Economic Policy

Economic Policy is published by Blackwell Publishing for CEPR (Centre for

Economic Policy Research), the Center for Economic Studies of the University
of Munich (CES), and Paris School of Economics (PSE) in association with
the European Economic Association.

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of Economic Policy's contributions over its existence.

Economic Policy provides timely and authoritative analyses of the choices

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Economic Policy is indexed/abstracted in: Contents of Recent Economics
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Economic policy refers to the actions that governments take in the economic field.
It covers the systems for setting interest rates and government budget as well as
the labour market, national ownership, and many other areas of government
interventions into the economy.

Such policies are often influenced by international institutions like the

International Monetary Fund or World Bank as well as political beliefs
and the consequent Contents.

• 1 Types of economic policy

• 2 Macroeconomic stabilization policy
• 3 Tools and goals
• 4 Discretionary policy vs policy rules
• 5 Economic policy through history
• 6 References

Types of economic policy

Almost any aspect of government has an economic aspect and so many terms are
used. A few example of types of economic policy include:

• Macroeconomic stabilization policy tries to keep the money supply growing,

but not so quick that it results in excessive inflation.
• Trade policy refers to tariffs, trade agreements and the international
institutions that govern them.
• Policies designed to create Economic growth Policies related to
development economics,
• Redistribution of income, property, or wealth
• Regulation
• Anti-trust
• Industrial policy
• Technology-based Economic Development Policy

Macroeconomic stabilization policy

Stabilization policy attempts to stimulate an economy out of recession or constrain

the money supply to prevent excessive inflation.

• Fiscal policy, often tied to Keynesian economics, uses government

spending and taxes to guide the economy.
o Fiscal stance: The size of the deficit
o Tax policy: The taxes used to collect government income.
o Government spending on just about any area of government
 • Monetary policy controls the value of currency by lowering the supply of
money to control inflation and raising it to stimulate economic growth. It is
concerned with the amount of money in circulation and, consequently,
interest rates and inflation.
•
o Interest rates, if set by the Government
o Incomes policies and price controls that aim at imposing non-
monetary controls on inflation
o Reserve requirements which affect the money multiplier

The first economic problem was how to gain the resources it needed to be able to
perform the functions of an early government: the military, roads and other projects
like building the Pyramids.

Early governments generally relied on tax in kind and forced labour for their
economic resources. However, with the development of money came the first policy
choice. A government could raise money through taxing its citizens. However, it
could now also debase the coinage and so increase the money supply.

Early civilizations also made decisions about whether to permit and how to tax trade.
Some early civilizations, such as Ptolemaic Egypt adopted a closed currency policy
whereby foreign merchants had to exchange their coin for local money. This
effectively levied a very high tariff on foreign trade.

By the early modern age, more policy choices had been developed. There was
considerable debate about mercantilism and other restrictive trade practices like the
Navigation Acts, as trade policy became associated with both national wealth and
with foreign and colonial policy.

Throughout the 19th Century, monetary standards became an important issue. Gold
and silver were in supply in different proportions. Which metal was adopted
influenced the wealth of different groups in society.

Contents

• 1 History
• 2 Sectors
• 3 External trade and investment
• 4 Currency
• 5 Income and consumption
• 6 Employment
• 7 Economic trends
• 8 See also
• 9 Notes
• 10 References
• 11 External links
 Fiscal policy
In economics, fiscal policy is the use of government expenditure and revenue
collection to influence the economy.

Fiscal policy can be contrasted with the other main type of macroeconomic policy,
monetary policy, which attempts to stabilize the economy by controlling interest
rates and the money supply. The two main instruments of fiscal policy are
government expenditure and taxation. Changes in the level and composition of
taxation and government spending can impact on the following variables in the
economy:

• Aggregate demand and the level of economic activity;

• The pattern of resource allocation;
• The distribution of income.

Fiscal policy refers to the use of the government budget to influence the first
of these: economic activity.

Stances of fiscal policy

• 1 Stances of fiscal policy

• 2 Methods of funding
• 3 Economic effects of fiscal policy
• 4 Fiscal Straitjacket
• 5 See also
• 6 References
• 7 Bibliography

The three possible stances of fiscal policy are neutral, expansionary and
contractionary. The simplest definitions of these stances are as follows:

• A neutral stance of fiscal policy implies a balanced economy. This results in a

large tax revenue. Government spending is fully funded by tax revenue and
overall the budget outcome has a neutral effect on the level of economic
activity.

• An expansionary stance of fiscal policy involves government spending

exceeding tax revenue.

• A contractionary fiscal policy occurs when government spending is lower than

tax revenue.

However, these definitions can be misleading because, even with no changes in

spending or tax laws at all, cyclical fluctuations of the economy cause cyclical
fluctuations of tax revenues and of some types of government spending, altering the
deficit situation; these are not considered to be policy changes. Therefore, for
purposes of the above definitions, "government spending" and "tax revenue" are
normally replaced by "cyclically adjusted government spending" and "cyclically
adjusted tax revenue". Thus, for example, a government budget that is balanced over
the course of the business cycle is considered to represent a neutral fiscal policy
stance.

Methods of funding

Governments spend money on a wide variety of things, from the military and police
to services like education and healthcare, as well as transfer payments such as
welfare benefits. This expenditure can be funded in a number of different ways:

• Taxation
• Seigniorage, the benefit from printing money
• Borrowing money from the population or from abroad
• Consumption of fiscal reserves.
• Sale of fixed assets (e.g., land).

All of these except taxation are forms of deficit financing.

Borrowing

A fiscal deficit is often funded by issuing bonds, like treasury bills or consols and
gilt-edged securities. These pay interest, either for a fixed period or indefinitely. If
the interest and capital repayments are too large, a nation may default on its debts,
usually to foreign creditors.

Consuming prior surpluses

A fiscal surplus is often saved for future use, and may be invested in local (same
currency) financial instruments, until needed.When income from taxation or other
sources falls, as during an economic slump, reserves allow spending to continue at the
same rate, without incurring additional debt.

