To The Committee For Decision The Committee reviews applications from girl children who are orphans, destitute children, born outside a legitimate wedlock, adopted girl children, or any other cases that fall under the objective of the scheme. If the application is made by the guardians or the institutions/organizations taking care of the child, it is referred to the Committee.

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Adultery: A Ground for Divorce in India

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Adultery as defined under Section 497 of the Indian Penal Code, 1860, is whoever has sexual intercourse with a person who is and whom he knows or has reason to believe to be the wife of another man, without the consent or connivance of that man, such sexual intercourse not amounting to the offence of rape, is guilty of the offence of adultery.” Personal laws all over the world censure the act of adultery, and it is contemplated as a ground for divorce or separation. Moreover, the Hindu law that has no concept of separating or divorcing once married also condemns the act of adultery unambiguously. In the current scenario, adultery is a ground for divorce or separation. An act of sexual intercourse outside marriage The intercourse should be voluntary Adultery is a crucial matter, and it has always been a matter of disparity in the related judgments of the courts. The primary reason is to decide which circumstantial evidence can be considered as proof of adultery. For example, Odisha High Court in the case of Banchanidde vs Kamladas said that only irresistible conclusion could be adultery, as circumstances should be so compelling. However, in the case of Subbarma vs Saraswathi, Madras High Court said that if an unrelated person is found with the wife after midnight, it may be considered as an adulterous act. In another case Maclenna vs Maclenna, Outer House, Court of Session, Scotland, the court faces a dilemma when the question raised that whether a wife using Artificial Insemination Donor (AID) without her husband’s consent can be considered as adultery or not. However, the court stated that AID could not be considered as adultery and rule in favour of the wife. Nevertheless, it is noteworthy that the burden of proof that whether the act of adultery took place or not lies on the petitioner only. Hindu Laws On Adultery As A Ground For Divorce Adultery as a ground for divorce in India has been defined under Section 13(1) of the Hindu Marriage Act, 1955, as the act of having voluntary sexual intercourse with a person who is not the spouse of the respondent. Hence, it becomes essential for the petitioner to prove that she/he was indeed married to the said respondent and that the respondent had voluntary sexual intercourse with a person other than him/her. The spouse who wants to file a divorce petition has to substantiate the statements with proper evidence. The Indian Courts time and again had stressed that adultery has to be proven beyond reasonable doubt. However, in the recent years, the Supreme Court is seen to be deviating away from such notions stating that proving beyond reasonable doubt is essential in criminal cases and not in civil cases. In the case of Dastane v. Dastane, the apex court held that there certainly is no necessity of the presence of proof beyond reasonable doubt where personal relationships are involved especially those between a husband and wife. In the case of Ammini E.J. v. Union of India, the Kerala High Court held that the husband is in a favorable position with respect to it being a ground for divorce because the wife has to prove adultery along with some other aggravating circumstances and hence it is discriminatory towards the wife. The Court also ruled that the wife may file for divorce only on the grounds of adultery, without any other qualifying offence such as cruelty or desertion. Before the enactment of the Marriage Laws, 1976, adultery was treated as a conduct of grave immorality. It was a thing of grave shame irrespective of the gender, however it wasn’t a ground for divorce. After the 1976 Amendment, the grounds for judicial separation and divorce are the same and it is a mark of great development in the Hindu Personal Laws. Section 10 of the Hindu Marriage Act, 1995 defines adultery as a ground for judicial separation. The provision states that the parties to a marriage may file for a decree of judicial separation under any of the grounds mentioned in Section 13(1), irrespective of the marriage being solemnized after or before the commencement of this act. In the case of Sulekha Bairagi v. Prof. Kamala Kanta Bairagi, both Section 10 and Section 13 of the Hindu Marriage Act. According to the husband, she used to visit the house of the co-respondent and was even found in a compromising situation with him and that she used to neglect her duties. In this case, the decision was taken in the favor of the petitioner on merit of the evidence provided, and judicial separation was granted. The above cases are mainly testament to the fact that cases such as these are indeed taken on a case to case basis, and decided on the merits of that particular case. The Marriage Laws (Amendment) Act, 1976 The Marriage Laws (Amendment) Act, 1976 passed and made the ground for divorce and judicial separation common. Under the amendment, any aggrieved party can file a petition for divorce or judicial separation by choice. Prior to this, enactment was considered as the conduct of immorality. Though adultery was a matter of grave shame, still it was not a ground for divorce. This amendment made the grounds for divorce and judicial separation same, and it was marked as a significant development in the category of Hindu Personal law. Adultery Under Hindu Marriage Act, 1955 Section 10 of the Hindu Marriage Act, 1955, says adultery is defined as a ground for judicial separation. The section states that the parties can file a decree for judicial separation or divorce because they are mentioned under Section 13(1) of the act. However, it is irrespective of the fact that before or after the commencement of adultery marriage being solemnized. In the case of Sulekha Bairagi vs Prof. Kamala Kanta Bairagi, Calcutta High Court, the matter was that according to the husband, his wife used to visit the co-respondent and was caught in a compromising position. The wife was also accused of neglecting her marital duties.

