learn

A Trademark is an important identity for every business. However, trademark registration involves registering the design under the proper classes of trademark.  What is Trademark? A trademark is an intellectual property that grants the owner exclusive rights over a word, symbol, logo, phrase, design, sound, or expression. Such a trademark cannot be used by any other individual, entity, or organization in the public domain without the trademark owner’s consent. Any copying of the same shall lead to legal action. A trademark has the ability to distinguish one company’s products from others. What is Trademark Class? A trademark class refers to the classes in which various products and services are divided under the NICE classification. There are 45 trademark classes. Each class consists of goods and services of a particular nature. While applying for a trademark, the applicant has to select the correct trademark class to which his/her product or service belongs. Trademark class plays a crucial role in trademark search and in preventing trademark infringement.   What is the basis of the Classification of Trademark Classes? Trademark Class for Goods A finished product is classified on the basis of its purpose and function if the product is not a part of any other class. Multipurpose products can be classified into multiple classes that relate to their functions. If the functions are not mentioned in other classes, then it is classified on the basis of the mode of transport or the raw materials. Raw materials or semi-finished products are classified based on the material they are made of. If the product is made of multiple materials, it is classified on the basis of the predominant material. Trademark Class for Services Trademark class for services is classified on the basis of branches of activity, as specified in the headings and explanatory notes. Rental services are classified in the same class. Advice or consultation-related services are classified based on the subject of the advice, consultation, or information. What are the Different Trademark Classes? Class Description Trademark Class 1 Chemical industry, science, photography, agriculture, horticulture, and forestry; unprocessed plastics; chemical substances for preserving foodstuffs; Trademark Class 2 Preservatives against rust, paints, and varnishes; Preservatives used to prevent deterioration of wood, foil, and powder from metals, colorants, painters, artists, and decorators. Trademark Class 3 Substances for laundry use, bleaching preparations; cleaning; polishing; essential oils, cosmetics, soaps; perfumery, abrasive preparations; hair lotions; Trademark Class 4 Industrial oils and greases; candles, wicks; lubricants; fuels and illuminants, dust absorbing, wetting and binding compositions. Trademark Class 5 Pharmaceutical, fungicides, herbicides; veterinary and sanitary preparations; food for babies; disinfectants; dietetic Trademark Class 6 Common metals, alloys; small metal hardware products, building materials made of metal. Metal pipes and other goods which are not a part of other classes. Trademark Class 7 Machines and machine tools; machine coupling and transmission equipment; agricultural implements except those operated by hand; incubators for eggs Trademark Class 8 Manual hand tools and implements; side arms; razors; cutlery Trademark Class 9 Scientific, measuring, apparatus for recording, electric, photographic, data processing equipment and computers; transmission or reproduction of sound or visuals. Trademark Class 10 Dental and veterinary products; surgical, artificial limbs; medical, eyes and teeth; suture materials; orthopedic articles. Trademark Class 11 Apparatus for lighting, cooking, refrigerating, heating, steam generating, water supply and sanitary purposes; drying and ventilating. Trademark Class 12 Vehicles; products for movement by water, land, or air. Trademark Class 13 Firearms; explosives; fireworks; ammunition and projectiles Trademark Class 14 Precious metals, their alloys and products made from them; precious stones; jewelry; chronometric instruments and horological Trademark Class 15 Instruments used to make music. Trademark Class 16 Printed matter; stationery; Paper, cardboard, and goods made from these materials; brushes; plastic materials for packaging; typewriters and office requisites; Trademark Class 17 Insulating materials; flexible pipes; rubber, asbestos, plastics in extruded form for use in manufacture; mica and goods made from these materials; packing, stopping Trademark Class 18 Umbrellas, parasols and walking sticks; leather and imitations of leather; animal skins, hides, trunks and traveling bags; whips, saddlery; harness Trademark Class 19 Building materials, (non-metallic), non-metallic transportable buildings; non-metallic rigid pipes for building; asphalt, pitch, and bitumen; monuments. Trademark Class 20 Furniture, mirrors, picture frames; ivory, whalebone, shell, amber; goods of wood, cork, bone, mother-of-pearl, reed, cane, wicker, horn. Trademark Class 21 Kitchen utensils; unworked or semi-worked glass; combs and sponges; articles for cleaning purposes; earthenware and glassware Trademark Class 22 Awnings, tarpaulins, sails, sacks, ropes, string, nets, tents, raw fibrous textile materials; padding and stuffing materials(except of rubber or plastics) Trademark Class 23 Yarns and threads Trademark Class 24 Bed and table covers; Textiles Trademark Class 25 Clothing, headgear, footwear Trademark Class 26 Ribbons and braid; Lace and embroidery, buttons, artificial flowers; hooks and eyes, pins and needles Trademark Class 27 Carpets, rugs, wall hangings(non-textile); mats and matting, linoleum Trademark Class 28 Gymnastic and sporting articles; games and playthings; decorations for Christmas trees Trademark Class 29 Meat, fish, poultry and game; meat extracts; preserved, dried and cooked fruits and vegetables; jams, edible oils and fats; fruit sauces; eggs, milk and milk products Trademark Class 30 Coffee, tea, cocoa, sugar, rice, tapioca, mustard; vinegar; spices; ice sago; bread, pastry and confectionery, ices; honey, treacle; yeast, baking