Economic effects of fiscal policy

Governments use fiscal policy to influence the level of aggregate demand in the
economy, in an effort to achieve economic objectives of price stability, full
employment, and economic growth. Keynesian economics suggests that increasing
government spending and decreasing tax rates are the best ways to stimulate
aggregate demand. This can be used in times of recession or low economic activity
as an essential tool for building the framework for strong economic growth and
working towards full employment. Economists debate the effectiveness of fiscal
stimulus. The argument mostly centers on crowding out, a phenomena where
government borrowing leads to higher interest rates that offset the simulative impact
of spending .

Government revenue is revenue received by a government. Its opposite is

government spending. Government revenue is an important part of fiscal policy.

Revenue may be from various taxesor non-tax revenue (such as revenue from
government-owned corporations or sovereign wealth funds ).
In the classical view, expansionary fiscal policy also decreases net exports, which has
a mitigating effect on national output and income. When government borrowing
increases interest rates it attracts foreign capital from foreign investors. This is
because, all other things being equal, the bonds issued from a country executing
expansionary fiscal policy now offer a higher rate of return. In other words,
companies wanting to finance projects must compete with their government for
capital so they offer higher rates of return. To purchase bonds originating from a
certain country, foreign investors must obtain that country's currency. Therefore,
when foreign capital flows into the country undergoing fiscal expansion, demand for
that country's currency increases. The increased demand causes that country's
currency to appreciate. Once the currency appreciates, goods originating from that
country now cost more to foreigners than they did before and foreign goods now cost
less than they did before. Consequently, exports decrease and imports increase.[2]

Other possible problems with fiscal stimulus include the time lag between the
implementation of the policy and detectable effects in the economy, and inflationary
effects driven by increased demand. In theory, fiscal stimulus does not cause inflation
when it uses resources that would have otherwise been idle. For instance, if a fiscal
stimulus employs a worker who otherwise would have been unemployed, there is no
inflationary effect; however, if the stimulus employs a worker who otherwise would
have had a job, the stimulus is increasing labor demand while labor supply remains
fixed, leading to wage inflation and therefore price inflation.

Fiscal Straitjacket

The concept of a fiscal straitjacket is a general economic principle that suggests strict
constraints on government spending and public sector borrowing, to limit or regulate
the budget deficit over a time period. The term probably originated from the definition
of straitjacket: anything that severely confines, constricts, or hinders.[3] Various states
in the United States have various forms of self-imposed fiscal straitjackets.

See also

• Functional finance

• National fiscal policy response to the late 2000s recession

• Fiscal union

• Fiscal policy of the United States

 Monetary theory
Monetary policy the supply of money, often targeting a rate of interest to attain a set
of objectives oriented towards the growth and stability of the economy.[1] These goals
usually include stable prices and low unemployment. Monetary theory provides
insight into how to craft optimal monetary policy.

Monetary policy is referred to as either being an expansionary policy, or a

contractionary policy, where an expansionary policy increases the total supply of
money in the economy rapidly, and a contractionary policy decreases the total money
supply, or increases it slowly. Expansionary policy is traditionally used to combat
unemployment in a recession by lowering interest rates, while contractionary
policy involves raising interest rates to combat inflation. Monetary policy is
contrasted with fiscal policy, which refers to government borrowing, spending and
taxation.

History of monetary policy

Monetary policy is primarily associated with interest rate and credit. For many
centuries there were only two forms of monetary policy: (i) Decisions about coinage;
(ii) Decisions to print paper money to create credit. Interest rates, while now thought
of as part of monetary authority, were not generally coordinated with the other forms
of monetary policy during this time. Monetary policy was seen as an executive
decision, and was generally in the hands of the authority with seigniorage, or the
power to coin. short term interest rates.

• long term interest rates;

• velocity of money through the economy;

• exchange rates;

• credit quality;

• bonds and equities (corporate ownership and debt);

• government versus private sector spending/savings;

• international capital flows of money on large scales;

• financial derivatives such as options, swaps, futures contracts, etc.

Contents

• 1 Overview
o 1.1 Theory
• 2 History of monetary policy
o 2.1 Trends in central banking
o 2.2 Developing countries
• 3 Types of monetary policy
o 3.1 Inflation targeting
o 3.2 Price level targeting
o 3.3 Monetary aggregates
o 3.4 Fixed exchange rate
o 3.5 Gold standard
o 3.6 Policy of various nations
• 4 Monetary policy tools
o 4.1 Monetary base
o 4.2 Reserve requirements
o 4.3 Discount window lending
o 4.4 Interest rates
o 4.5 Currency board
o 4.6 Unconventional monetary policy at the zero
bound
• 5 See also

• 6 References

Overview

Monetary policy rests on the relationship between the rates of interest in an economy,
that is the price at which money can be borrowed, and the total supply of money.
Monetary policy uses a variety of tools to control one or both of these, to influence
outcomes like economic growth, inflation, exchange rates with other currencies and
unemployment. Where currency is under a monopoly of issuance, or where there is a
regulated system of issuing currency through banks which are tied to a central bank,
the monetary authority has the ability to alter the money supply and thus influence the
interest rate (to achieve policy goals). The beginning of monetary policy as such
comes from the late 19th century, where it was used to maintain the gold standard.

The primary tool of monetary policy is open market operations. This entails
managing the quantity of money in circulation through the buying and selling of
various financial instruments, such as treasury bills, company bonds, or foreign
currencies. All of these purchases or sales result in more or less base currency
entering or leaving market circulation.

The other primary means of conducting monetary policy include: (i) Discount
window lending (lender of last resort); (ii) Fractional deposit lending (changes in
the reserve requirement); (iii) Moral suasion (cajoling certain market players to
achieve specified outcomes); (iv) "Open mouth operations" (talking monetary policy
with the market).
Theory

Monetary policy is the process by which the government, central bank, or monetary
authority of a country controls (i) the supply of money, (ii) availability of money, and
(iii) cost of money or rate of interest to attain a set of objectives oriented towards the
growth and stability of the economy. Monetary theory provides insight into how to
craft optimal monetary policy.

Monetary policy rests on the relationship between the rates of interest in an economy,
that is the price at which money can be borrowed, and the total supply of money.
Monetary policy uses a variety of tools to control one or both of these, to influence
outcomes like economic growth, inflation, exchange rates with other currencies and
unemployment.

It is important for policymakers to make credible announcements, and deprecate

interest rate targets as they are non-important and irrelevant in regarding to monetary
policies. If private agents (consumers and firms) believe that policymakers are
committed to lowering inflation, they will anticipate future prices to be lower than
otherwise (how those expectations are formed is an entirely different matter; compare
for instance rational expectations with adaptive expectations).

