• Contents

  Foreword

  Preface

  Part – I FEMA and Competition Law

  Chapter 1 Corporate and Economic Laws – An Introduction
  Introduction
  Distinction between Corporate Law and Economic Law
  Economic Policy
  Objectives of Corporate Laws
  Corporate and Economic Laws Under the Constitution
  Economic Development
  Industrial Policy Statement
  Industrial Policy, 1991
  Policy Measures for Small, Tiny, Handloom and Village Industries
  Significance of Corporate and Economic Laws
  Need to Study the Economic and Other Legislations
  Importance of Specific Legislations
  Intellectual Property Rights (IPR) Acts
  Foreign Exchange Management Act (FEMA), 1999
  Protection of Plant Varieties and Farmers’ Rights Act, 2001
  Prevention of Money Laundering Act (PMLA), 2002
  Competition Act, 2002
  Biological Diversity Act, 2002
  Real Estate Regulation and Development Act, 2016
  How these Acts Safeguard Stakeholders?
  Review Questions

  Chapter 2 Foreign Exchange Management Act - Conceptual Framework
  Background and Evolution of FEMA
  Objectives and Purpose of FEMA
  Distinction between FEMA and FERA
  Applicability and Scope of FEMA
  Key Definitions under FEMA (Section 2)
  Review Questions

  Chapter 3 Regulation of Foreign Currency: Realization, Repatriation and Retention – Remittance of Assets Under FEMA
  Current Account Transactions
  Key Features of Current Account Transactions
  Examples of Current Account Transactions
  Foreign Exchange Management (Current Account Transactions) Rules, 2000
  Facilities Given for Individuals
  Capital Account Transaction (Section 2(e) of FEMA)
  Key Features of Capital Account Transactions
  Examples of Capital Account Transactions
  Realization of Foreign Exchange
  Meaning of Realization of Foreign Exchange
  Timeline for Realization
  Obligations of Residents and Non-Residents
  Role of RBI and Authorized Dealers (ADs)
  Repatriation of Foreign Exchange
  Meaning of Repatriation of Foreign Exchange
  Repatriation of Export Proceeds
  Timely Repatriation
  Repatriation of Investments and Income
  Special Permissions and Approvals
  Surrender of Foreign Exchange
  Meaning of Surrender of Foreign Exchange
  Mandatory Surrender Requirements
  Procedure for Surrender
  Permissible Foreign Exchange Retention
  Penalties for Non-compliance
  Role of Enforcement Directorate
  Permissible Limits for Retention
  Resident Foreign Currency (RFC) Accounts
  Retention of Unutilized Travel Currency
  Remittance of Assets
  Guidelines for Immovable Property
  Permissible Remittance by NRIs/PIOs
  Movable Assets
  Special Provisions for NRIs
  Repatriation of Funds in NRO Accounts
  Penalties for Non-compliance
  Nature of Offenses
  Powers of the Enforcement Directorate
  Penalties Under FEMA
  Compounding of Offences
  Review Questions

  Chapter 4 Authorized Persons, Adjudication and Appeals Under FEMA
  Introduction
  Definition of Authorized Persons
  Categories of Authorized Persons
  Category I
  Category II
  Category III
  Category IV
  Importance of Authorized Persons in Forex Transactions
  Legal Provisions Under FEMA
  Role of Authorized Persons, Money Changers, and Offshore Banking Units
  Functions of Authorized Persons
  Responsibilities and Restrictions Imposed on Authorized Persons
  Responsibilities of Authorized Persons
  Restrictions on Certain Foreign Currency Transactions
  Difference between Authorised Person and Authorised Dealer
  Adjudication Under FEMA
  Meaning of Adjudication
  Need for Adjudication
  Adjudicating Authorities
  Powers of Adjudicating Authorities
  Mechanism for Appeals
  Appeal to First Level Authority (Special Director - Appeals)
  Appeal to Appellate Tribunal for Foreign Exchange (ATFE)
  Appeal to the High Court
  Review Questions

