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Home/economics/Page 2

Mains Answer Writing Latest Questions

Vaibhav
  • 2
VaibhavBegginer
Asked: July 10, 2024In:
  • 2

businesseconomics
  1. Vaibhav Mishra
    Vaibhav Mishra Begginer

    FERA stands for Foreign Exchange Regulation Act, which was a legislation enacted in India in 1973 to regulate the foreign exchange transactions and investments in the country. The act was passed by the Indian Parliament in 1973 and came into effect on January 1, 1974. Objectives of FERA: The main obRead more

    FERA stands for Foreign Exchange Regulation Act, which was a legislation enacted in India in 1973 to regulate the foreign exchange transactions and investments in the country. The act was passed by the Indian Parliament in 1973 and came into effect on January 1, 1974.

    Objectives of FERA:

    The main objectives of FERA were:

    1. To regulate and control foreign exchange transactions: FERA aimed to regulate and control the flow of foreign exchange into and out of India to prevent unauthorised transactions and maintain the balance of payments.
    2. To curb capital flight: The act aimed to curb the practice of Indian citizens and companies transferring their funds abroad without permission, which was a major concern during the economic crisis of the 1960s and 1970s.
    3. To promote foreign investment: FERA aimed to attract foreign investment into India by providing a framework for foreign investors to operate in the country.
    4. To prevent money laundering: The act aimed to prevent the use of foreign exchange for illegal activities such as money laundering.

    Key provisions of FERA:

    1. Registration of Indian citizens and companies: All Indian citizens and companies were required to register with the Reserve Bank of India (RBI) under FERA if they had any assets or investments abroad.
    2. Declaration of assets: Registered persons were required to declare their assets and investments abroad.
    3. Permission for foreign exchange transactions: All foreign exchange transactions required permission from the RBI, except for certain transactions permitted under the act.
    4. Restrictions on outward remittances: The act imposed restrictions on outward remittances, including restrictions on the amount that could be taken out of the country.
    5. Penalty for non-compliance: Failure to comply with the provisions of FERA attracted penalties and even imprisonment.

    Challenges faced by FERA:

    1. Complexity: The act was complex and difficult to implement, leading to delays and difficulties in obtaining permissions.
    2. Bureaucratic hurdles: The registration process was lengthy and involved multiple layers of bureaucracy, leading to frustration among Indian citizens and companies.
    3. Lack of transparency: The act did not provide sufficient transparency in terms of decision-making processes and procedures, leading to allegations of corruption.
    4. Impact on trade and investment: FERA was criticized for restricting trade and investment in India, particularly in the 1980s when India was trying to liberalize its economy.

    FERA was a complex legislation that aimed to regulate foreign exchange transactions and investments in India. While it had its objectives, it faced several challenges, including complexity, bureaucratic hurdles, lack of transparency, and restrictions on trade and investment. Its repeal led to the introduction of FEMA, which has simplified procedures, provided greater flexibility, and harmonized Indian regulations with international standards.

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Soumya Bhawadkar
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Soumya BhawadkarBegginer
Asked: July 19, 2024In: ,
  • 0

In a recent debate Bryan Caplan, (American economist and author) was asked a question which stumped the Princeton graduate. How does a thing comes into possession? In reference to the intellectual defense of inequality, answer the question.

economics
  1. Kranthi sidda
    Kranthi sidda Begginer

    A thing comes into possession through various legal and practical methods, including: ## 1. Purchase **Buying**: The most common way, where an individual or entity buys an item in exchange for money. ## 2. Gift **Receiving as a Gift**: An item is transferred from one person to another without paymenRead more

    A thing comes into possession through various legal and practical methods, including:

    ## 1. Purchase
    **Buying**: The most common way, where an individual or entity buys an item in exchange for money.

    ## 2. Gift
    **Receiving as a Gift**: An item is transferred from one person to another without payment, often as a gesture of goodwill or celebration.

    ## 3. Inheritance
    **Bequest**: Receiving an item as specified in a will after the original owner’s death.

    ## 4. Finding
    **Discovery**: Coming across an item that has been lost or abandoned. Legal obligations might require attempts to return it to the owner before claiming possession.

    ## 5. Creation
    **Making**: Creating something new, such as crafting a piece of furniture or writing a book.

    ## 6. Exchange
    **Trade**: Swapping one item for another without involving money.

    ## 7. Lease or Loan
    **Borrowing or Renting**: Temporarily possessing an item based on an agreement, with ownership remaining with the original owner.

    ## 8. Legal Transfer
    **Contracts**: Acquiring possession through legal agreements such as leases, sales contracts, or settlements.

    Each method of coming into possession may have specific legal requirements and implications, ensuring rightful ownership and transfer.

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Pratishtha Shreshth
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Pratishtha Shreshth
Asked: August 28, 2024In:
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economics
  1. Anita Dhruw
    Anita Dhruw Legend

    The British introduced the following economic policies to India, which are still profound and lasting: Land Revenue Systems:---- 1. Zamindari System: The British granted authority to collect land revenue to Zamindars which meant landlords. The feudal system usually intimidated peasants through heighRead more

    The British introduced the following economic policies to India, which are still profound and lasting:

    Land Revenue Systems:—-

    1. Zamindari System:
    The British granted authority to collect land revenue to Zamindars which meant landlords. The feudal system usually intimidated peasants through heightened lease payments while forcing some to leave their properties.

    2. Ryotwari System:
    Tax revenue was obtained through direct payment from agricultural producers. During periods of drought the approach proved stern but it kept toward fairness throughout most other times.

    3. De-industrialization:
    British manufacturing imports led to the demise of Indian textile businesses producing cotton alongside silk along with different types of handicrafts.

    4. Focus on Cash Crops:
    Indian farmers faced a dual requirement to focus on producing cash crops for British exports which pushed food crops into secondary importance thereby leading to recurring food shortages across the country.

    5. Drain of Wealth:
    Years of Indian wealth ended up being moved out of the country through British business profits and British official salaries as well as loan payment interests.

    6. Development of Infrastructure
    The British constructed railways along with other infrastructure yet all their developments targeted British economic purposes for transporting raw materials and manufactured goods.

    Economic Impact on Local Economies

    1. Destruction of Peasants: The combination between land revenue policies and cash crop programs transformed most farmers into poverty-stricken people.

    2. Deindustrialization: Traditional industries declining caused an enormous loss of employment while creating total disaster for skilled professionals and textile manufacturers.

    3. Economic Dependence: Raw material export from India allowed it to depend on British manufactured goods imports.

    4. Unequal Development: Development fruits did not reach British citizens and Indian capitalist class fairly in this economic model.

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