Trends in central banking

The central bank influences interest rates by expanding or contracting the monetary
base, which consists of currency in circulation and banks' reserves on deposit at the
central bank. The primary way that the central bank can affect the monetary base is by
open market operations or sales and purchases of second hand government debt, or
by changing the reserve requirements. If the central bank wishes to lower interest
rates, it purchases government debt, thereby increasing the amount of cash in
circulation or crediting banks' reserve accounts.

Developing countries

Developing countries may have problems establishing an effective operating

monetary policy. The primary difficulty is that few developing countries have deep
markets in government debt. The matter is further complicated by the difficulties in
forecasting money demand and fiscal pressure to levy the inflation tax by expanding
the monetary base rapidly.

Types of monetary policy

Constant market transactions by the monetary authority modify the supply of currency
and this impacts other market variables such as short term interest rates and the
exchange rate.

The distinction between the various types of monetary policy lies primarily with the
set of instruments and target variables that are used by the monetary authority to
achieve their goals.
Monetary aggregates

In the 1980s, several countries used an approach based on a constant growth in the
money supply. This approach was refined to include different classes of money and
credit (M0, M1 etc.). In the USA this approach to monetary policy was discontinued
with the selection of Alan Greenspan as Fed Chairman.

This approach is also sometimes called monetarism.

While most monetary policy focuses on a price signal of one form or another, this
approach is focused on monetary quantities.

Gold standard

The gold standard is a system in which the price of the national currency is
measured in units of gold bars and is kept constant by the daily buying and selling of
base currency to other countries and nationals. (i.e. open market operations, cf.
above). The selling of gold is very important for economic growth and stability.

Policy of various nations

• Australia - Inflation targeting

• Brazil - Inflation targeting
• Canada - Inflation targeting
• Chile - Inflation targeting
• China - Monetary targeting and targets a currency basket
• Colombia - Inflation targeting
• Eurozone - Inflation targeting
• Hong Kong - Currency board (fixed to US dollar)
• India - Multiple indicator approach

Monetary base

Monetary policy can be implemented by changing the size of the monetary base.
This directly changes the total amount of money circulating in the economy. A central
bank can use open market operations to change the monetary base. The central
bank would buy/sell bonds in exchange for hard currency.
 BUSINESS ETHICS

Business ethics (also known as Corporate ethics) is a form of applied ethics or

professional ethics that examines ethical principles and moral or ethical problems
that arise in a business environment. It applies to all aspects of business conduct and is
relevant to the conduct of individuals and business organizations as a whole. Applied
ethics is a field of ethics that deals with ethical questions in many fields such as
medical, technical, legal and business ethics.

Business ethics can be both a normative and a descriptive discipline. As a corporate

practice and a career specialization, the field is primarily normative. In academia
descriptive approaches are also taken. The range and quantity of business ethical
issues reflects the degree to which business is perceived to be at odds with non-
economic social values. Historically, interest in business ethics accelerated
dramatically during the 1980s and 1990s, both within major corporations and within
academia. For example, today most major corporate websites lay emphasis on
commitment to promoting non-economic social values under a variety of headings
(e.g. ethics codes, social responsibility charters). In some cases, corporations have
redefined their core values in the light of business ethical considerations (e.g. BP's
"beyond petroleum" environmental tilt).

Contents

• 1 Why business ethics?

• 2 Individual Ethical Decision-Making Styles
• 3 History of ethics in business
• 4 Overview of issues in business ethics
• 5 Business ethics in the field
• 6 Business ethics as an academic discipline
• 7 Religious views on business ethics
• 8 Related disciplines
• 9 Differing opinions regarding business ethics
• 10 See also
• 11 References
• 12 Bibliography
• 13 External links

Discussion on ethics in business is necessary because business can become unethical,

and there are plenty of evidences as in today on unethical corporate practices. Even
Adam Smith opined that 'People of the same trade seldom meet together, even for
merriment and diversion, but the conversation ends in a conspiracy against the public,
or in some contrivance to raise prices'.[1] Firms and corporations operate in the social
and natural environment

Individual Ethical Decision-Making Styles

Stanley Krolick identifies four individual ethical decision-making styles.[8] The first
style is the Individualist and this decision maker is driven by natural reason, personal
survival, and preservation. The self is the only criteria involved in decisions for this
style while ignoring other stakeholders. The second style is Altruists who are
primarily concerned for others.

Overview of issues in business ethics

• Corporate social responsibility or CSR: an umbrella term under which the

ethical rights and duties existing between companies and society is debated.
• Issues regarding the moral rights and duties between a company and its
shareholders: fiduciary responsibility, stakeholder concept v. shareholder
concept.
• Ethical issues concerning relations between different companies: e.g., hostile
take-overs, industrial espionage.
• Leadership issues: corporate governance; Corporate Social
Entrepreneurship
• Political contributions made by corporations.
• Law reform, such as the ethical debate over introducing a crime of corporate
manslaughter.
• The misuse of corporate ethics policies as marketing instruments.

Operational areas of financial ethics

In the sections devoted to 'Financial Ethics' in 'Business Ethics' text books ethics of
financial markets, financial services and financial management are discussed [42][75]
Fairness in trading practices, trading conditions, financial contracting, sales practices,
consultancy services, tax payments, internal audit, external audit are discussed in
them.

Ethics of human resource management

'Human resource management' occupies the sphere of activity of recruitment

selection, orientation, performance appraisal, training and development,
industrial relations and health and safety issues where ethics really matters. The
field since operate surrounded by market interests that commodify and instrumentalize
everything for the sake of profit claimed in the name of shareholders, it should be
predictable that there will be contesting claims of HR ethics.

Ethics of sales and marketing

Marketing Ethics is a subset of business ethics. Ethics in marketing deals with the
principles, values and/or ideals by which marketers (and marketing institutions) ought
to act. Marketing ethics too, like its parent discipline, is a contested terrain.
Discussions of marketing ethics are focused around two major concerns: one is the
concern from political philosophy and the other is from the transaction-focused
business practice. Pricing: price fixing, price discrimination, price skimming.