powder; salt Trademark Class 31 Agricultural, horticultural, and forestry products and grains; foodstuffs for animals, malt; live animals; fresh fruits and vegetables; seeds, natural plants and flowers Trademark Class 32 Beers, mineral and aerated waters, non-alcoholic drinks; syrup; fruit drinks and fruit juices Trademark Class 33 Alcoholic beverages(except beers) Trademark Class 34 Tobacco, smokers’ articles, matches Trademark classification of services Class Description Trademark Class 35 Advertising, business administration, business management, office functions. Trademark Class 36 Insurance, financial affairs; monetary affairs; real estate affairs. Trademark Class 37 Building construction; installation services; repair Trademark Class 38 Tele communications. Trademark Class 39 Transport; travel arrangement; packaging and storage of goods. Trademark Class 40 Treatment of materials. Trademark Class 41 Education; entertainment; sporting and cultural activities; providing of training Trademark Class 42 Scientific, design, and

In the world of legal practice, efficient case management is crucial for success.  As litigation becomes increasingly intricate and voluminous, law firms and legal departments are embracing technology to streamline their processes and maintain order. One essential tool in this context is the litigation tracker, a dedicated instrument for case management that provides a centralized platform for handling various aspects of a case. From deadlines and documents to tasks and communication, litigation tracker empowers legal professionals to efficiently manage their caseloads and achieve better client outcomes. A primary advantage of using a litigation tracker is centralized information management. With all case-related information stored in one place, legal teams can easily access key dates, documents, court filings, communications, and tasks. This not only saves time searching for information but also ensures that everyone involved in the case is on the same page, promoting collaboration and teamwork. Litigation trackers offer a multitude of other noteworthy benefits, including: Deadline Management: Expertly track critical deadlines such as court appearances and discovery deadlines. Automated reminders minimize the risk of missing deadlines and facing sanctions. Task Management: Legal professionals can create, assign, and track tasks, ensuring efficient workflow coordination and timely completion of all tasks. Document Management: Organize and manage case-related documents in one central location. – Easily upload, categorize, and retrieve documents, saving time and resources. Communication Tracking: Log and track all case-related communications such as emails and meetings. – Centralized communication records improve collaboration among legal team members. Analytics and Reporting: These tools provide insights into case status, progress, and key metrics, helping identify trends and assess case performance for better decision-making and outcomes. In addition to this, advanced litigation trackers provide an array of functionalities that go beyond basic case management. These extra features include: Auto-Updation of Dates: Litigation trackers can automatically update important dates and deadlines based on court filings, orders, and other case-related events. This ensures that users are consistently aware of upcoming deadlines, enabling proactive planning and preparation. Billing and Expense Management: It can track billable hours, expenses, and costs associated with litigation cases. Users can input time entries, expenses, and other costs directly into the system, and the tracker can generate invoices and reports for billing purposes. Expense Limit Notifications: Users can set spending limits for each legal case. – The litigation tracker will notify users when these limits are nearing or have been exceeded. International e-Billing: For law firms and legal departments handling international litigation matters, some litigation trackers offer support for international e-billing standards and formats. This allows users to generate invoices and reports that comply with the requirements of international clients and jurisdictions. The Disadvantages of Litigation Trackers: Cost: The implementing and maintaining a litigation tracker can lead to initial costs for acquiring the software. Furthermore, there may be ongoing costs associated with software updates, maintenance, and technical support. Complexity: Some litigation trackers may have a difficult learning process, especially for individuals unfamiliar with technology or those accustomed to conventional paper-based methods. Complex features and customization options may require additional time and effort to master. Data Security Concerns: Litigation trackers contain sensitive and confidential information about legal cases, clients, and strategies. There is a risk of data breaches or unauthorized access if proper security measures are not implemented and maintained. Dependency on Technology: Relying heavily on a litigation tracker for case management may create dependency on technology. System outages, software bugs, or technical issues could disrupt workflows and hinder productivity. Customization Limitations: While many litigation trackers offer customizable features and settings, there may be limitations to the level of customization available. Users may find that certain features or workflows cannot be tailored to their specific needs or preferences. FAQs What is the Litigation Information Tracking and Evaluation System (LITES)? The Litigation Information Tracking and Evaluation System (LITES) is a digital platform designed to manage and monitor litigation cases efficiently. It helps in tracking the progress of legal cases, evaluating performance, and managing case-related information systematically. What are the main objectives of LITES? The main objectives of LITES are to streamline the management of litigation cases, enhance transparency, improve efficiency in handling cases, and provide a centralized repository for all case-related information.