  Chapter 5 Competition Act, 2002
  Introduction
  Scope and Coverage
  Objects of the Act
  Definitions
  Prohibition of Agreements
  Anti-Competitive Agreements
  Types of Anti-Competitive Agreements
  Prohibitions on Anti-Competitive Agreements
  Prohibition of Abuse of Dominant Position
  Combination
  Exceptions to Prohibition
  Competition Commission of India
  Establishment of Commission
  Head Office and Other Offices of Commission
  Composition of Commission [Sec. 8]
  Duties of Commission
  Competition Advocacy
  Competition Commission of India (CCI): Duties, Powers, and Functions
  Duties of the Competition Commission of India (CCI)
  Powers of the Competition Commission of India
  Functions of the Competition Commission of India
  Significance of CCI’s Role
  Challenges Faced by the CCI
  Inquiries and Proceedings of Commission [Sec. 19]
  Inquiry into Agreements and Dominant Position of Enterprise
  Inquiry into Combination by Commission
  Procedure for Inquiry Under Section 19
  Orders by Commission after Inquiry into Agreements or Abuse of Dominant Position
  Division of Enterprise Enjoying Dominant Position
  Inquiry into Combination by Commission
  Factors to be Considered for Determination of Effect of Combination
  Procedure for Investigation of Combinations [Sec. 29]
  Orders of Commission on Certain Combinations
  Determining of 210 Days
  Acts Taking Place Outside India but Having an Effect on Competition in India
  Power to Grant Interim Orders [Sec. 33]
  Appearance Before Commission [Sec. 35]
  Power of Commission to Regulate its Own Procedure [Sec. 36]
  Rectification of Orders
  Execution of Orders of Commission Imposing Monetary Penalty
  Appeals — Competition Appellate Tribunal
  Establishment of Appellate Tribunal
  Procedure and Powers of Appellate Tribunal [Sec. 53O]
  Execution of Orders of Appellate Tribunal
  Miscellaneous Provisions
  Power to Exempt
  Power of Central Government to Issue Directions
  Power of Central Government to Supersede Commission
  Power to Make Regulations
  Review Questions

  Part – II Consumer Protection, IPR, Money Laundering and Real Estate

  Chapter 6 Consumer Protection Act, 2019
  Introduction
  Significance of the Consumer Protection Act
  Scope and Applicability of the Act, 2019
  Rights of Consumers
  Definitions
  Who are not Regarded as Consumers?
  Complainant
  Complaint
  Goods [Sec. 2(1)(i)]
  Service [Sec. 2(1)(o)]
  Appropriate Laboratory
  Establishment of Consumer Protection Councils
  Central Consumer Protection Council [Section 3]
  State Consumer Protection Councils [Section 6]
  District Consumer Protection Council [Section 8]
  Powers and Functions of Central Authority [Section 18]
  Power of Central Authority to Refer Matter for Investigation or to Other Regulator [Section 19]
  Power of Central Authority to Issue Directions and Penalties Against False or Misleading Advertisements [Section 21]
  Consumer Dispute Redressal Commission [Sections 28 to 73]
  Establishment of District Consumer Disputes Redressal Commission
  Jurisdiction of District Commission [Section 34]
  Manner in Which Complaint Shall be Made [Section 35]
  Proceedings Before District Commission [Section 36]
  Reference to Mediation [Section 37]
  Findings of District Commission [Section 39]
  Establishment of State Consumer Disputes Redressal Commission [Section 42]
  Jurisdiction of State Commission [Section 47]
  Procedure Applicable to State Commission [Section 49]
  Review by State Commission in Certain Cases
  Hearing of Appeal [Section 52]
  Establishment of National Consumer Disputes Redressal Commission [Section 53]
  Jurisdiction of National Commission [Section 58]
  Establishment of Consumer Mediation Cell [Section 74]
  Settlement Through Mediation [Section 80]
  Recording Settlement and Passing of Order [Section 81]
  Product Liability [Sections 82 to 87]
  Exceptions to Product Liability Action
  Offences and Penalties [Sections 88 to 93]
  Punishment for Manufacturing for Sale or Storing, Selling or Distributing or Importing Products Containing Adulterant [Section 90]
  Judicial Decisions
  Review Questions

