Sole Proprietorship vs. Partnership Firm

Sole Proprietorship vs. Partnership Firm



Comments

Post a Comment

Popular posts from this blog

The Muslim Family Laws Ordinance, 1961: A Comprehensive Overview

The Muslim Family Laws Ordinance, 1961: A Comprehensive Overview Introduction The Muslim Family Laws Ordinance (MFLO), 1961 is a significant piece of legislation in Bangladesh (then East Pakistan) that governs Muslim personal matters such as marriage, divorce, maintenance, and inheritance. Enacted during the regime of President Ayub Khan, the ordinance aimed to reform traditional Islamic family laws to address social issues, particularly those affecting women’s rights. Over the years, the MFLO has been subject to judicial interpretation, amendments, and debates regarding its compatibility with classical Islamic law. Historical Background Before the enactment of the MFLO, Muslim family laws in the subcontinent were largely based on uncodified interpretations of Sharia. The British colonial administration avoided interfering in personal laws, leaving matters like marriage, divorce, and inheritance to religious authorities. However, post-partition Pakistan recognize...
Read more

On Punjab National Bank Scam: By The Virtue Of Intersection Of Law And Economics

Image
  Letter of Undertaking (LOU): In the infamous Punjab National Bank (PNB) scam, fraudulent LOUs were issued by bank officials to secure credit from overseas banks without proper collateral. This led to a loss of over ₹11,000 crore for the bank. SWIFT Transactions: SWIFT is widely used for international trade. For instance, a company in India importing machinery from Germany might use a SWIFT transaction to securely transfer payment to the German supplier's bank. Nostro Account: An example would be the State Bank of India (SBI) maintaining a Nostro account in USD with a bank in the United States. This account facilitates transactions like remittances or trade settlements in dollars. Core Banking System (CBS): Banks like HDFC and ICICI in India use CBS to provide seamless banking services. For example, a customer depositing money in one branch can withdraw it from another branch instantly, thanks to CBS. Shel...
Read more