The India Post Payments Bank launched on September 1, 2018, by PM Narendra Modi is a payments bank that aims at making banking services available at people’s doorstep. This article will abreast you with IPPB, its aim, functions, benefits and challenges of India Post Payments Bank.  Indian Post Payments Bank IPPB is a wholly-owned payments bank, a subsidiary of the Indian postal department, which with 100 per cent Government of India equity works through a network of post offices and nearly 3 lakh postmen.  Indian Post Payments Bank with the vision of building the most affordable, accessible, and trusted bank for the common man and driving the agenda of financial inclusion for the under-banked population will be governed by RBI. Though the services of Indian Post Payments Bank is for all the citizens; the primary focus of IPPB is serving the low-income households, social sector beneficiaries, unorganised sector, migrant labourers, MSMEs – Micro Small and Medium Enterprises, and Panchayats in rural areas also the under-banked and unbanked segments in both the urban and rural areas. IPPB offers services through a mix of physical and digital platforms. Channels used for delivering IPPB services include: Doorstep, mobile and internet banking Counter operations Pre-paid instruments such as PoS, mobile wallets, MPoS, etc. ATMs/micro ATMs Opportunities Of IPPB Currently, there are about 50,000 bank branches in rural India, while the Department of Post alone has almost 1,30,000 service points in rural India, which, if converted into points of banking service, can extend the presence of IPPB banking services in rural India by 3.5 times. Coupled with convenient, simple, and affordable digital solutions, IPPB intends to leverage the trust that the public has on India Post.  To provide doorstep banking services for 3,00,000 employees of Indian postal services are provided with biometric and handheld devices. IPPB may help increase rural per capita income through domestic savings by tapping the savings of rural people. IPPB will reduce the exploitation of rural people by money lenders and provide effective financial services. The expansion of rural banking services has become difficult as the mounting pressure of NPAs turned banks towards the over-burdening task of recovery of credit. IPPB will reduce this pressure and ease the expansion of banking services.   IPPB App Services The doorstep banking facility offers a range of services including account opening, cash deposits and withdrawals, money transfers, recharge and bill payments, third-party services like insurance, loans, investments and other account-related services. The account-related services include updating PAN and nomination details, requesting account statements, and issuing standing instructions. The IPPB app will also offer RTGS, IMPS and NEFT services for the transfer of funds. Salient Features Of Indian Post Payments Bank The IPPB offers three types of savings accounts: regular, digital and basic. No fee for withdrawals made from IPPB ATM or PNB ATM since it has a tie-up with Punjab National Bank. The bank will offer a 4% interest rate in all the savings accounts. It also offers Forex services at lower charges. Unlike most banks, there will be no need to maintain a minimum quarterly average balance. No charges for the lack of a minimum account balance. The IPPB also offers a QR card service that will help one access their bank account and make transactions without having to remember their account number. Using the QR card, all transactions can be authenticated via biometric verification. Indian Post Payments Bank offers a free debit card with an annual maintenance fee of Rs. 100/- from the second year. Using a network of post offices, and the services of over 3,00,000 postmen, the IPPB will reach customers without the traditional bank branches.  IPPB provides third-party products like loans and insurance through the other banks or companies that it has tied up with. In the absence of traditional bank branches, the IPPB aims to reach its customers through their mobile phones. That is why it has the chance to flourish among people who are tech-savvy and comfortable with technology.  The IPPB will encourage anyone above 18 years of age to open digital savings accounts, using their Aadhar and PAN cards. The KYC formalities for such accounts must be completed within 12 months. FAQs What is the objective of IPPB and why was it established? India Post Payments Bank is a division of Indian Post and a payments bank from India operated by the India Post. It was established on September 1, 2018. What is the vision of IPPB? The India Post Payments Bank envisions building the most accessible, affordable and trusted bank for the common man.

Uttarakhand Road Tax is a crucial source of revenue for the state, supporting the maintenance and development of road infrastructure. It is a fee imposed on vehicle owners for using public roads. This tax is pivotal in ensuring safe and well-maintained roads, benefiting commuters and the economy. In September 2023, the number of registered motor vehicles in Uttarakhand was reported to be 18,988 units. By implementing road tax, Uttarakhand can fund road repairs, construct new highways, and enhance transportation facilities. This, in turn, leads to improved connectivity, boosting trade, tourism, and overall development. Uttarakhand Road Tax The Uttarakhand Government has imposed a road tax on all vehicles registered in the state. The amount of tax levied, depends on the type of vehicle. The tax collected is used to maintain and improve the quality of the roads in Uttarakhand. The Uttarakhand Motor Vehicle Taxation Act outlines the method for determining the tax that must be paid by vehicle owners, making it convenient to impose and collect taxes. What is Road Tax? In India, according to the Motor Vehicles Act, road tax is a necessary fee that state governments collect from people who own and use motor vehicles on public roads. This fee is important because it helps the government take care of the road’s infrastructure. The amount you pay for road tax depends on things like the type of vehicle you have, what you use it for, and how big the engine is. You have to pay road tax when you register your vehicle or renew its registration. It is really important to pay the road tax on time because not doing so can lead to penalties or other legal hassles. The money from road tax goes towards making sure our roads are safe to travel and in good condition. It helps build new roads and fix the old ones. It also supports traffic rules and systems to keep us safe on the road. Road tax also ensures that vehicles meet certain safety and environmental standards. Understanding road tax is not just following a rule; it is also helping to keep our roads in good shape and making transportation better for everyone Who Levies Road State Tax in Uttarakhand? The Uttarakhand Government is responsible for imposing road tax on vehicles registered within the state. The specific amount of tax varies based on the type of vehicle. This collected tax plays a crucial role in the upkeep and enhancement of Uttarakhand’s road