• Specific marketing strategies: greenwash, bait and switch, shill, viral

marketing, spam (electronic), pyramid scheme, planned obsolescence.
• Content of advertisements: attack ads, subliminal messages, sex in
advertising, products regarded as immoral or harmful
• Children and marketing: marketing in schools.
 • Black markets, grey markets.

Ethics of production

This area of business ethics usually deals with the duties of a company to ensure that
products and production processes do not cause harm. Some of the more acute
dilemmas in this area arise out of the fact that there is usually a degree of danger in
any product or production process and it is difficult to define a degree of
permissibility, or the degree of permissibility may depend on the changing state of
preventative technologies or changing social perceptions of acceptable risk.

Ethics of property, property rights and intellectual property rights

The ethics of property, property rights and intellectual property rights are assiduously
contested throughout the history of the concept. Discourse on property
gained its momentum by the turn of 17th century within the theological
discussion of that time. For instance, Locke justified property right from
theological point of view that God has given Land 'and all inferior creatures'
'to men [134] in common'.[135][136][137][138] The idea of property is intrigued with
the notion of self as individual. Property ownership is said to enhance
individual liberty by extending the line of non-interference by the state or
others around the person.

Ethics and technology

The computer and the World Wide Web are two of the most significant inventions of
the twentieth century. There are many ethical issues that arise from this technology. It
is easy to gain access to information. This leads to data mining, workplace
monitoring, and privacy invasion. Medical technology has improved as well.

International business ethics

While business ethics emerged as a field in the 1970s, international business ethics did
not emerge until the late 1990s, looking back on the international developments of
that decade. Many new practical issues arose out of the international context of
businessbehaviour.

• Comparison of business ethical traditions from various religious perspectives.

• Issues such as globalization and cultural imperialism.
• Varying global standards – e.g., the use of child labor.
• The permissibility of international commerce with pariah states.

The success of any business depends on its financial performance. Financial

accounting helps the management to report and also control the management to report
and also control the business performance.
 FEMA
The Foreign Exchange Management Act (1999) or in short FEMA has been
introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA).
FEMA became an act on the 1st day of June, 2000. FEMA was introduced because
the FERA didn’t fit in with post-liberalisation policies. A significant change that the
FEMA brought with it, was that it made all offenses regarding foreign exchange civil
offenses, as opposed to criminal offenses as dictated by FERA.

The main objective behind the Foreign Exchange Management Act (1999) is to
consolidate and amend the law relating to foreign exchange with the objective of
facilitating external trade and payments. It was also formulated to promote the orderly
development and maintenance of foreign exchange market in India.

FEMA is applicable to all parts of India. The act is also applicable to all branches,
offices and agencies outside India owned or controlled by a person who is a resident
of India.

The FEMA head-office, also known as Enforcement Directorate is situated in New

Delhi and is headed by a Director. The Directorate is further divided into 5 zonal
offices in Delhi, Mumbai, Kolkata, Chennai and Jalandhar and each office is headed
by a Deputy Director. Each zone is further divided into 7 sub-zonal offices headed by
the Assistant Directors and 5 field units headed by Chief Enforcement Officers.

Updated details of FEMA notifications are given below. If you can’t find what you
are looking for, fill in the form on the right and our representative will get in touch
with you at the earliest.

the 1st of June, 2000, FEMA came into force replacing the Foreign Exchange
Regulation Act (FERA), which was formulated in 1973. Extensive economic reforms
were undertaken in India in the early 1990s and this led to the deregulation and
liberalization of the country's economy. Foreign Exchange Management Act (FEMA)
was thus formulated in order to be compatible with the policies of pro- liberalization
of the Indian government.

Extent of Foreign Exchange Management Act (FEMA):

Foreign Exchange Management Act (FEMA) is applicable to the entire country.
Agencies, branches, and offices, outside India, that are owned by Indian residents,
also fall under the jurisdiction of this act. Foreign Exchange Management Act
(FEMA) also extends to any dispute that are committed in offices, agencies and
branches outside India that are owned by individuals covered by this act.

Objectives of Foreign Exchange Management Act (FEMA):

Among the various objectives of the Foreign Exchange Management Act (FEMA), an
important one is to revise and unite all the laws that relate to foreign exchange.
Further FEMA aims to promote foreign payments and trade in the country. Another
important objective of the Foreign Exchange Management Act (FEMA) is to
encourage the orderly maintenance and development of the foreign exchange market
in India.
Implementation of Foreign Exchange Management Act (FEMA):

Extensive efforts have been undertaken to ensure the effective implementation of

FEMA in India. Proper implementation measures and efficient supervision are
important preconditions for the success of the Foreign Exchange Management Act
(FEMA).

FEMA is the short name or acronym for the Federal Emergency Management
Agency, which has been incorporated into the Department of Homeland Security.
FEMA's motto is "A Nation Prepared." Its goal is to insure that America is able to
prevent, prepare for, respond to and recover from disasters, natural and manmade
alike.

FEMA is not a new agency, although it has had more press in recent years, especially
after the September 11, 2001 terrorist attacks on New York City and the Pentagon.
FEMA and other emergency management organizations have been in place for many
years, but at one point there were so many different agencies that the National
Governor's Association got together to ask then President Jimmy Carter to help
streamline things.

President Carter issued an executive order in 1979 to create the new Federal
Emergency Management Agency. FEMA was created to take over the responsibilities
of several other emergency management organizations, including Civil Defense, the
Federal Disaster Assistance Administration, the Federal Insurance Administration, the
Federal Preparedness Agency and the National Weather Service Community
Preparedness Program, to name a few.

In 2003, FEMA, along with 22 other government agencies, was absorbed by the
Department of Homeland Security (DHS). FEMA is one of the four main components
of DHS, with over 2,000 full time employees and 5,000 reserves. Billions of dollars
have been funneled into FEMA programs since its inception just over 25 years ago.
The streamlining of emergency agencies was intended to create a more seamless
system of preparedness, response and recovery.

This new and improved "seamless" approach has been tested over time by disasters
such as earthquakes, hurricanes, contamination, nuclear meltdown and terrorist
attacks. FEMA has had its share of problems, and its director seems to change any
time disaster response doesn't live up to the public's expectations.

