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According to the city’s traffic police laws as well as the Indian Motor Vehicle Act, breaking, transgressing, or disregarding any of these restrictions is a serious offence. The implementation of these traffic laws (decrees, rules, codes of practice, and acts) can significantly reduce the number of road accidents. These laws are enforced by issuing challans in the names of lawbreakers, motivating them to absorb the rules. Penalties and legal wrangling are always powerful deterrents. The following is a symptomatic list of all possible crimes and their related penalties:  Objectives of the Motor Vehicles (Amendment) Bill Establish a constructive planning framework for road transportation Implement stricter rules for traffic violators To make mandatory for the automobile sector to replace defective vehicles that cause harm to the environment or the individual Ensure safety through a new traffic management system Supporting good samaritans by not making liable to any criminal prosecution Develop a platform to promote new vehicle technology Providing location tracking services for all public service transports Improvements in Motor Vehicles (Amendment) Bill, 2019 Compensation for road accident victims Compulsory Insurance for all motor vehicles Good Samaritans Recall the vehicles if defective National Transportation Policy Road Safety Board Offences and Penalties Taxi Aggregators and Regulate app-based taxi-hailing services for smooth rider experience List of Traffic Violations & Fines in India 2024 Traffic rules violated Fine amount Drunk driving or driving under influence of intoxicated items Rs.10,000 and/or 6 months in prison, Rs.15,000 and/or 2 years in prison in case of repetition of violation Overloading pillion riders Rs.2,000 plus disqualification of licence and/or community service for three months Over speeding Rs.1,000 for LMV, Rs.2,000 for MMV Dangerous driving First Offense: Rs.1,000 to Rs.5,000, licence seizure, and/or 6 months to 1 year in prison  Second Offense: Rs.10,000, licence seizure, and up to 2 yeaRs in prison  Driving without licence Rs.5,000 Driving without insurance Rs.2,000 and/or 3 months in prison, community service, Rs.4,000 in case of repetition of violation Signal jumping Rs.1,000 to Rs.5,000, licence seizure, and/or 6 months to 1 year in prison Riding without helmet Rs.1,000 plus licence scrapping for three months Riding without permit Up to Rs.10,000 and/or up to 6 months imprisonment Juvenile driving Rs.25,000 with three years of imprisonment, cancellation of registration of vehicle for 1 year, and ineligibility to avail a driving licence until 25 years of age   Offences Related to Documents Offences Penalty Driving without carrying a valid driving licence Rs.5,000 Unauthorised driving of a vehicle without carrying a valid driving licence Rs.5,000 General Offense First Time: Rs.500  Second Time: Rs.1,500 Not carrying the required documents as specified in Motor Vehicle Act while driving Rs.500 Driving without a valid auto insurance. Rs.2,000 and/or 3 months in prison, community service, Rs.4,000 in case of repetition of violation Driving without a valid permit Rs.10,000* and/or up to 6 months of prison and community service Travelling without ticket Rs.500 Driving after being disqualified Rs.10,000 Power of Officers towards impounding documents Suspension of driving license under Section 183, 184, 185, 189, 190, 194C, 194D, and 194E* Violating licensing conditions (Aggregators) Rs.25,000 to Rs.1 lakh Driving without Valid Vehicle Fitness Certificate. Up to Rs.5,000 and no less than Rs.2,000 Vehicle without RC Book (Registration Certificate) Rs.2,000 * Changes made in September – 2019   Offences Related to Driving Offences Penalty Violation of rules of road regulation Rs.500* Offences made by juveniles (aged below 18 years) Rs.25,000 with three years of imprisonment, cancellation of registration of vehicle for 1 year, and ineligibility to avail a driving licence until 25 years of age Not obeying the orders of the authorities Rs.2,000 Over speeding of vehicle Rs.1,000 for Light Motor Vehicles (LMVs);  Rs.2,000 for Medium Passenger Vehicles (MPVs)  Oversize vehicles Rs.5,000 Letting an unlicensed individual to drive Rs.1,000 Driving two wheelers without wearing a helmet Rs.1,000 and disqualification of driving license for 3 months* Driving without fastening the seat belts Rs.1,000 Rough/ Reckless/ Negligent Driving Rs.1,000 Dangerous driving Rs.5,000 Racing or speeding on public roads Rs.5,000 Not making way for emergency vehicles Rs.10,000 Not driving in the proper lane. Court Challan Driving in the centre and not keeping to left side of the road. Rs.100 Driving against One Way. Rs.100 Reversing without due caution and care. Rs.100 Taking “U” turn during forbidden hours. Rs.100 Not taking adequate care while taking a “Turn”. Rs.100 Failing to slow down at intersection/ junction. Rs.100 Not carrying on left of traffic island. Rs.100 Carrying people on Footboard. Rs.100 Carrying people to the point that it causes inconvenience (be it for rear-view visibility or gear shifting) to the driver. Rs.100 Tripling on bikes/ two wheelers. Rs.100 Driving on Footpath. Rs.100 Stopping at pedestrian from crossing or crossing a Stop Line (Zebra Cross). Rs.100 * Changes made in September – 2019 Offences Related to Road Marking Offences Penalty Violating the Yellow Line. Rs.100 Violating the Stop Line. Rs.100 Violating the Mandatory Signs. Rs.100   Offences Related to Vehicle Number Plates Offences Penalty Use of Offensive Number Plate for vehicle used in driving. Rs.100 Displaying ‘Applied For’. Rs. 4,500   Offences Related to Vehicle Lights Offences Penalty Improper use of headlights and/ or taillight for your vehicle used in driving. Rs.100 Using a High Beam when it is not needed. Rs.100 Offences Related to Horn Offences Penalty/Sentence Driving without a Horn. Rs.100 Improper usage of horn when you drive. Rs.100   Offences Related to Traffic Police Offences Penalty/Sentence Disobeying a Traffic Police Officer in uniform. Rs.100 Driving against Police Signal. Rs.100 Not complying with the manual Traffic Signal. Rs.100   Offences Related to Traffic Signal Offences Penalty/Sentence Not complying with the Traffic signal / Sign Board. Rs.100 Failing to give the appropriate Signal. Rs.100 Signal Jumping. Rs.100 Offences Related to Speed & Overtaking Offences Penalty/Sentence Driving above the permitted Speed Limits by the Traffic Police. Up to Rs.1,000 Abetment for Going over the Speed Limit. Rs.300 Overtaking hazardously. Rs.100 Failing to deliberate way to sanction Overtaking. Rs.100 Overtaking from the Wrong Side. Rs.100   Other Offences Related to Driving Offences Penalty/Sentence Purposely disobeying Lawful Directions. Rs.500 Driving