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Corporate Insolvency Resolution Process

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corporate insolvency resolution process

The Corporate Insolvency Resolution Process (‘CIRP’) is a recovery mechanism for the creditors of a corporate debtor. A corporate debtor means a company or Limited Liability Partnership (‘LLP’) that owes a debt to its creditors. The Insolvency and Bankruptcy Code, 2016 (‘IBC’) lays down the provisions for conducting insolvency or bankruptcy of individuals, partnership firms, LLP and companies. However, the process of insolvency and liquidation of corporate debtors under the IBC applies where the minimum default amount is Rs.1 crore only. What is the Meaning of Insolvency Resolution Process (IRP) Under the Insolvency Bankruptcy Code 2016, when a company fails to make payments to creditors, the National Company Law Tribunal (NCLT) takes charge of the Insolvency Resolution Process (IRP). An operational creditor, financial creditor, or the company itself can apply for IRP.  After initiation, the company’s assets are put on hold from being disposed of for six months by the NCLT. During this time, the NCLT evaluates and decides on the appropriate action to be taken, which may involve restructuring the company, resolving debts, or liquidating assets. Creditors Under IBC When a company or LLP becomes insolvent or commits a default, the financial creditor, operational creditor or the corporate debtor can file an application to initiate the CIRP by the Adjudicating Authority, i.e. National Company Law Tribunal (‘NCLT’).  A financial creditor is a person to whom the business owes a financial debt and includes a person to whom such debt is legally transmitted or assigned. A financial debt means a debt along with interest disbursed against the consideration for the value of money and includes-  The amount borrowed against the payment of interest. The amount raised by acceptance under the acceptance credit facility or its dematerialised equivalent. The amount raised under the note purchase facility or the issue of notes, bonds, loan stock, debentures or any other similar instrument.  The amount of the liability relating to a lease or hire purchase contract that is deemed as capital or finance lease under the Indian Accounting Standards or such other accounting standards. Receivables discounted or sold other than the receivables sold on a non-recourse basis. The amount raised under any other transaction, including any purchase agreement or forward sale having the commercial effect of a borrowing. Any derivative transaction entered in connection with benefit from or protection against fluctuation in any price or rate. Any counter-indemnity obligation relating to a bond, indemnity, guarantee, documentary letter of credit or other instrument issued by a financial institution or bank. The amount of liability relating to any of the indemnity or guarantee for any of the points mentioned above. An operational creditor is a person to whom the business owes an operational debt and includes persons to whom such amount has been legally transferred or assigned for services or goods given by them.  Process of Corporate Insolvency Resolution Initiation of CIRP- The financial creditor can initiate the CIRP against the corporate debtor by applying to NCLT. The operational creditor should first give a demand notice of an unpaid invoice to the corporate debtor demanding the default payment amount. When the operational creditor does not receive payment from the corporate debtor after the expiry of ten days of delivery of the demand notice or invoice demanding payment, he can apply to NCLT for initiating the CIRP. A partner or member of the corporate debtor authorised to initiate CIRP or a person in charge of managing the affairs or who has control and supervision over the financial affairs of the corporate debtor can initiate the CIRP with NCLT.  NCLT will pass an order within fourteen days of either admitting or denying the CIRP application. The CIRP will commence from the admission date of the application by NCLT. The CIRP completion period is 180 days from the admission date of the CIRP application.  Declaration of Moratorium and Public Announcement- After the admission of the CIRP application, NCLT will pass an order-  Declaring a moratorium for prohibiting certain actions and transactions. Causing a public announcement of initiating the CIRP and call for the submission of claims. Appointing an interim resolution professional.  NCLT orders on the CIRP commencement date declaring the moratorium for prohibiting the following-  Continuation or institution of suits or proceedings against the corporate debtor. Encumbering, transferring, disposing of or alienating by the corporate debtor of its assets or beneficial interest or legal right. Any action to recover, foreclose or enforce any security interest created by the corporate debtor relating to its property, including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.  Recovery of any property by a lessor or owner, where the property is in possession or occupied by the corporate debtor. The public announcement of the CIRP should contain the following information-  Name and address of the corporate debtor.  Name of the authority under which the corporate debtor is registered or incorporated. Last date for submission of claims. Details of the interim resolution professional who will be responsible for receiving claims and take over the management of the corporate debtor. Penalties for misleading or false claims. The date of closure of the CIRP, i.e. 180th day from the admission date of the CIRP application. The interim resolution professional appointed will have the following powers relating to the corporate debtor from the date of his appointment- Management of the affairs of the corporate debtor. Exercise the powers of the board of directors or partners of the corporate debtor and suspension of the powers of the director or partner of the corporate debtor. Officers and managers of the corporate debtor will have to report to the interim resolution professional and give access to the records and documents of the corporate debtor. Financial institutions having and maintaining accounts of the corporate debtor will act on the instructions of the interim resolution professional and furnish all available information relating to the corporate debtor. Committee of Creditors- The interim resolution professional will constitute a committee of creditors after collating all received claims against

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