infrastructure. The Uttarakhand Motor Vehicle Taxation Act provides clear guidelines for calculating and collecting these taxes, making the process efficient and transparent for vehicle owners. This system ensures that the tax is fairly levied and contributes to the overall improvement of transportation in Uttarakhand. Uttarakhand Road Tax Calculation In Uttarakhand, the Regional Transport Office (RTO) oversees the collection of road tax from vehicle owners. This tax encompasses both the central government’s Road Tax (CGT) and the State Transport Authority of Uttarakhand’s (STAUT) road tax. The computation of road tax in Uttarakhand takes into account several key factors: Seating capacity of the vehicle Age of the vehicle Engine capacity of the vehicle Type of fuel used Weight of the vehicle Category of the vehicle Price of the vehicle These elements collectively determine the amount of road tax that vehicle owners are required to pay, ensuring a fair and balanced system of taxation. If you wish to know more about your motor vehicle tax in Uttarakhand, the Parivahan portal can help. Road Tax in Uttarakhand for Two-Wheelers In Uttarakhand, two-wheelers can be taxed according to their price. Here’s a table with the road tax details for the same: Vehicle Price (One-Time) Tax Rate Under Rs. 10 lakhs 6% of the price Exceeding Rs. 10 lakhs 8% of the price In addition, the state of Uttarakhand requires all two-wheeler owners to contribute an annual tax of Rs. 200 for the vehicle. Road Tax in Uttarakhand for Three-Wheelers Here is a table detailing the road tax details for three-wheelers in Uttarakhand: Vehicle Type One-Time Annual Tax Three-wheelers [with a seating capacity for 3 people (excluding the driver)] Rs. 10,000 Road Tax in Uttarakhand for Four-Wheelers In Uttarakhand, four-wheelers can be taxed according to their price. Here’s a table with the road tax details for the same: Vehicle Price (One-Time) Tax Rate Under Rs. 10 lakhs 6% of the price Exceeding Rs. 10 lakhs 8% of the price Uttarakhand’s road tax slabs are also based on the four-wheeler vehicle’s weight is detailed in the table below: Weight of Vehicle Yearly Tax Vehicles with a weight under 1,000 kg Rs. 1,000 Vehicles with a weight ranging from 1,000 – 5,000 kg Rs. 2,000 Vehicles with a weight of over 5,000 kg Rs. 4,000 Commercial Vehicles Road Tax in Uttarakhand For commercial vehicles, the tax levied is based on the passenger seating capacity. The table below details the road tax based on this factor: Seating (Capacity-wise) Taxation per year (One-Time) Tax Less than 3-person vehicles Rs. 730 Rs. 10,000 Less than 3-6 person vehicles Rs. 730 Rs. 10,000 More than 7-person vehicles Rs. 1,700 Rs. 10,000 Road Tax for Other State Vehicles in Uttarakhand In Uttarakhand, road tax is levied on all other state vehicles except those belonging to the Central Government and the Armed Forces. The rates of road tax for these vehicles are detailed below: Description of Vehicles Tax per Month Tax per Quarter Tax per year (Rs.) One-Time Tax (Rs.) Two-Wheeler and Three- Wheeler Motor cabs (with a seating capacity for 3 people, excluding the driver) Nil Nil 730 10,000 Three Wheeler Motor Cabs (with a seating capacity for 6 people or less) Nil Nil 730 10,000 Three Wheeler Motor Cabs (with a seating capacity for 7 people or less) Nil Nil 1,700 10,000 Goods Vehicle (the Gross Vehicle Weight not extending 3,000 Kilograms for every metric ton of the Gross vehicle weight) Nil Nil 1,000 10,000 How to Pay Uttarakhand Road Tax Online? Step 1: Go to the official Vahan Portal. Step 2: Click on the “Online Services” menu and click

The National Skill Development Corporation (NSDC) is pleased to introduce the Women Entrepreneurship Programme, a significant step toward empowering women entrepreneurs and promoting economic growth. This initiative strives to address the challenges that women experience in entrepreneurship by providing valuable skills, knowledge, and networking opportunities. On July 31, 2024, Shri Atul Kumar Tiwari, the Secretary of the Ministry of Skill Development & Entrepreneurship, announced big steps forward for women’s entrepreneurship. This is mainly through new projects like the Women Entrepreneurship Program, launched by the National Skill Development Corporation (NSDC) in partnership with Britannia Industries. Collaboration with Ministries Shri Tiwari highlighted the importance of working together with other ministries, such as Tribal Affairs and Rural Development, to help women entrepreneurs grow. This collaboration aims to give targeted skill training to Women’s Self-Help Groups, helping them start strong businesses. Women Entrepreneurship Program The Women Entrepreneurship Program focuses on the unique challenges women entrepreneurs face. It offers free self-learning courses in many languages through the Skill India Digital Hub (SIDH). These courses teach important entrepreneurial skills and knowledge. Participants will receive certificates from NSDC, Britannia, and NIESBUD, showing they have gained new skills. The program aims to empower about 2.5 million women, giving them the tools they need for business success. Financial Grants and Competitions The program will also feature a finale where the top 50 business ideas will be showcased. Britannia will give ₹10 lakh each to ten standout contestants, encouraging innovation and excellence. The program has two phases: Phase 1: The first phase offers self-learning courses. Phase 2: The second phase provides support to 10,000 selected candidates, helping them with business model selection, registration, and funding guidance. NSDC will regularly check how well the program is working to ensure the businesses are sustainable in the long run. This initiative aims to increase the visibility and reach of women-led businesses, creating a supportive environment for their growth. Significance of Women Entrepreneurship Economic:  Job creation (women led enterprises could create around 170 million jobs, NITI Aayog), Increase in GDP (50% of women in workforce could increase GDP by 1.5%, World Bank) ,  foster innovative business practices.  Social:  Empowerment (breaking gender norms and stereotypes); Enhanced education, awareness, and networking opportunities;, etc.  Political: Policy advocacy, fostering strong women agency.  Cultural:  Participation in traditional crafts and arts can advance India’s cultural heritage Challenges faced by Women Entrepreneurs in India Gender gap in access to finance, male dominated family structure etc. Social cultural barriers dual burden of balancing work and traditional gender roles.  Others: lack of literacy; safety at workplace, access to advanced technology, etc. FAQs What is the Women Entrepreneurship Program? The Women Entrepreneurship Program is an initiative aimed at empowering women by providing them with the necessary resources, support, and training to start and grow their own businesses. Who can participate in the Women Entrepreneurship Program? The program is designed for women of all ages who have a passion for entrepreneurship and are looking to start or expand their business. It welcomes women from diverse backgrounds and industries.