Non-convertible debentures fall under the debt category. They cannot be converted into equity or stocks. NCDs have a fixed maturity date and the interest can be paid along with the principal amount either monthly, quarterly, or annually depending on the fixed tenure specified. They benefit investors with their supreme returns, liquidity, low risk and tax benefits when compared to that of convertible debentures. Example of NCDs: You can invest when the company announces NCDs or purchase after it trades on the secondary market. You must check the company’s credit rating, issuer credibility and the coupon rate of the NCD. It would help if you purchase NCDs of a higher rating such as AAA+ or AA+.  Funding is essential for a company to not only invest and expand but also to run its day-to-day operations. When a firm needs to raise money, it may consider debt, stock, venture capital, and other methods. Banks, non-banking financial companies, debt funds, and companies are increasingly relying on private placements of listed and non-listed Non-Convertible Debentures (NCDs) for fundraising from players such as pension funds, insurance agencies, foreign portfolio investors, and mutual funds to pay down debt and on-lend. What do you mean by Non-Convertible Debentures? Debentures are long-term financial assets that acknowledge the issuer’s debt commitment. Some debentures include the option of being converted into shares at the owner’s choice after a set period of time. Non-convertible debentures are debentures that cannot be converted into shares or equity (or NCDs). A Non-Convertible Debenture (NCD) is a debt instrument issued by a corporation, including NBFCs, with an original or initial maturity of less than one year and issued through a private placement. These debentures are used by firms for rising long-term funding through a public offering. In order to compensate for the non-convertibility, lenders are typically offered a higher rate of return than with convertible debentures. Features of NCDs Taxation NCDs carry tax implications depending on the tax bracket the investor falls under. If NCDs are sold within a year, STCG will be applicable as per the income tax slab rate. If the NCDs are sold after a year or before the maturity date, LTCG will be applicable at 20% with indexation. The interest income from NCDs is taxed in a similar manner as fixed income securities under ‘income from other sources. Let’s calculate the post-tax return from the NCD: Interest from NCD Post-tax return @10.4% Post-tax return @20.8% Post-tax return @ 31.2% 9% 8.064 7.128 6.192 9.5% 8.512 7.524 6.536 10% 8.96 7.92 6.88 Credit rating: Companies are ranked by credit rating agencies such as CRISIL, CARE etc. To determine the potential of a company, its rating plays a major role. A higher credit rating means that the company has the ability to fulfil credit obligations. However, a low credit rating means that the company has high credit risks involved. If any issuing company fails to make payments then the rating agencies give them a lesser ranking.  Interest: NCDs may offer a high-interest rate ranging from 7% to 9% if held till maturity. Interest payouts are either monthly, quarterly, half-yearly or annually. NCDs do offer a cumulative payout option, as well. Moreover, unsecured NCDs can offer a higher interest rate. Characteristics of Non- Convertible Debentures Limited credit risk: An NCD loses value as the system’s interest rate rises and gets value when the rate falls. When an NCD is held until maturity, however, the stated return is likely to be realised, and the risk of interest rate volatility is reduced or decreased. Higher rate of return: Historically, NCDs have delivered excellent interest rates as compared to other fixed-income investments. Flexible Term: Ranging from two to twenty years, this allows for greater maturity options.  NCDs are rated by credit rating companies that are certified and professional.  NCDs are normally listed securities, which mean they can be sold in the secondary market before expiration. No Taxation: According to section 193 of The Income Tax Act, there is no tax deduction at source (TDS) on NCDs provided in DEMAT method and listed on a stock market. Moreover, because NCDs are listed securities, they can profit from stock market changes and experience capital appreciation.  Interest Payment Alternatives: NCDs offer a variety of interest payment options, including monthly, quarterly, half-yearly, and annual interest payments. Eligibility for Investing in Non-Conventional Debentures (NCDs) Institutions:  NCDs can be purchased by Public Financial Institutions, Statutory Corporations, Commercial Banks, Cooperative Banks, and Regional Rural Banks. NCD-authorized Provident Funds, Pension Funds, Superannuation Funds, and Gratuity Funds. SEBI-registered Venture Capital and/or Alternative Investment Funds. IRDA-registered insurance companies National Investment Funds (NIFs). Non- Institutional:  Companies, bodies corporate, and organisations that are registered under Indian law and are permitted to invest in NCDs. NCDs can be invested in by public/private charitable/religious trusts. Groups that are authorised to invest in NCDs are scientific and/or industrial research organisations. In the name of the partners, partnership firms are formed. The LLP Act of 2008 allows for the formation and registration of limited liability partnerships (No.6 of 2009). Individuals Individuals of Indian descent who live in the area. Hindu Undivided Families What is the Procedure for Issuing NCDs in NBFCs? According to conventional market practise, the company’s financial position must be communicated to potential investors. The investors must obtain a certified copy of the investors stating that the company has met all of the RBI’s qualifying conditions. The corporation must follow all of the laws of the Companies Act of 2013, as well as any RBI restrictions:  The debenture certificate must be granted within the time frame established by the Companies Act of 2013. The company determines whether NCDs are issued at face value with a coupon rate or as zero-coupon instruments with a discount rate to face value. Major Provisions under Companies Act, 2013 on NCDs The provisions relating to the issuing of NCDs are covered under Section 71 of the Companies Act, 2013 (“Act”) and Rule 18 of the Companies (Share Capital & Debenture) Rules, 2014. Specific provisions to keep in mind when issuing Debentures are as follows: The company’s Board of Directors has the authority to issue NCDs under section 179(3) of the

Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. It was introduced in India in 1990 with a view to enabling highly rated corporate borrowers/ to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary dealers and satellite dealers were also permitted to issue CP to enable them to meet their short-term funding requirements for their operations. What is Commercial Paper? Commercial Paper (CP) is a short-term, unsecured debt instrument issued by corporations, financial institutions, or governments to raise funds for operational needs. It includes inventories, short-term debts, account payables, financing payroll, etc. CP typically matures within 1 to 270 days and is characterized by low risk and high liquidity. It is sold at a discount to its face value and offers investors a competitive yield.  Key Points About Commercial Paper Issuer: Typically, large and financially stable corporations, financial institutions, and government entities issue CP to meet their short-term funding needs. Maturity: CP has a short maturity period, usually ranging from a few days to a maximum of 270 days. This short-term nature makes it convenient for companies to obtain funds quickly. Unsecured: It is usually issued without any collateral backing. Investors rely on the creditworthiness of the issuer when purchasing CP. Interest Rates: The interest rate on CP is generally lower than other forms of short-term borrowing, like bank loans. The rate is determined based on prevailing market conditions, the issuer’s credit rating, and the maturity period’s length. Liquidity: It can be easily sold in the secondary market before maturity. It provides investors with liquidity. Investors: CP is often purchased by institutional investors, such as money market funds, corporations with excess cash, and other entities looking for a short-term investment vehicle. Regulation:In India, The Reserve Bank of India regulates the issuance and trading of CP through the Reserve Bank Commercial Paper Directions, 2017, along with operational guidelines from the Fixed Income Money Market and Derivatives Association of India. In the United States, commercial paper is regulated by the Securities and Exchange Commission (SEC) if offered to the general public. However, many issuers are exempt from SEC registration requirements. Risk: Commercial paper is relatively safe due to the creditworthiness of reputable issuers. Still, there is a risk of default if the issuer faces financial difficulties. Denominations: It is typically issued in large denominations. It makes it less accessible to individual investors Advantages of Commercial Paper Prior to the introduction of commercial paper in the Indian money market i.e. before 1990, corporate companies used to depend on the crude and traditional method of borrowing working capital from the commercial banks by pledging the inventory of raw materials as collateral security. This is time-consuming for the borrowing companies in availing the short-term funds for day-to-day production activities. Commercial paper has emerged as an effective instrument for all corporate companies to avail the short-term funds from the money market within the shortest possible time limit by avoiding the hassles of direct negotiation with the commercial banks for availing the short-term loans. Types of Commercial Paper Promissory Notes Promissory notes are financial transactions promises from one party (the issuer) to another (the payee) to repay a specific amount of money by a certain date. They are legally binding instruments to formalize loans or debts between individuals, businesses, or financial institutions. Drafts Drafts, also known as bills of exchange, are orders from one party (the drawer) to another (the drawee) to pay a specified amount to a third party (the payee). They serve as a form of payment or transfer of funds, often used in international trade transactions. Checks Checks are written orders from a bank account holder to their bank, instructing the bank to pay a certain amount of money to the bearer or a specified recipient. They are a common form of payment, allowing individuals and businesses to make secure and convenient transactions. Certificates of Deposit (CDs) Certificates of Deposit are time deposits banks and financial institutions offer. Investors deposit a fixed amount of money for a specified period, earning a predetermined interest rate. CDs are considered low-risk investments due to their fixed returns and the assurance of principal repayment upon maturity. Eligibility for Issuing Commercial Paper Companies, Primary Dealers (PDs) and Finance Institution (FIs) are eligible to issue commercial paper. Commercial Paper (CPs) can be issued based on the guidelines set by RBI. The following conditions have to be fulfilled by corporates to receive privileges for issuing commercial paper: The tangible net worth of the company should not be less than 4 Crores, as per the latest audited Balance-Sheet. The companies should have the ‘sanctioned working capital limit’ by the banks or any Financial Institutions (FIs). The Financial Institutions or Banks should classify the ‘Borrowal Account’ as a Standard asset. Issuing Commercial Paper Commercial paper can be issued into the market by the following members: Leasing and Finance Companies Manufacturing Companies Financial Institutions FAQs Who uses commercial paper? Commercial paper is commonly used by well-established and creditworthy companies. These can include corporations, banks, and financial institutions looking for short-term funds to cover their operational needs. Is commercial paper safe to invest in? Generally, commercial paper issued by reputable companies is considered safe due to their creditworthiness. However, like any investment, there’s a level of risk involved. Investors should assess the credit rating of the issuer before investing.