The public needs to remember that "disasters" are so named for a reason, and that no
agency on the planet can completely prevent disasters or respond perfectly to a given
disaster, no matter how streamlined, organized, or well-funded. While FEMA works
to protect the public, people also have a responsibility to protect themselves and their
families.

A commonly used estimate is that a federal response can take anywhere from 48-120
hours, depending on the disaster. Supplies need to be in amounts sufficient to last at
least 3-4 days while waiting for rescue assistance in case of a disaster.
 COMPANIES ACT
The Companies Act, 1956
ACT NO. 1 OF 1956
[18th January, 1956]

An Act to consolidate and amend the law relating to companies and certain other
associations.
BE it enacted by Parliament in the Sixth Year of the Republic of India as follows -
Short title, commencement and extent
1- Short title, commencement and extent.
(1) This Act may be called the Companies Act, 1956.
(2) It shall come into force on such date2* as the Central Government may, by
notification in the Official Gazette, appoint. 3[(3) It extends to the whole of India: 4
* * * * *] 5[Provided 6* * * that it shall apply to the State of Nagaland subject to
such modifications, if any, as the Central Government may, by notification in the
Official Gazette, specify.]
2- Definitions.
In this Act, unless the context otherwise requires –
(1) "alter" and "alteration" shall include the making of additions and omissions;
(2) "articles" means the articles of association of a company as originally framed or
as altered from time to time in pursuance of any previous companies law or of
this Act, including, so far as they apply to the company, the regulations contained,
as the case may be, in Table B in the Schedule annexed to Act No. 19 of 1857 or
in Table A in the First Schedule annexed to the Indian Companies Act, 1882, (6
of 1882.) or in Table A in the First
--------------------------------------------------------------------------------------------------------
1. This Act has been extended to Goa, Daman and Diu by Regulation 12 of 1962
(with modifications), s. 3 and Sch.: to Dadra and Nagar Haveli by Regulation 6 of
1963, s. 2 and Sch. I and to Pondicherry by Regulation 7 of 1963, s. 3 and
Sch.1.The provisions of this Act shall apply to Goa, Daman and Diu, subject to
the exceptions, modifications and adaptations contained in the Schedule to
G.S.R. 615, dated the 24th April, 1965 (Gazette of India, Pt. II, Sec. 3(i), p. 670).
Amended in its application to Goa, Daman and Diu by Reg. 11 of 1963, s. 9.
2. 1st April, 1956, vide Notification No. S.R.O. 612, dated 8-3- 1956, Gazette of
India, Extraordinary, 1956, Pt. II, Sec. 3, p. 473.
3. Subs. by Act 62 of 1956 s. 2 and Sch., for sub-section (3) (w.e.f. 1-11-1956).
4. Proviso omitted by Act 25 of 1968, s. 2 and Sch. (w.e.f. 15-8-1968).
5. Ins. by Act 31 of 1965, s. 2 (w.e.f. 15-10-1965).
6. The word "further" omitted by Act 25 of 1968, s. 2 and Sch. (w.e.f. 15-8-1968).
Schedule annexed to the Indian Companies Act, 1913, or in Table A in Schedule
I annexed to this Act;
--------------------------------------------------------------------------------------------------------
(3) "associate", in relation to a managing agent, means any of the following, and no
others –
(a) where the managing agent is an individual; any partner or relative of such
individual; any firm in which such individual, partner or relative is a partner;
any private company of which such individual or any such partner, relative
or firm is the managing agent or secretaries and treasurers or a director or
the manager; and any body corporate at any general meeting of which not
less than one-third of the total voting power in regard to any matter may
be exercised or controlled by any one or more of the following, namely,
such individual, partner or partners, relative or relatives, firm or firms; and
private company or companies;
(b) where the managing agent is a firm: any member of such firm; any partner
or relative of any such member; and any other firm in which any such
member, partner or relative is a partner; any private company of which the
firm first mentioned, or any such member, partner, relative or other firm is
 the managing agent, or secretaries and treasurers, or a director, or the
manager; and any body corporate at any general meeting of which not
less than one-third of the total voting power in regard to any matter may
be exercised or controlled by any one or more of the following, namely,
the firm first mentioned, any such member or members, partner or
partners, relative or relatives, other firm or firms and private company or
companies;
(c) where the managing agent is a body corporate:
(i) any subsidiary orholding company of such body corporate; the
managing agent or secretaries and treasurers, or a director, the
manager or an officer of. the body corporate or of any subsidiary or
holding company thereof ; any partner or relative of any such
director or manager; any firm in which such director, manager,
partner or relative, is a partner;1 * * *
(ii) any other body corporate at any general meeting of which not less
than one-third of the total voting power in regard to any matter may
be exercised or controlled by any one or more of the following,
namely, the body corporate and the companies and other persons
specified in paragraph (i) above; and 2[(iii)any subsidiary of the
other body corporate referred to in paragraph (ii) above: Provided
that where the body corporate is the managing agent of the other
body corporate referred to in paragraph (ii) above, a subsidiary of
such other body corporate shall not be an associate in relation to
the managing agent aforesaid ; and]
--------------------------------------------------------------------------------------------------------
1. The "and" omitted by Act 65 of 1960, s. 2.
2. Ins. by s. 2, ibid.
--------------------------------------------------------------------------------------------------------
(d) where the managing agent is a private company or a body corporate
having not more than fifty members: in addition to the persons mentioned
in sub clause (c), any member of the private company or body corporate;
Explanation.-If one person is an associate in relation to another within the
meaning of this clause, the latter shall also be deemed to be an associate
in relation to the former within its meaning;

(4) "associate", in relation to any secretaries and treasurers, means any of the
following, and no others –
(a) where the secretaries and treasurers are a firm: any member of such firm;
any partner or relative of any such member; and any other firm in which
any such member, partner or relative is a partner any private company of
which the firm first-mentioned, or any such member, partner, relative or
other firm is the managing agent, or secretaries and treasurers, or a
director, or the manager ; and any body corporate at any general meeting
of which not less than one-third of the total voting power in regard to any
matter may be exercised or controlled by any one or more of the following,
namely, the firm first-mentioned, any such member or members, partner
or partners, relative or relatives, other firm or firms, and private company
or companies;
(b) where the secretaries and treasurers are a body corporate –
(i) any subsidiary or holding company of such body corporate; the
managing agent or secretaries and treasurers, or a director, the
manager or an officer of the body corporate or of any subsidiary or
holding company thereof ; any partner or relative of any such
director or manager; any firm in which such director or manager,
partner or relative, is a partner; 1 * * *
(ii) any other body corporate at any general meeting of which not less
than one-third of the total voting power in regard to any matter may
be exercised or controlled by any one or more of the following,
namely, the body corporate and the companies and other persons
specified in paragraph (i) above; and 2 [ (iii) any subsidiary of the
other body corporate referred to in paragraph (ii) above: Provided
 that where the body corporate is the secretaries and treasurers of
the other body corporate referred to in paragraph (ii) above, a
subsidiary of such other body corporate shall not be an associate in
relation to the secretaries and treasurers aforesaid; and]

Obligation of Director to intimate Director Identification Number to

concerned
company or companies

Every existing director shall, within one month of the receipt of Director
Identification Number from the Central Government, intimate his Director
Identification Number to the company or all companies wherein he is a director.