The Members of Parliament are granted certain privileges individually and collectively so as to perform their duties properly. But if any of the members disregard or misuses any of these privileges or rights, it is considered as a breach of the privilege and is liable for punishment under the Parliamentary laws. This motion is applicable for members of both Lok Sabha and Rajya Sabha and if any member notices another member or members breach it, they can move the privilege motion against the accused members. What is Parliamentary Privilege? The term ‘privilege’ means certain rights and immunities enjoyed by each House of Parliament and its Committees collectively, and by the members of each House individually without which they cannot discharge their functions efficiently and effectively.  The object of parliamentary privilege is to safeguard the freedom, authority and dignity of Parliament.  But they are available to individual members only insofar as they are necessary for the House to perform its functions freely without any let or hindrance.  Privileges of Parliament do not place a member of Parliament on a footing different from that of an ordinary citizen in the matter of the application of laws unless there are good and sufficient reasons in the interest of Parliament itself to do so. Some of the more important privileges of each House of Parliament and of its members and Committees are  Freedom of speech in Parliament,  Immunity to a member from any proceedings in any court in respect of anything said or any vote given by her/him in Parliament or any committee thereof, Immunity to a person from proceedings in any court in respect of the publication by or under the authority of either House of Parliament of any report, paper, votes or proceedings, prohibition on the courts to inquire into proceedings of Parliament and  Freedom from the arrest of members in civil cases during the continuance of the session of the House and forty days before its commencement and forty days after its conclusion. Breach of Privilege Motion A breach of privilege is an infringement of any of the privileges of MPs or Parliament.  Chapter 20 of rule 22 for Lok Sabha and Chapter 16 Rule 187 for the Rajya Sabha have mentioned the Privilege motion.  The scrutiny regarding the breach of this motion in the Lok Sabha is managed by the Speaker and that in the Rajya Sabha is managed by the Chairperson.  Once the Speaker or the Chairperson considers the accusations to be true then the accused is called to explain themselves.  A committee of 15 members is elected by the Speaker in the Lok Sabha and a committee of 10 members is elected by the Chairperson at the Rajya Sabha.  These committees are responsible for managing all the cases and accusations related to the privilege motion and take relevant actions against and breach of the motion. Some Breach of Privileges Examples Writing speeches or articles reflecting on the House, its committees or its members. Comment on the Speaker/Chairman’s character and impartiality in discharging his duty. Publication of false or distorted reports of the proceedings of the House. Publication of expelled proceedings of the House. Premature publication of proceedings, evidence or reports of parliamentary committees. To publish or disclose the proceedings of a secret session of the House. Punishment for Breach of Privilege Admonition or reprimand Suspension from the House Expulsion from the House Role of the Speaker/Rajya Sabha Chairman in case of Privilege of Motion The Speaker of the Lok Sabha or the Chairman of the Rajya Sabha is the first level of authority to decide whether an act amounts to a breach of privilege or not. The Speaker or the Chairman has two options to decide whether an act is a breach of privilege or not. Either he or she can take this decision on their own, or they can refer the matter to the Privilege Committee of the Parliament. If the Speaker or Chairman agrees that an act amounts to the ‘Breach of Privilege’ and accepts the Privilege Motion, then the person against whom the motion is presented is allowed to make a short statement explaining his stand. Articles and Laws which Provide Parliamentary Privilege Article 105 of the Indian Constitution provides for two kinds of privileges. First, the freedom of speech in the Parliament, and second, the right to publish its proceedings to the Parliament. The rights or immunities are provided to the Members of the Parliament and the Committees of the Parliament. Article 194 of the Indian Constitution provides for the privileges and immunities of state legislatures, their members and committees. Additionally, Article 361 of the Indian Constitution provides for the privileges and immunities provided to the President of India. Also, the Code of Civil Procedure, 1908 provides certain privileges to the legislators apart from those provided under Article 108 of the Indian Constitution. The Code of Civil Procedure, 1908, provides freedom from arrest and detention of members under civil cases during the ongoing meeting of the House of Parliament or a Parliamentary Committee. FAQs Is privilege motion mentioned in the Constitution? Article 105 of the Constitution deals with the powers, privileges and immunities of either House of the Indian Parliament and its Members and committees. Chapter 20 of rule 22 for Lok Sabha and Chapter 16 Rule 187 for the Rajya Sabha have mentioned the Privilege motion. What is a no-confidence motion? If any member of the House feels that the government in power does not have a majority, then he/she can move a no-confidence motion. If the motion is accepted, then the party in power has to prove its majority in the House.