A share is a unit of ownership in a company and has an exchangeable value that is influenced by market forces. As per Section 43 of the Companies Act, 2013, a company’s share capital is of two types of shares, namely – equity shares and preferential shares. When it comes to raising capital for a company, one common approach is to issue shares. Equity shares and preference shares are two types of shares that companies can offer to investors. While both represent ownership in a company, they have distinct characteristics and rights associated with them.  Type Equity Shares Preference Shares Voting Rights Typically have voting rights Limited or no voting rights Dividend Preference Receives dividends after preference shareholders Receives dividends before equity shareholders Repayment Preference Repaid last in case of liquidation Repaid before equity shareholders in case of liquidation Conversion Cannot be converted into preference shares Can be converted into equity shares Fixed Dividend No fixed dividend Fixed dividend rate Redemption Not redeemable Can be redeemable after a certain period Risk Higher risk, as returns depend on company performance Lower risk, as fixed dividends are assured Control Equity shareholders have control and management rights Preference shareholders have limited control Residual Claims Entitled to residual claims after preference shareholders No residual claims Participation in Surplus Participate in surplus profits after preference shareholders No participation in surplus profits What are Equity Shares? Companies issue these shares to the public to raise capital. The funds thus raised are used for the expansion of a start-up. Since equity shares are non-redeemable, they serve as a long-term source of finance for companies. The share capital is held by the company throughout and is distributed at the event of winding up. The fact equity shareholders avail the residual share during liquidation makes them the actual risk bearers of a company. In fact, it is also a point of origin of the difference between equity share and preference share. Equity shares come with voting rights, and its holders are also entitled to receive surplus and claim company assets. The company’s management determines the rate of dividend be distributed among such shareholders. Moreover, these shares are transferable and can be transferred without consideration. Notably, the unit of shares held by investors signifies the proportion of ownership they have in a said company. Generally, they are traded in the market through a stock exchange. The value of these shares is expressed in issue price, face value, market price, book value, intrinsic value, etc. Types of Equity Shares Equity shares appear on the liability side of a company’s balance sheet. They do not have any types as such and are hence considered as ordinary stocks. Nonetheless, they are usually categorised as – Authorised share capital Subscribed share capital Issued share capital Paid-up capital Bonus shares Right shares Sweat equity shares Equity shares offer substantial dividends to shareholders and also entitle them to benefit from price appreciation in investment value. Also, their liquidity enables shareholders to sell them off effortlessly and gives rise to another point of difference between equity share and preference share. On the other hand, besides being a permanent source of capital, equity shares also help companies to secure credit easily. Both investors and creditors consider companies with large equity capital as creditworthy. Furthermore, the liability arising out of equity shares are required to be paid, and companies are also not obligated to pay a dividend to shareholders. What are Preference Shares? The capital that a company raises through the issuance of preference shares is termed as preference share capital. These shares come with a fixed rate of dividend and a preferential right to avail profits and claim assets during liquidation. In fact, these shares are ranked between debt and equity in terms of priority and repayment of capital. Like equity shares, preference shareholders are also partial owners of a company. However, they are not entitled to voting rights and hence do not really possess the power to control or influence company-oriented decisions. Also, shareholders do not have a claim over the bonus shares and are a prominent preference shares and equity shares difference. What is most noteworthy is that preference shares are similar to debentures, and they could be converted to preferred stock. Furthermore, preference share issuers can repurchase the shares at a given date. These shares extend substantial dividends to their holders but do not come with a closing date. The decision to declare dividend on preference shares lies with the management, and it is not mandatory in case of loss. This is the most crucial difference between equity share and preference share. Types of Preference Shares The following are the major types of preference share – Cumulative preference shares Non-cumulative preference shares Redeemable preference shares Non-redeemable preference shares Convertible preference shares Participating preference shares Non-participating shares It must be noted that dividends paid on preference shares are not deducted from taxes. Also, redeeming such shares creates a financial burden on the company and erodes its capital. Similarly, when profits are earned companies must pay off the arrears dividends, especially in case of cumulative preference shares. Difference between Equity and Preference Shares S.N.  Parameter Equity Share Preference Share 1. Definition Equity shares represent the extent of ownership in a company. Preference shares come with preferential rights when it comes to receiving dividend or repaying capital. 2. Dividend payout Shareholders receive dividends after all liabilities have been paid off. Preference shareholders are given more priority over equity shareholders when it comes to the dividend payment. 3. Rate of dividend The rate fluctuates as per earnings. Rate of dividend remains fixed. 4. Bonus shares These shares are entitled to receive bonus against existing shareholdings. These shares do not offer bonus against existing shareholdings. 5. Capital repayment It is repaid at the end. It is repaid before equity shares. 6. Voting rights The shares come with voting rights. Preferential shares do not have voting rights. 7. Role in management Equity share comes with the power to participate in the company’s management. Preference share does not extend management rights.

India is one of the biggest democracies in the world. In order to ensure law and order throughout this vast country, every state has its own judiciary system in place. Under the judicial structure of each state of India, the High Court is regarded as the highest authority. Below the High Court, other courts make up the subordinate judiciary system. These courts are known as subordinate courts. Types of Subordinate Courts The subordinate courts have been named such because they come under the authority of the state’s High Court. In every district in India, there are many types of subordinate courts. These include:  Civil Courts that hear civil cases Criminal Courts that hear criminal cases Revenue Courts that attend to revenue-related cases Civil Courts are ruled by a District Judge or a District and Sessions Judge. Under them come a Sub-Judge who attends to matters at the family courts. In some places, below this, there is the Munsif, and there can also be small-causes courts that make up the lowest rung of the hierarchy of civil subordinate courts. Criminal Courts are ruled by a Sessions Judge or a Sessions and District Judge. Under a Sessions Judge, there can be a Metropolitan Magistrate. When it comes to Revenue Courts, the highest power remains with a Board of Revenues, followed by a Collector or Commissioner, then a Tehsildar, and at the lowest level, there can be a Naib Tehsildar. So the High Court, along with this hierarchy of subordinate courts, also known as lower courts, make up a state’s judicial system. The subordinate courts comprise the District Judges, Judges of any of the city civil and criminal courts, Metropolitan magistrates and all the members of the judicial service of that state. Revenue courts in India Revenue courts deal with cases of land revenue in the state. The Board of Revenue is the district’s highest revenue court, followed by the Commissioners’, Collectors’, Tehsildars’, and Assistant Tehsildars’ Courts. The Board of Revenue is in charge of hearing final appeals from the lower revenue courts. The primary goal of these courts is to address all issues relating to land revenue, as well as issues affecting agricultural land boundaries and tenancy. Suits referred to here include succession, land transfer, the partition of holdings, demarcation of boundaries, removal of encroachments, eviction of trespassers, and declaratory suits (specifically in Uttar Pradesh) in several states. In any case, such lawsuits do not fall under the jurisdiction of civil courts.  