Obligation of company to inform Director Identification Number to

Registrar

(1) Every company shall, within one week of the receipt of intimation under
section 266D, furnish the Director Identification Number of all its directors to the
Registrar or any other officer or authority as may be specified by the
CentralGovernment.
(2) Every intimation under sub-section (1) shall be furnished in such form and
manner as may be prescribed.

Obligation to indicate Director Identification Number

266F. Every person or company, while furnishing any return, information or

particulars as are required to be furnished under this Act, shall quote the Director
Identification Number in such return, information or particulars in case such
return, information or particulars relate to the director or contain any reference of
any director.

Provisions relating to filing of applications, documents inspection etc.

through
electronic form

(1) Notwithstanding anything contained in this Act, and without prejudice to the
provisions contained in section 6 of the Information Technology Act, 2000, the
Central Government may, by notification in the Official Gazette, make rules so as
to require from such date as may be specified in the rules, that—
(a) such applications, balance-sheet, prospectus, return, declaration,
memorandum of association, articles of association, particulars of charges, or any
other particulars or document as may be required to be filed or delivered under
this Act or rules made there under, shall be filed, through the electronic form and
authenticated in such manner as may be specified in the rules;
(b) such document, notice, any communication or intimation, required to be
served or delivered under this Act, shall be served or delivered under this Act
through the electronic form and authenticated in such manner as may be
specified in the rules;
(c) such applications, balance-sheet, prospectus, return, register, memorandum of
association, articles of association, particulars of charges. the electronic form as
may be specified in the rules.
( ε ) such fees, charges or other sums payable under this Act or rules made. there
under shall be paid through the electronic form and in such manner as may be
specified in the rules.
(f) the Registrar shall, register change of registered office, alteration of
memorandum of association or articles of association, prospectus, issue certificate
of incorporation or certificate of commencement of business, register such
document, issue such certificate, record notice, receive such communication as
may
Power to modify act in relation to electronic records (including the
manner and
form in which electronic records shall be filed)

(1) A copy of every notification proposed to be issued under sub-section, shall be

laid in draft before each House of Parliament, while it is in session, for a total
period of thirty days which may be comprised in one session or in two or more
successive sessions, and if, before the expiry of the session immediately following
the session or the successive sessions aforesaid, both Houses agree in
disapproving the issue of the notification or both Houses agree in making any
modification in the notification, the notification shall not be issued or, as the case
may be, shall be issued only in such modified form as may be agreed upon by
both the Houses.

Providing of services through electronic form

610D. The Central Government may provide such value added services through
the electronic form and levy such fees as may be prescribed.

Application of provision of Act 21 of 2000

610E. All the provisions of the Information Technology Act, 2000 relating to the
electronic records (including the manner and format in which the electronic
records shall be filed), in so far as they are not inconsistent with this Act, shall
apply, or in relation, to the records in electronic form under section 610B.
 BUSINESS IN INDIA
India is doing good because the call centres have started a chain of events that shifted
the economy to a running gear. The incomes of a big chunk of young Indians
suddenly went tops, along with their buying and borrowing power, giving rise to a
whole bunch of new money making businesses in India. But its like a colossal
building being built on a shaky foundation, chances of toppling are always around.
The economy in India again is being built by foreign money.

India as we all know is an agricultural and a multicultural country. In the past few
years India has gone through several ups and downs., but still India is standing
amongst all the nations helding her head high up in the air. Lets throw some light on
the following aspects, that will present before yoou the present situation of India.

1. Industry: Presently India is witnessing an IT boom which mainly relies on

outsourcing of jobs from first world countries of America and Europe. It also
witnessed rise in the hospital and healthcare industry, hotel industry, travel and
tourism and aviation industry. Privatisation of many industries played a key role.
Some of the key private players of our country are reliance, TATA, Infosys, Bharti
Airtel with active foreign pareticipation of telecom giants such as Vodafone,
pharmaceuticals such as glaxo Smith, ceramics such as Saint Gobian, eletronics such a
s Nokia, Apple, Intel etc. Share markets have recently seen several up and downs as is
IT industrydue to recession and satyam fiasco.

2. Services: Services basically means public services such as banks, financial sectors
and other basic services. Several new hospitals with world class facilities have come
up. SBI, UBI, SEBI are the major players in banking industry. Indian postal
departments and railway have made a steady progress. These two sectors have really
made us proud. But unemployment and poor distribution of services and resources
still remains a headache.
3. Politics: Presently congress is ruling at the centre with active support from several
small parties. BJP still remains the active opposition. This year(2009)'s election have
witnessed people showing immense faith in change. More younger generations have
joined politics this year. Pakistan still remains the centre of foreign politics.

4. The COMMON man: The common man still remains common. The sixth pay
commision have increased salaries. But farmer suicide, student suicide due to
immense pressure, petty politics, pollution etc. still rules the day.

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any information accessed through this site. Please contact respective author/us for any
kind of escalations or clarifications in this regard.

Businessworld is part of the ABP Group, one of India's largest media groups and the
brand leader in eastern India. ABP also publishes Ananda Bazar Patrika, a widely
popular Bengali daily, and The Telegraph, the largest read English daily in the eastern
region. It also co-owns Star News television channel along with Rupert Murdoch's
Star Group.