The Reserve Bank of India, the central bank of the country, recently asked all the banks to use additional factor authentication (AFA) for the auto-debit transactions on both debit and credit cards of their customers. This is to protect the interest of the consumers from various fraudulent card-related transactions.  (October 1, 2021), banks will not approve any standing instruction (for recurring payments) given at merchant websites or mobile applications without the approval of their customers. This means the standing instruction or the auto-debit facility enabled across various platforms including insurance (premium) payment, your subscription to platforms such as Netflix and Hotstar, and other billers will be disabled or declined. This is provided if the card-issuing bank and merchants do not meet the new conditions prescribed by RBI.  Additional Factor Authentication (AFA) RBI released a draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions. Framework will be applicable to all Payment System Providers and Payment System Participants, as defined in the Payment and Settlement Systems (PSS) Act, 2007. About AFA Framework All digital payment transactions shall be authenticated with an additional factor(s) of authentication (AFA), unless exempted. All digital payment transactions, other than card present transactions, shall ensure that one of the factors of authentication is dynamically created, i.e., the factor is generated after initiation of payment, is specific to the transaction and cannot be reused. RBI’s new rules for two-factor authentication of digital payments According to an RBI press release issued on July 31, 2024, “ the Reserve Bank of India has prioritised security of digital payments, in particular the requirement of Additional Factor of Authentication (AFA) for making payments. No specific factor was mandated for authentication, but the digital payments ecosystem has primarily adopted SMS-based OTP as AFA. While OTP is working satisfactorily, technological advancements have made available alternative authentication mechanisms.” As per the draft, “Factor of Authentication: Any credential input by the customer which is verified for the purpose of confirming the originator of a payment instruction.The factors of authentication are broadly categorised as below:   Something the user knows (such as password, passphrase, PIN) Something the user has (such as card hardware or software token) Something the user is (such as fingerprint or any other form of biometrics).” Unless otherwise specified in this framework, all digital payment transactions will be verified through the use of an additional factor of authentication (AFA). When determining the proper AFA for a transaction, issuers such as banks, non banks can use a risk-base .. What is the new rule? The RBI has issued a framework for processing recurring online transactions. Under the new rules, all these recurring transactions mandatorily require additional authentication, if the value is more than Rs 5,000. It means that you as a customer must approve your auto-debit transaction via OTP. This is applicable for all cards both debit and credit cards with standing instructions of monthly/quarterly/half-yearly or yearly.  FAQs What is Additional Factor Authentication (AFA)? Additional Factor Authentication (AFA) is a security process that requires users to provide more than one form of verification to access an account or system. This enhances security by ensuring that only authorized users can gain access. How does AFA work? AFA works by combining two or more different types of authentication factors, such as something you know (password), something you have (security token or smartphone), and something you are (fingerprint or facial recognition).

The recently released Global Economic Prospects Report by the World Bank, India is predicted to remain the fastest-growing major economy globally, with a projected GDP growth rate of 6.6% for FY25. About the Report Anticipates global trade growth in 2024 to be only half of the average in the decade preceding the pandemic. Projects a slowdown in global growth for the third consecutive year, dropping from 2.6% in 2023 to 2.4% in 2024. Emphasizes the need for increased investments to address climate change and achieve global development goals by 2030. Developing countries, to meet climate and development targets, need to increase investments by approximately $2.4 trillion annually. The report underscores challenges in sustaining economic growth, particularly in the aftermath of the pandemic, and emphasizes the importance of substantial investments for a sustainable and resilient global economy. Important highlights of the published reports Better Outlook Than Last Year: Due to the resilience of the US economy, there is less chance of a worldwide recession this year, which has improved the state of the world economy overall. But increasing global tensions could create fresh near-term threats for the world economy. Global Growth: From 2.6% in 2023 to 2.4% in 2024, it is predicted that the world’s growth would slow for the third year in a row.The growth rate of developing economies is expected to be merely 3.9%, which is more than 1% less than the average for the preceding ten years. Lower than anticipated, low-income countries are likely to increase by 5.5%. Medium-Term Prospects for Developing Economies are deteriorating: Although the state of the world economy is stronger now than it was a year ago, many emerging economies’ medium-term prospects have gotten worse. Slowing growth, weak global trade, and tight financial conditions are some of the contributing factors. Slowest Half-Decade of Gross Domestic Product (GDP) Growth in 30 Years: With a growth rate of 2.4% in 2024, the world economy is expected to develop at its weakest pace in three decades. Problems with International Trade and Borrowing Costs: It is anticipated that trade will rise globally by just half as much in 2024 as it did in the ten years before the pandemic. It is anticipated that borrowing would continue to be expensive for developing economies, particularly those with poor credit ratings. Low Growth in the Near future and High Debt: Low growth in the near future is predicted, especially in developing nations, which will result in high debt levels and restricted access to food. That would hinder in the advancement of numerous international goals. Some of the suggestions given by the Report are In order to prevent a missed opportunity in the present decade, immediate action is required to tighten fiscal policy frameworks and expedite investment. The report recommends that developing nations invest ‘formidable’ amounts, almost USD 2.4 trillion annually, to combat climate change and accomplish other important global development goals by 2030. The implementation of comprehensive policy packages, encompassing enhancements to fiscal and monetary frameworks, growth of cross-border trade and financial flows, amelioration of the investment climate, and reinforcement of institutional quality, is imperative for the developing economies. FAQs What is the Global Economic Prospects Report? The Global Economic Prospects Report is a publication by the World Bank that provides an analysis of the global economy, including economic trends, projections, and potential risks. How often is the Global Economic Prospects Report published? The report is published twice a year, typically in January and June.