The different types of revenue courts are provided hereunder; Board of Revenue Commissioner’s Court Collectors’ Court Tehsildar’s Court A uniform designation has been brought about in the subordinate judiciary’s Judicial Officers all over the country, by means of:  District or Additional District Judge, Civil Judge (Senior Divisions) and Civil Judge (Junior Division) on the Civil side, and  On the criminal side, Sessions Judge, Additional Sessions Judge, Chief Judicial Magistrate and judicial magistrates made in existing posts by indicating their equivalent with any of these categories by all state Government/Union Territories Administrations. The administrative control over members of the subordinate judicial service is vested in the concerned high court under Article 235 of the Indian Constitution. In addition, in the execution of the powers entrusted to the appropriate designated individual, the state government shall create rules and regulations in consultation with the high court exercising jurisdiction in connection to Article 309 read with Articles 233 and 234 of the Constitution. Constitution of revenue courts Board Members (Both admin and judicial): This board usually consists of a Chairman and any other members are chosen by the state government. The principal duty of this board is to act as the ultimate decision-maker in instances involving disposition, appeals, or modification. Also, in all other issues provided in separate state codes, subject to the supervision, direction, and control of the state Government. Commissioners or Additional Commissioners: Each division will have a commissioner nominated by the State Government. One or more extra commissioners may be appointed by the State Government in one or more divisions. Collectors or Additional Collectors: The person in charge of revenue administration is known as a collector. As a result, a state government must appoint a commissioner in each district, as well as one or more additional commissioners in one or more districts. Assistant Collectors: The state Government has the ability to appoint as many people as it sees fit for the positions of first and second-class assistant collectors. In addition, if necessary, the state government may designate an assistant-collector first class to serve as extra sub-divisional officials for one or more tehsils in a district. Chief Revenue Officers: A revenue inspector’s job is to ensure that village records are properly maintained, supervised, and corrected, among other things. Each district’s collector has the authority to designate one or more tehsils. Settlement Officers and Assistant Settlement Officers: They have generally involved settling disputes between parties to a suit.  Record Officers and Assistant Record Officers: These officers are responsible for maintaining all official records that are required in day to day activities of the revenue board or courts in general.  Tahsildars and Tahsildar (Judicial): A tax officer accompanied by revenue inspectors is known as a tehsildar. They are responsible for collecting taxes on land revenue from a tehsil. A tehsildar is often referred to as the tehsil’s Executive Magistrate. Naib Tahsildar: The state Government has the authority to appoint as many Naib Tehsildars as it sees fit in each district. Powers of revenue courts in India Power to ask for records: The board or commissioner has the authority to request any records relating to any kind of suit or proceeding that is being judged by any subordinate revenue court in which no appeal has been filed, or even if an appeal has been filed, it is to be deemed that the same has not been filed yet. The purpose behind the same is to ensure the satisfaction of board members, legality or propriety, of any such order passed in a particular suit or proceeding referred to by the Board member. Power to review: A revenue board has the power to review any of

The Ministry of Corporate Affairs (MCA) endeavors of implementing the launch of a new set of forms on the MCA V3 portal, MCA is set to launch a third set of Company Forms covering nine e-forms on 15 July 2024 at 12:00 AM. In order to facilitate the implementation of these forms on the V3 portal, MCA has decided to disable the V3 portal from 13 July 2024 12:00 AM to 14 July 2024 11:59 PM. The Ministry of Corporate Affairs (i.e., MCA) is progressively implementing the third version of the flagship project MCA21 (NCA 21 Version-3). As a part of the first phase, MCA will carry out the following- Upgradation of the current version of the MCA website; and Introduction of the following two new public-facing modules- E-Consultation; and E-Book. Features up-gradation of MCA website Restoration of the following web pages- Home, Data & Reports, About Us, Contact Us, News and Updates, and Mediation and conciliation. Introduction of the following new services/ modules- E-Consultation, and E-Book. Essential services access in the new MCA website E-Books, Name Reservation (Company), Name Reservation (LLP), DIR-3 KYC, View Public Documents, View Company/ LLP Master Data, Track Transaction Status, Associate DSC, Update DSC, Independent Director/ Databank Registration, Enquire Fee, and E-Auction. E-Books and use thereof- Basically, the E-Books module is launched by the Ministry of Corporate Affairs to- Simplify the compliance procedure; and Provide complete information and data about the applicable act; rules and regulations. Both registered as well as non-registered users can access the E-Books by following the below steps- STEP 1 – Visit site https://www.mca.gov.in/content/mca/global/en/home.html, STEP 2 – Click ‘Acts & Rules’ available on the home page. STEP 3 – By following the above steps, a List of Acts and a List of Recent Amendments will be displayed. E-consultation and use thereon- E-consultation is featured as one of the web page available on the home page of the MCA website. Mostly, e-consultation is an online platform, wherein, following would be undertaken- Proposed amendments/ draft legislation will be posted for public consultation, Users are allowed to submit their comments/ suggestions on such proposed amendments/ draft legislations. Following are the two ways through which the E-Consultation module can be accessed- Registered user – such a person can access the module by login into the MCA website. Guest user – the non-registered person can even access the module available on the home page of the website. Important points regarding the posting of comments/ suggestions- Documents available for comments will be accessible with the posting date and comments due date on the E-Consultation home page. For successful posting of comments by the guest user, it is necessary to- Fill in the user profile information like- Name, Name of the organization, E-mail ID, Address, Industry of operation. Verify the e-mail ID and mobile number via OTP. While commenting, the user can attach the supporting documents up to a maximum size of 25MB. The users are allowed to modify the comments/ suggestions in the following manner- Type of user Manner to modify the comments Registered user Login to the MCA website. Visit the E-Consultation page.  Modify the comments and submit the same. Guest user Enter the new comment. Provide the same PAN/ Aadhar/ CIN/ FCRN/ LLPIN/ FLLPIN which was provided while entering an earlier comment. On entering the same number, a confirmation will appear asking to overwrite the previous comment. On confirming overwriting, the previous comment will be over-written with the new comment. Access to the primary services in the new MCA website Register your company, Register your LLP (Limited Liability Partnership), Company forms download, LLP forms download, Close your company, Close your LLP. FAQs What is the MCA website? The MCA (Ministry of Corporate Affairs) website is an online portal where companies and professionals can access a wide range of services related to company registration, compliance filings, and other corporate affairs. It is the official platform for accessing the MCA’s e-governance initiatives. What recent upgrades have been made to the MCA website? The recent upgrades to the MCA website include improvements in user interface design, enhanced security features, faster load times, and the introduction of new services like improved e-filing systems, better integration with other government databases, and a more intuitive navigation structure.

