WHAT IS GATT?[i] The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the “substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis.” The…
View detailsWHAT IS IMPORT?[i] An import is the receiving country in an export from the sending country. Importation and exportation are the defining financial transs of international trade. In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods…
View detailsWHAT IS PATENT? According to WIPO[i], A Patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to…
View detailsWHAT IS COPYRIGHT? Copyright refers to the legal right of the owner of intellectual property. In simpler terms, copyright is the right to copy. This means that the original creators of products and anyone they give authorization to are the only ones with the exclusive right to reproduce the work. Copyright law gives creators of original material the exclusive…
View detailsWHAT IS TRADEMARK? According to the Indian Trademarks Act, 1999,[i] a trademark is defined as a mark, which can be represented graphically and can distinguish the goods or services of one individual from those of others. It is a sign capable of distinguishing the goods or services of one enterprise from other enterprises. WHAT IS…
View detailsWHAT IS COMPETITION ACT, 2002? The Competition Act, 2002 is passed an enacted by the Parliament of India. Its purpose is to govern Indian competition law. It replaced the old The Monopolies and Restrictive Trade Practices Act, 1969. This act is applicable to the whole of India. This act was enacted to prevent activities that…
View detailsWHAT IS FOREIGN EXCHANGE MANAGEMENT ACT (FEMA)?[i] The Foreign Exchange Management Act is an act passed and enacted by the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in…
View detailsChapter VII of the Consumer Protection Act, 2019 deals with the offences and penalties.[i] Section 72(1): In case of failure to comply with the order of District/State/National Commission, imprisonment for a period not less than 1-month extendable upto 3 years, OR, fine of not less than Rs. 25,000/- upto Rs.1,00,000/-, or both. Section 88: In…
View detailsWHAT IS CONSUMER PROTECT ACT? The Consumer Protection Act, 1986 was enacted to protect the interests of consumers in India. It was made for the establishment of consumer councils and other authorities for the settlement of consumer’s grievances and matters connected with it. It gives easy and fast compensation to consumer’s grievances. It also safeguards…
View detailsElection campaigns are but a means To pull the elders and the teens For the elections have become a market For political parties to trade and hit a hat-trick India is the world’s biggest democracy and elections have an overwhelming share of glamour from Bollywood and Sports. Today elections have become a battle where political…
View detailsWhatsApp us