  Chapter 7 Intellectual Property Rights I – Designs, Trade Marks and Copyright
  Intellectual Property
  Meaning of Intellectual Property Rights
  Characteristic Features of Intellectual Property
  National Intellectual Property Rights Policy
  Key Aspects of the Policy
  Need for Intellectual Property Laws
  Types of Intellectual Property Rights
  Designs
  Design - Meaning
  Copyright in Registered Designs
  Prohibition of Registration of Designs
  Application for Registration of Designs
  Trade Marks
  Trade Mark - Meaning
  Trade Marks Act, 1999
  Classification of Goods and Services
  Protection of Trade Marks
  Registration of Trade Marks
  Term of Trade Mark
  Renewal of Trade Mark
  Infringement of Trademark
  Defences in Infringement
  Copyright
  Meaning of Copyright
  Term of Copyright
  Ownership of Copyright
  Procedure for Registration of Copyright
  Rights of the Author
  Rights of the Owner
  Infringement of Copyright
  Appeals
  Review Questions

  Chapter 8 Intellectual Property Rights II – Geographical Indications, Patents and Trade Secrets
  Geographical Indications of Goods (Registration and Protection) Act, 1999
  Geographical Indication
  Goods
  Prohibition of Registration
  Register of Geographical Indications
  Rights Bestowed on the Registered Proprietor
  Action for Infringement
  Other Important Provisions
  Trade Secrets
  Undisclosed Information
  Trade Secrets – Types
  Action for Violation
  Patent Act, 1970
  Significance of Patents
  Basic Requisites of Patentability
  Inventions Not Patentable
  Procedural Formalities for Registration of Patent
  Infringement of Patents
  Action for Infringement
  Semiconductor Integrated Circuits Layout Design Act, 2000
  Meaning
  Main Features
  Layout Designs of an Integrated Circuit
  Infringement
  Review Questions

  Chapter 9 Prevention of Money Laundering Act, 2002
  Introduction
  Scope, Coverage and Key Provisions of the Money Laundering Act
  Impact of Money Laundering on the Global Economy
  Impact of Money Laundering on the Indian Economy
  Key Terms Used in the Act
  Stages of Money Laundering
  Objectives of the Act
  Offence of Money Laundering
  Obligations of Banking Companies, Financial Institutions, and Intermediaries
  Access to Information
  Enhanced Due Diligence
  Powers of Directors to Impose Fines
  Procedure and Manner of Furnishing Information
  Summons, Searches and Seizure
  Search and Seizure
  Search of Persons
  Power to Arrest
  Retention of Property
  Appellate Tribunal
  Appeal to the Appellate Tribunal
  Composition of Appellate Tribunal (Section 27)
  Procedure and Powers of Appellate Tribunal
  Powers of Appellate Tribunal
  Appeal to High Court
  Special Court
  Offences Triable by Special Courts
  Offences to be Cognizable and Non-bailable
  How the Act Tries to Prevent Money Laundering?
  Review Questions

  Chapter 10 Real Estate (Regulation and Development) Act, 2016
  Reasons for Enactment of the Act
  Scope and Coverage of RERA
  Objectives of RERA
  Key Definitions Used in the Act
  Salient Features of the Act
  Registration of Real Estate Projects
  Application for Registration of Real Estate Projects
  Grant of Registration
  Revocation of Registration
  Functions of Real Estate Agents
  Functions and Duties of Promoter
  Return of Amount and Compensation
  Rights and Duties of Allottees
  Duties of Allottees
  Power to Issue Directions
  Powers of Real Estate Regulatory Authority
  Establishment of Real Estate Appellate Tribunal
  Application for Settlement of Disputes and Appeals to Appellate Tribunal
  Powers of the Appellate Tribunal
  Appeal to the High Court
  Penalty Provisions
  Offences by Companies
  Compounding of Offences
  Power to Adjudicate
  Powers of the Adjudicating Officer
  Factors to be Considered for Compensation
  Specimen Agreement for Sale to be Executed Between the Promoter and the Allottee
  Review Questions

  Part – III Knowledge Refresher

  Quiz
  Model Question Paper Series
  Previous Year Question Paper Series
  Bibliography
  Annexures

Dr.V. Balachandran, FCS is a distinguished academician and administrator with over 38 years of postgraduate teaching and 30 years of research experience.  He served as Former Dean, School of Business Studies and Professor and HoD of Management Studies  in Central University of Kerala and  was Former Senior Professor  and Head and Dean of the Faculty of Management Studies, Alagappa University, Karaikudi. His areas of expertise include GST, Corporate Governance, CSR, Business Ethics,  IPR, Consumer Protection, and Corporate & Economic Laws.