Setting up a petrol pump in India involves a structured process, and obtaining a license is a crucial step in this venture. With the increasing demand for fuel across the country, the petrol pump business presents a lucrative opportunity. However, navigating the licensing procedures is vital for a smooth establishment. To initiate this process, individuals or entities must adhere to the guidelines laid out by the government. The licensing authority, typically the State Level Coordinator of Oil Industry & Petroleum Planning, governs the issuance of petrol pump licenses. The application process encompasses various stages, including eligibility checks, site feasibility assessments, and compliance with safety standards. Eligibility requirements to obtain a Petrol Pump License The applicant must be a citizen of India. The applicant must be a resident of India or in the previous financial year, he must have spent more than 182 days in India. The age of the applicant must be between the ages of 21 to 58. A document proving your identification is needed. The age of the applicant should be verified by presenting a copy of his or her matriculation Certificate (10th), Secondary School-Leaving Certificate, Passport, Birth Certificate, etc. What Are the Criteria for Opening a Petrol Pump? The person must be an Indian citizen. The applicant should be a resident of India, meaning they must have stayed in India for more than 182 days in the preceding financial year. The age of the applicant must be between 21 and 58 years. Individuals classified as freedom fighters are not eligible. A valid identification document is mandatory. How Much Money Required for a Petrol Pump License? To obtain a petrol pump license in India, candidates must demonstrate the financial capacity to invest a minimum of Rs. 25 lakhs for a standard petrol pump and Rs. 12 lakhs for a rural petrol pump. Institutional investors can use various methods such as bonds, shares of listed companies in demat form, national savings certificates, deposits with banks, registered companies, postal schemes, shares of mutual funds, and more to meet the investment requirement.  It’s important to note that assets with unproven provenance, such as IOUs and jewellery, will not be considered. Additionally, only 60% of the total value of shares, collective investment schemes, and notes will be considered in the assessment. Additionally, a Chartered Accountant must provide the necessary investment assessment certification for the petrol pump license application. How Much Land Required for Petrol Pump Dealership? Proximity to the Highway: The land should ideally be located alongside a highway, ensuring easy accessibility for customers. Ownership or Rental Contract: Candidates must either own the land or have a valid rental contract for a suitable property near the proposed site. Formal Offer for Acquisition: Preferential consideration is given to candidates who have a formal offer for acquiring or entering a long-term rental agreement for a suitable piece of land. Documentation: Applicants must provide various documents demonstrating ownership of the property or their intent to acquire the specified piece of land. The size of the land should meet the specified requirements. Property Improvement: If selected for the petrol pump franchise, applicants must enhance the property to street level by appropriate earthwork procedures. This includes creating a concrete structure and a composite wall with a minimum height of 1.5 meters, considering soil conditions. How to apply for Petrol Pump License? An applicant can apply online and the procedure for getting the petrol pump license is given below: Visit the site of www.petrolpumpdealerchayan.in. Press Register Now which is given on the home page. Fill out the form and create an account for further processing.  Login with your Id and Password and then click on Available Advertisement which is located on the dashboard.  Now select the name of your preferred company and your resident state.  After that, you will see the place in which the company wants to open the petrol pump in your selected state.  Choose your nearby area then click on Apply Now  Now fill out the form within the given time limit which is 40 minutes. Select Individual or Partnership from the drop-down box and pay the fee of Rupees Ten Thousand.  Now fill in your personal and necessary information, upload your photo and signature then click on    Submit button.  Now you will pay the fee to complete the process. FAQs What is the petrol pump license fee in India? The license fee for a petrol pump dealership in India ranges from Rs. 18/KL to Rs. 48/KL for motor spirit, depending on the category of the retail outlet. Can I sell petrol without a license? No, it is illegal to sell petrol without a license in India. A petrol pump business requires various licenses and permits to operate legally and in compliance with regulations

Per square foot guidelines value for various kinds of lands and buildings is notified by the state government for all zones. Guideline value can be updated periodically by the state government, so state government takes average market values of last 6 months or 1 year and update the guideline value and they also take into account the kind of infrastructure and facilities in that area, so generally the guideline values lags behind the market value(knows as circle rate or reckoner rates).In Madhya Pradesh each city is divided into various Taluk or Tehsil which further divided into various subareas, wards and villages.Well developed or Posh localities will have a higher guideline values while least or lower developed localities has lower guideline values.Per square foot guidelines value for various kinds of lands and buildings is notified by the state government for all zones. Guideline value can be updated periodically by the state government, so state government takes average market values of last 6 months or 1 year and update the guideline value and they also take into account the kind of infrastructure and facilities in that area, so generally the guideline values lags behind the market value(knows as circle rate or reckoner rates).In Madhya Pradesh each city is divided into various Taluk or Tehsil which further divided into various subareas, wards and villages.Well developed or Posh localities will have a higher guideline values while least or lower developed localities has lower guideline values. Provision for agricultural Land In all areas except the areas / villages in which the value of property located on the road is determined separately, the value of the land situated on the national highway or their bypass is 100 percent more than the fixed price for agricultural land. The value of land situated on the state road or their bypass will be 50 percent more than the value of agricultural land, 20 percent more than the value of agricultural land on the main district road or other district route.In areas whose prices have not been set or missed in the guide line, the District Registrar will submit the proposal of the District Appraisal Committee to the Inspector General of Registration for approval. Guidelines for these areas can be issued separately during the year.If there is an intention to have more than one rate in respect of a property, then the maximum rate among them will be accepted. Provision for buildings Multi-storeyed buildings in which Madhya Pradesh Cell Ownership Act, 2000 and rules made thereunder are applicable.In relation to the provisions of section 4 (3), 4 (5) and 8 of the said Act, the market value of the apartment is calculated according to the built-up area of the apartment along with its common