The term foreign direct investment (FDI) refers to an ownership stake in a foreign company or project made by an investor, company, or government from another country. FDI is generally used to describe a business decision to acquire a substantial stake in a foreign business or to buy it outright to expand operations to a new region. The term is usually not used to describe a stock investment in a foreign company alone. FDI is a key element in international economic integration because it creates stable and long-lasting links between economies Foreign Direct Investment or FDI Foreign Portfolio Investments or FPIs, an investor in one country can hold a controlling stake of any business or organization in a foreign country that receives the investment. FDI is also a significant and insightful indicator of a certain country’s political and socio-economic stability. This essentially implies a country that receives large amounts of investments from foreign entities on a regular basis is more likely to have a dynamic and vibrant economy. How Does FDI Work? Foreign investments can be either ‘organic’ or ‘inorganic’. With organic investments, a foreign investor will pump in funds to expand and accelerate growth in established businesses. Inorganic investments are instances when an investing entity buys out a business in its target country.  In developing and emerging economies like India and other parts of South-East Asia, FDIs offer a much-needed fillip to businesses that may be in poor financial shape. The Government of India has undertaken several measures to ensure that larger chunks of investments pour into the country across sectors including defence production, the telecom sector, PSU oil refineries and IT. Since Foreign Direct Investment is a non-debt financial resource, it has the potential to become a major driver of economic development in India. Globalization and internationalization are 2 factors which made FDI possible. However, the celebrated Canadian economist Stephen Hymer, considered the ‘Father of International Business’, theorized in the 1960s that foreign investments would continue growing rapidly because – It provided control over companies in a foreign land. It helped certain business sectors overthrow monopolistic practices, and  Most importantly, since market imperfections will always exist, such investments provide companies with a cushioning effect if there was a sharp and unpredictable decline in business activity. Types of FDI The following are the main types of Foreign Direct Investment – Type Definition Horizontal The first type is observed whenever a business expands and enters a foreign country via the FDI route without changing its core activities.  An example would be McDonald’s investing in an Asian country to increase the number of stores in the region. Vertical Here, a business enters a foreign economy to strengthen a part of its supply chain without changing its business in any way. If McDonald’s bought a large-scale meat processing plant in Canada or in a European country to bolster its meat supply chain in the target nation, it would amount to vertical FDI. Conglomerate This 3rd type is noticed whenever a business invests in a foreign country and buys an entity which manufactures totally different products.  The idea is to add more business niches and start new journeys in other countries. In the late 1980s, Sir Richard Branson’s Virgin Group launched clothing stores in France, called ‘Virgin Clothing’. The venture, however, failed miserably and very few outlets remain, mostly in the Middle-East. Platform The last type refers to the expansion of a business to a foreign country, but everything manufactured there is exported to a third country. Platform FDI is seen in free-trade zones of FDI-hungry countries. Almost all luxury items marketed by famous fashion brands are manufactured in countries like Bangladesh, Vietnam and Thailand. They are then sold in other countries, a clear case of platform FDI at work. Pros and Cons of FDI Advantages of Foreign Direct Investment – For businesses, more FDI means preferential tariffs, tax breaks or incentives, and an ability to diversify further. For a country that receives foreign funds, some benefits include greater employment opportunities, a stimulus to its domestic economy, and access to some of the latest technologies and modern management methods. Disadvantages of Foreign Direct Investment-  Local businesses lose out as big corporations take over markets. One example is Walmart, which was accused of ruining age-old smaller stores with its deep pockets. However, Walmart’s foray was not successful; its entire portfolio is now owned by Flipkart. There is always the risk of profit repatriation, which means that any profits generated in India will not enter the domestic economy.  FAQs Why is foreign direct investment important? Foreign direct investment promotes economic development. It is a country’s principal source of external money as well as higher revenues. It frequently results in the establishment of factories in the country of investment, with some local equipment – whether materials or labor – being used. What are the benefits of foreign direct investment? Foreign direct investment provides numerous benefits to the country. Some of them are discussed further down. Brings in financial resources to help with economic development. Introduces new technologies, skills, knowledge, and so on. Increases the number of job opportunities for people. Increases the country’s competitive business environment. Improves the quality of products and services in several industries.