Businessworld is the largest selling Indian business magazine, and the only business
weekly in the country.Over a period of two decades, Businessworld has established
itself as a magazine that offers incisive and high-quality reportage on economic and
business affairs. In the past few years, it has focused strongly on understanding the
meaning of Global India -- its emerging sectors, emerging leaders and emerging
concerns. Its team of journalists and domain experts cover extensively trends and
movements in markets such as telecom, IT, biotech, media and pharma and provide
exclusive analysis on infrastructure, economy and the stock markets.Leveraging on its
brand leadership, Businessworld has now moved into other media platforms like
publishing and events. Its recent publications include Doing Business in Asia, The
Marketing Whitebook, Understanding Behaviour, and Businessworld Mega B-School
Guide . The Businessworld Roundtables and Great Place to Work seminars, which
attract the best minds from the corporate and economic world, have become important
forums to set agendas and address crucial issues. The magazine's Most Respected
Companies Awards and the BW-NID Design Award are considered as benchmarks of
corporate excellence by Indian corporates.

ASSIGNMENT – 1

NAME :S.AHMED BASHA

CLASS : I ST M.B.A.

SUBJECT : BEGP

TOPICS : 1) The present situation of Business in our Country.

2) Economical Reforms in our Country.

3) Objectives of Business.
 SUBMITTED
(Shaik Ahmedbasha)

Allagadda Institute of Management Sciences, Allagadda(2010-2012) aimsalg@gmail.com

ASSIGNMENT – 2

NAME :S.AHMED BASHA

CLASS : I ST M.B.A.

SUBJECT : BEGP

TOPICS : 1) Economic Policy .

2) Fiscal Policy.

3) Monetory Policy.
 SUBMITTED
(Shaik Ahmedbasha)

Allagadda Institute of Management Sciences, Allagadda(2010-2012) aimsalg@gmail.com

ASSIGNMENT – 3

NAME : S.AHMED BASHA

CLASS : I ST M.B.A.

SUBJECT : BEGP

TOPICS : 1) Business Ethics.

2) Companies Act.

3) Foreign Exchange Management Act. (F.E.M.A)

 SUBMITTED
(Shaik Ahmedbasha)

Allagadda Institute of Management Sciences, Allagadda(2010-2012) aimsalg@gmail.com

Aleksey Borisovich Miller, Gazprom OAO [[OGZPY]]- Alexey Miller was born on January 31, 1962, in
Leningrad. He graduated from high school in 1979 and became a student of N. A. Voznesenskii
Leningrad Finance and Economics Institute. Upon graduation A. B. Miller was engineer-economist, the
General planning division, LenNIIProekt – Leningrad Civil Construction Research and Design Institute.
Alexey Miller was a post-graduate student at N. A. Voznesenskii Leningrad Finance and Economics
Institute from 1986 to 1989, and obtained Ph. D. (Economics) degree in 1989.
Benjamin Steinbruch, Companhia Siderúrgica Nacional [[SID]]- was born on June 28, 1953 and has
been Chairman of our Board of Directors since April 28, 1995 and Chief Executive Officer since April
30, 2002. Mr. Steinbruch is also Chief Executive Officer of Vicunha Siderurgia, our controlling
shareholder.
Bart Becht, Reckitt Benckiser Group [[RB]]- Reckitt Benckiser CEO Bart Becht has been named as
one of the top 20 best-performing CEOs in the world by Harvard Business Review. The list, compiled by
collected data on close to 2,000 CEOs worldwide, placed Bart Becht at 16 out of the top 100. In putting
together the list, the authors looked at who had led firms that outperformed other firms in the same
country and industry.
David B. Snow, Jr., Medco Health Solutions [[MHS]]- For the second year in a row, Medco earned
the prestigious CEO eHealthcare Commitment Award, sponsored by eHealthcare Strategy & Trends.
The award recognizes Medco Chairman, President and Chief Executive David B. Snow Jr. for his
dedication to leveraging the Internet and technology to achieve strategic business objectives.
E.A.Graham Mackay, SABMiller plc [[SBMRY]]- Mr. E.A.Graham Mackay is Chief Executive Officer,
Executive Director of SABMiller plc. He joined The South African Breweries Limited (SAB Ltd) in 1978
and has held a…
Eric E. Schmidt, Google [[GOOG]]- Eric Schmidt has served as Chief Executive Officer of Google Inc.
since July 2001 and served as Chairman of Board of Directors of Google Inc. from March 2001 to April
2004 and again from April 2007 to the present. In April 2004, Eric was named Chairman of the Executive
Committee of the board of directors. Prior to joining the company, from April 1997 to November 2001,
Eric served as Chairman of the board of Novell, a computer networking company, and, from April 1997
to July 2001, as the Chief Executive Officer of Novell.
Gareth Davis, Imperial Tobacco Group [[ITYBY]]- Gareth led the successful demerger from Hanson
and subsequent listings on the London and New York Stock Exchanges. With 37 years’ experience
across all aspects of the Company, he has played a key role in the development and execution of the
Group’s strategy and its development into one of the world’s leading multinational tobacco businesses.
Gareth will be retiring on 12 May 2010 and will be succeeded by current Chief Operating Officer Alison
Cooper.
Hugh Grant, Monsanto Company [[MON]]- Hugh Grant is chairman of the board, president, and chief
executive
officer of Monsanto.He joined the company as a product development representative for Monsanto’s
agricultural business in 1981. Within one decade, he rose to the management level, serving in a variety
of senior positions and became CEO and president of the company in October 2003 after a 5-month
search. Then Chairman Frank AtLee said that Grant played an instrumental role in the company’s
transition from a chemical-focused company into a biotechnology one.
Jeffrey P. Bezos, Amazon.com [[AMZN]]- Mr. Jeffrey P. Bezos is a Principal Advisor of A9.com, Inc.
He is also the Founder of Bezos Expeditions. Mr. Bezos founded Amazon.com Inc. and has been its
Chief Executive Officer since May 1996, the Chairman of the Board since 1994, and the President since
October 2000. Previously, he served as the President of Amazon.com Inc. from 1994 to June 1999. Mr.
Bezos served as the President and Chief Executive Officer at Padcom, Inc. Before heading west to start
Amazon.com
John C. Martin, Gilead Sciences [[GILD]]- John C. Martin joined Gilead Sciences in 1990 and
currently serves as Chairman of the Board of Directors and Chief Executive Officer. He served as
President and Chief Executive Officer from 1996 through May 2008. Prior to joining Gilead, Dr. Martin
held several leadership positions in the antiviral chemistry division at Bristol-Myers Squibb and worked
for six years with Syntex Corporation, from 1978 until 1984.
John T. Chambers, Cisco Systems [[CSCO]]- John Chambers is Chairman and CEO of Cisco. He has
helped grow the company from $70 million when he joined Cisco in January 1991, to $1.2 billion when
he assumed the role of CEO, to its current run-rate of approximately $40 billion. In November 2006,
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John W. Thompson, Symantec Corporation [[SYMC]]- John W. Thompson is chairman of the board
of directors of Symantec Corporation. During his 10-year tenure as chief executive officer, he helped
transform Symantec into a leader in security, storage and systems management solutions delivered to a
broad base of customers, from individual consumers to the largest enterprises in the world.
John C.S. Lau, Husky Energy [[HUSKF]]- A resident of Calgary, has been a Director of Husky Energy
Inc. since 2000. Prior to joining Husky in 1992, Mr. Lau served in a number of senior executive roles
within the Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited group of companies.