areas and facilities, Including the area of undivided share.If a document transfers an independent multi-storey bungalow of two or more floors to one kata, the value of the plot will not be calculated separately for each floor, but will be included only once. For the first, second and third and above floors, a reduction of 5, 10 and 15 percent in the construction cost will also be accepted. Importance of Property Valuation Certificate Property valuation certificate includes the property information like property size of the land and building, Property value, details on the construction. Property valuation Certificate is also used as collateral for the educational loan from the Bank. Property Valuation certificate is required for purposes of income and wealth tax For submitting annual returns in the Income Tax department. Documents Required Aadhaar Card Proof of Land Tax Copy of Encumbrance certificate. Proof of ownership of property. Voters ID Application Procedure for Property Valuation Step 1: Please visit the e-Panjiyan portal of Registration and stamp department. Step 2: Click on “Login” option which is on the homepage of the portal. Step 3: The user has to enter the valid email ID and password and click on the “Login” button. Step 4:  If the user is not registered, then the user can register using the New User option on the login screen and then the new user registration form will open on the next screen. Step 5: The user has to fill the form with required details and click on the “Register” button. Step 6: After registering the page will be redirected to the login page enter login details and select a property valuation tab. Step 7: Then choose the District of the property from the map to continue. Step 8: Then the applicant will enter the property details like District, Tehsil, Area Type, Ward/Patwari,  Colony, Property Type. Step 9: Enter the details of the property type (plot)selected. Step 10: If the applicant wants to define area separately for Residential Plot, Commercial Plot, Industrial Plot, Education Plot, Health Plot and Others. The applicant has to enter their respective areas in the fields for valuation of property. Step 11: If in case the applicant does not want to define areas for commercial and residential plot separately, you can select “If the plot is used for commercial cum residential purpose”. Step 12: In the case of Health and Education institutes, the applicant can select – “If layout passed by T&CP”. If the applicant selects this checkbox, the user has to present a document evidencing the same. Step 13: Select relevant sub-clauses and read instructions carefully before clicking the Next button. Step 14: Click on “click here to view property details” to view the same. Step 15: Property details are displayed after clicking on the link. FAQs Should we register our property at Guidance Value by state government or Circle rate? Market price or circle rate of a property in a particular area can be much higher than the circle rate fixed by the Revenue Department, then homebuyer can register property at a rate anywhere between guidance value and circle rate. How guidance value affect the property price? If the Guidance value of particular land is higher than the circle rate then a homebuyer cannot register the land below guidance value, so property can be registered at guidance value or circle rate whichever is lower, but registration on the circle rate leads to pay higher

Marriage has traditionally held a sacred place in Indian society, with people placing the union of two individuals as a couple on a very high pinnacle. Throughout history, the practice of marriage has accumulated so many norms and ethics that it has resulted in a union of two families rather than two individuals. When picking partners for marriage, there is frequently a significant level of social involvement. In many regions of India, for example, marriage between members of the same social status or caste has become a norm, while inter-caste marriages are strongly prohibited. The Special Marriage Act was drafted into the Indian legal system in the year 1954 as one of independent India’s most prominent secular measures. The Act was designed to be a legislation that governs marriages which couldn’t be solemnized under the various religious customs. The Act is applicable to all Indian citizens, whether residing in India or abroad. The State of Jammu and Kashmir is excluded under the ambit of this Act, though residents domiciled in other states but residing in Jammu and Kashmir would qualify for these provisions. A brief overview of the Special Marriage Act, 1954 As one of independent India’s most significant secular initiatives, the Special Marriage Act, 1954 was brought into the Indian legal system in 1954. The Act was intended to be a piece of legislation that controls weddings that could not be solemnised due to religious traditions. The Act applies to all Indian nationals, whether they live in India or outside. The State of Jammu and Kashmir is not included in the scope of this Act, although persons domiciled in other states but residing in Jammu and Kashmir would be eligible for these provisions.  It is a piece of law that establishes a special type of marriage by registration. Marriage is unique in that there is no requirement to convert or reject one’s religion. Unlike conventional arranged weddings, which include two families from the same caste or community, the Act aspires to legalise interreligious or inter-caste marriages. The Act’s Certificate of Registration has been regarded as universal evidence of marriage. As stated in the Preamble, the Act allows for a special form of marriage in specific circumstances, registration of such and other marriages, and divorce Objectives of the Special Marriage Act, 1954 The following are the key goals that may be derived from the Act’s Preamble:  A specific type of marriage, documentation of certain marriages, separation. Conditions for Marriage Neither of the parties has a living spouse. Neither of the parties is incapable of consenting to the marriage owing to unsound mind. Neither of the parties is affected with any mental disorder which renders them unfit for marriage and the procreation of children. Neither of the parties is subject to constant attacks of epilepsy or insanity. The bridegroom and the bride have attained the age of 21 and 18 respectively. The parties are not within the confines of a prohibited relationship. It may be noted though that if a custom governing at least one of the parties doesn’t prohibit a marriage between them, the marriage can be solemnized under this Act. Applicability of the Special Marriage Act, 1954 The Special Marriage Act, 1954 extends to all Indian states as well as Indian nationals living in other countries. Individuals of diverse faiths, such as Muslims, Hindus, Parsis, Sikhs, or Christians, can marry under this Act. The Act applies not only to interreligious or inter-caste marriages or love marriages but also to intra-faith marriages and provides an option to register marriages performed in accordance with the couple’s personal laws. The fulfillment of customs and ceremonies to solemnise the marriage is a requirement of personal laws, whether Hindu or Muslim law, however, the Special Marriage Act, 1954 does not demand the performance of any rituals or ceremonies; rather, the single requirement for being married is two persons having permission. It applies to the whole of India except the State of Jammu and Kashmir and applies also to citizens of India domiciled in the territories to which this Act extends who are (in the State of Jammu and Kashmir). Marriages between Hindus, Muslims, Christians, Sikhs, Jains, and