Microfinance companies, as the name suggests, are financial institutions that provide finances to low-income groups, where the finance requirement is lesser as compared to other sectors of the society. These sectors generally do not have access to traditional financial institutions such as banks and other financial institutions. What is Microfinance Company? Microfinance company registered under the Indian Companies Act, 2013. With the objective of providing financial to small business groups who are excluded from the formal banking system. Simply put, getting a loan from the bank is a tedious process. A  Microfinance Company can offer loans, insurance, and other products to its clients without requiring any collateral or security. The aim of a  Microfinance Company is to promote social welfare and economic development among the poor and marginalized sections of society. What are the features of a Microfinance Company? It is registered with the Registrar of Companies (ROC) as a non-profit organization under Section 8 of the Companies Act, 2013. It does not need to obtain a license from the Reserve Bank of India to operate as a microfinance institution as long as it follows the RBI guidelines on microfinance lending. It can charge interest rates of up to 26% p.a. On its loans, which is higher than the rates charged by banks and other regulated financial institutions. It can sue the defaulter in case of non-payment of pending Loans. It has to comply with the provisions of the Companies Act 2013 and file annual reports and returns with the ROC and the Ministry of Corporate Affairs (MCA). It can also engage in other incidental or facilitative activities to its main objectives, such as education, health, sanitation, environment, etc. There is no demographic barrier to Microfinance Company. No minimum capital requirement. It can lend unsecured loans. Need for Microfinance Companies It provides financial assistance to enterprises that cannot place collateral It encourages women entrepreneurship It provides startups with much-needed support It offers assistance even for nominal amounts which generally are funded as hand loans It formalizes the process of lending and hence brings about discipline in borrowing by low-income groups. This prevents over-borrowing and reduces complications arising out of high future debts. Formation of Microfinance Companies Ideally, only a Non-Banking Finance Company (NBFC) is authorized by the Reserve Bank of India to conduct financial business. However, certain exemptions are provided by RBI to particular businesses to perform financial activities up to a specified limit.  Therefore, a microfinance company registration can happen in the following two ways: Non-Banking Finance Companies (NBFC) duly registered with RBI Section 8 companies (companies formed under Section 8 of the Companies Act 2013) Prerequisites for Microfinance Company Registration Prerequisites NBFC Section 8 company Approval of RBI Mandatory Not Required Net owned funds Minimum 5 crores No minimum requirement  Director experience One director must have experience of more than 10 years in financial services No prior experience required Limit on loans Maximum of 10% of total assets Unsecured loan of Rs 50,000 to small businessLoan up to Rs1.25 lakh to dwelling residence Complexity of Microfinance Company Registration All processes involved in forming a company have to be performed.  Relatively simple as it is registered as a non-profit organization  Adhering to Compliances It has to adhere to all compliances of an NBFC. Adhere to compliance of RBI, but they are less stringent in comparison to NBFC No of members  For a private limited company minimum of 2 For a public limited company minimum of 7 Minimum of 2 members Status of organization Profit organization Non-profitable organization Microfinance Company Registration as an NBFC Register a company: To be registered as an NBFC microfinance company, the first step is to form a private or a public company. To form a private company, at least 2 members and a capital of Rs 1 lakh is required. To form a public company, at least 7 members are required. Raise capital: The subsequent step is to raise the required minimum net owned funds of Rs 5 crore. For the northeastern region the requirement is of Rs 2 crore. Deposit the capital: On collection of capital, the next step is to deposit the capital in a bank as a fixed deposit and obtain a ‘No lien’ certificate for the same. Apply for license: Finally, the NBFC must fill an online application for the license and submit it along with all the certified documents. A hard copy of the application and license must also be submitted at the regional office of Reserve Bank of India. The documents that must be available with the NBFC at the time of filing are: Memorandum of Association and Articles of Association Incorporation certificate of the company Board resolution copy Copy of Auditor’s report of receipt of fixed deposit receipt Banker’s Certificate of No Lien stating the net owned fund Banker’s report about the company Recent credit report of the directors Net worth certificate of the directors Education/professional qualification proof of the director KYC and income proof of the director Proof of work experience in the financial sector Structure plan of the organization Microfinance Company Registration as a Section 8 Company Apply for Digital Signature Certificate (DSC) and Director Identification Number (DIN): To form a company, the first process is to apply for a DSC and DIN. The DSC is essential for authorizing the e-forms. Apply for name approval: The next step is to apply for name approval in Form INC-1. The name must suggest that it is registered as a Section 8 company. So it must have the words sanstha, foundation or micro credit. File Memorandum of Association (MOA) and Articles of Association (AOA): Post the name approval; the company must draft the MOA and AOA and file it along with necessary documents. File all relevant documents: The last step is to file all relevant documents along with the incorporation certificate, and Form INC -12 to obtain a license. The primary basic documents required for registering a company under both the models are: PAN Card copy of all directors/promoters Documents for identity proof Documents for address proof Photograph of all directors/promoters Proof of ownership of