Margaret C. Whitman, eBay Inc [[EBAY]]- Margaret C. Whitman signed up as CEO of eBay Inc.
(EBAY) three years ago, the Long Island (N.Y.) native’s preppy appearance and Old Economy
experience didn’t seem to fit the online flea market’s freewheeling culture. So what? Whitman, an
alumna of Hasbro toys (HAS), Florists Transworld Delivery, and children’s shoemaker Stride Rite
(SRR), was just what the funky upstart needed–especially as dozens of dot-coms crashed and burned
last year.
Mark G. Papa, EOG Resources [[EOG]]- Mr. Papa was elected Chairman of the Board and Chief
Executive Officer of EOG in August 1999, President and Chief Executive Officer and director in
September 1998, President and Chief Operating Officer in September 1997 and President in December
1996, and was President-North America Operations from February 1994 to December 1996. Mr. Papa
joined Belco Petroleum Corporation, a predecessor of EOG, in 1981. Mr. Papa is also a director of Oil
States International, Inc., an oilfield service company.
Mukesh D. Ambani, Reliance Industries [[RELIANCE]]- Mukesh D. Ambani is a Chemical Engineer
from University Institute of Chemical Technology (earlier University Department of Chemical
Technology), University of Mumbai (earlier University of Bombay). He has pursued MBA from Stanford
University, USA.
Robert L. Tillman, Lowe’s Companies, Inc. [[LOW]]- Joined Lowe’s Companies as entry–level
employee, 1962; worked his way up through the ranks to manager of one of the chain’s most successful
outlets in Wilmington, North Carolina; joined ranks of corporate management in the 1980s, serving as
senior vice president of merchandising and marketing, executive vice president of merchandising, and
executive vice president and chief operating officer; named to company’s board of directors in 1994;
became president and chief executive officer, 1996; named chairman, 1998.
Steve Jobs, Apple [[AAPL]]- Steve Jobs is the CEO of Apple, which he co-founded in 1976. Apple
leads the industry in innovation with its award-winning Macintosh computers, OS X operating system,
and consumer and professional applications software. Apple is also leading the digital music revolution,
having sold more than 200 million iPods and over eight billion songs from its iTunes online store. Apple
has also entered the mobile phone market with its revolutionary iPhone.
Terry P. Leahy , Tesco [[TSCO]] -Terry Leahy became Chief Executive in 1997. Joining Tesco in 1979,
he held a number of marketing and commercial positions prior to being appointed to the Board of Tesco
PLC on 5 October 1992.
Warren Buffett, Berkshire Hathaway [[BRK.A]]- Warren Buffett was born in Nebraska, Omaha USA
on the 30th of August in 1930. He is one of the worlds richest men, with a fortune that is only surpassed
by Bill Gates of Microsoft fame. He is considered one of the most successful investors of all time and
has picked up the nickname of the “Oracle of Omaha”.
Wang Jianzhou, China Mobile [[CHL]]- Executive Director, Chairman and Chief Executive Officer of
the Company, joined the Board of Directors of the Company in November 2004. Mr. Wang is in charge
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Corporation (the ultimate controlling shareholder of the Company), and Chairman of China Mobile
Communication Co., Ltd.. He formerly served as Deputy Director General and Director General of the
Posts and Telecommunications Bureau of Hangzhou, Deputy Director General of the Posts and
Telecommunications Administration of Zhejiang, Director General of the Department of Planning and
Construction of the Ministry of Posts and Telecommunications, Director General of the Department of
General Planning of the Ministry of Information Industry (“MII”), Director, Executive Vice President,
President and Chairman of China United Telecommunications Corporation, Executive Director,
President, Chairman and Chief Executive Officer of China Unicom Limited, and Chairman and President
of China United Telecommunications Corporation Limited. Mr. Wang graduated in 1985 from
Department of Management Engineering of Zhejiang University with a Master’s Degree in Engineering,
and holds a doctoral degree in business administration from Hong Kong Polytechnic University. Mr.
Wang is a professor-level senior engineer with extensive knowledge and 31 years of experience in the
telecommunications industry.
Yun Jong-Yong, Samsung Electronics [[SMSD]]- He has been with Samsung Electronics Co., one of
the most conservative of South Korea’s chaebol , for 37 years. He was made chief executive in 1997 not
because of any great vision but because he had the skills to get Samsung out of a bad mess: As prices
of computer chips tumbled, the company was barely avoiding losses.

Top 10 CEO blogs (in no particular order of preference):

1. Jonathan Schwartz (President & CEO, Sun Microsystems)

2. Craig Newmark (CEO, Craig's List)
3. Mark Cuban (Owner, Dallas Mavericks)
4. Ross Mayfield (CEO, Socialtext)
5. Matt Blumberg (CEO, Return Path)
6. Alan Meckler (CEO, Jupiter Media)
7. Kevin Lynch (Chief Software Architect, Adobe)
8. Robin Hopper (CEO, Founder - iUpload)
9. Jason Calacanis (CEO, Weblogs)
10. John Dragoon (CMO, Novell)
Read more:
http://wiki.answers.com/Q/What_are_the_top_ten_CEO_names#ixzz16JGYV
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