Buddhists are all covered under the statute. As a result, there is no distinct court marriage for different faiths; rather, it is a uniform process of being married regardless of religion. Important Sections of the Special Marriage Act, 1954 Section 4 of the Special Marriage Act, 1954 addresses the numerous requirements for a lawful marriage. It specifies four basic requirements for a legitimate marriage: It forbids polygamy and declares a marriage null and void if neither party had a spouse living at the time of the marriage. The married partners must be in a sound state of mind. The parties must be able to make their own decisions and be sane at the moment of marriage. Both parties to the marriage must have reached the legal age of majority. The female party must be at least eighteen years old at the time of marriage application, and the male party must be at least twenty-one years old. The parties going into marriage should not be in close proximity to one another and should not be in a forbidden connection with each other. The degree of banned relationship is determined by the conventions of the persons involved and differs from one tradition to the next. Schedule one of the legislation outlines the degrees of banned connections; nonetheless, in typical circumstances, the norms governing persons take precedence. The marriage will only be lawful if all of these prerequisites are met. Other prerequisites for a lawful marriage include the permission of the parties, with both parties entering into the marriage providing acceptable consent. The willingness of both parties is taken into account. The caste or religion of either party is not taken into account and will not operate as a barrier. Section 5 of the Act specifies that the parties must give written notice to the Marriage Officer of the District and that at

The world’s economy is dynamic and subject to constant change. This change is evident from a decrease in the purchasing power of money due to a sustained rise in the prices of goods and services. The phenomenon of a reduction in the value of money, which leads to an increase of an individual’s cost of living, is known as inflation.  Cost Inflation Index or CII is a tool used in the calculation of an estimated yearly increase in an asset’s price as a result of inflation. The Central Government fixes this index and publishes it in its official gazette for measuring inflation. This index, notified each year by the Government is defined under Section 48 of the Income Tax Act, 1961. What is Cost Inflation Index? The cost inflation index (CII) is a means to measure inflation, which is used in the computation of long-term capital gains concerning the sale of assets. Cost inflation takes into account the Consumer Price Index (CPI) for a given year for urban non-manual employees for the preceding year. What is the Purpose of CII? A Cost Inflation Index table is used to calculate the long term capital gains from a transfer or sale of capital assets. Capital gain refers to the profit acquired from the sale/transfer of any capital assets, including land, property, stocks, shares, trademarks, patents, etc.  In accounting, usually, long term capital assets are recorded at their cost price in books. Thus, despite rising prices of assets, these capital assets cannot be revalued.   Thus, at the time of sale of these assets, the profit or gain acquired from them remains high due to their high sale price in comparison to their purchase price. As a result, assessees also have to pay a higher income tax on the gains from these assets. With the application of Cost Inflation Index for capital gain, in the long run, the purchase price of assets is adjusted according to their sale price, leading to lower profits and lower tax amount on them. The Central Board of Direct Taxes in February 2018 notified new Cost Inflation Index numbers applicable from 2017-18 onwards. In this revision, there was a shift from the old base year of 1981 to 2001, with 100 taken as its CII. The indices for subsequent years were also revised accordingly.  This revision in the base year was prompted to solve the difficulties faced by taxpayers in the calculation of tax payable for gains from capital assets purchased on or before 1981. Following are two tables illustrating new and old Cost Inflation Index for the last ten financial years –  Old CII Table Financial Year CII 2007-08 551 2008-09 582 2009-10 632 2010-11 711 2011-12 785 2012-13 852 2013-14 939 2014-15 1024 2015-16 1081 2016-17 1125 New CII Table Financial year Cost Inflation Index 2024-25 363 2023-24 348 2022-23 331 2021-22 317 2020-21 301 2019-20 289 2018-19 280 2017-18 272 2016-17 264 2015-16 254 2014-15 240 2013-14 220 2012-13 200 2011-12 184 2010-11 167 2009-10 148 2008-09 137 2007-08 129 2006-07 122 2005-06 117 2004-05 113 2003-04 109 2002-03 105 2001-02 100 How is Cost Inflation Index used in Income Tax? Long-Term Capital Assets are recorded at cost price in books. Despite increasing inflation, they exist at the cost price and cannot be revalued. When these assets are sold, the profit amount remains high due to the higher sale price as compared to the purchase price. This also leads to a higher income tax.  The cost inflation index is applied to the long-term capital assets, due to which purchase cost increases, resulting in lesser profits and lesser taxes to benefit taxpayers. To benefit the taxpayers, the cost inflation index benefit is applied to the long-term capital assets, due to which purchase cost increases, resulting in lesser profits and lesser taxes. What is the Concept of the Base Year in Cost Inflation Index? The base year is the first year of the cost inflation index and has an index value of 100. The index of all other years is compared to the base year to see the increase in inflation percentage. For any capital asset purchased before the base year of the cost inflation index, taxpayers can take the purchase price higher of the “actual cost or Fair Market Value (FMV) as on the 1st day of the base year. Indexation benefit is applied to the purchase price so calculated. FMV is based on the valuation report of a registered valuer. Why is Cost Inflation Index Calculated? The Cost Inflation Index is calculated to match the prices to the inflation rate. In simple words, an increase in the inflation rate over time will lead to a rise in prices. How is Indexation Applied for Long-Term Capital Assets? Indexation is applied to the cost of asset acquisition to adjust the price of assets in accordance with inflation. Following is the formula to calculate indexed cost of asset acquisition –  Indexed Cost of Asset Acquisition = (CII for year of sale or transfer x Cost of asset acquisition)/ CII for first year in the holding period of asset or year 2001-02, whichever comes later Following is the formula to calculate the indexed cost of asset improvement–  Indexed  Cost of Asset Improvement = (CII for year of sale or transfer x Cost of asset improvement)/ CII for year during which the asset improvement took place Example of Application of Indexation for Long-Term Capital Assets  Mr Paul invested in the purchase of a capital asset in Financial Year 1994-95 for Rs. 1,00,000. The Fair Market Value of this capital asset on April 1st 2000 was Rs. 2,20,000. He then proceeded to sell this asset in the financial year 2015-16. Following is a calculation of the indexed cost of asset acquisition –  In the case mentioned above, the asset is purchased before the base year. Therefore, cost of asset acquisition, in this case, = Higher between FMV and actual cost of the asset, as on April 1st 2000. Therefore, the cost of acquisition of this asset