Soon after its promulgation, the FCRA 2020 Amendment received massive criticism. Several aspects of the Act are currently challenged ahead of the Indian Court. For instance, recently three joint petitioners challenged the ‘severely restricted use of foreign funds’ and the mandatory condition of receiving funds in the New Delhi Branch of the State Bank of India. In the light of increasing government control and politically charged policies, the FCRA 2020 Amendment seems to indicate the state’s intentions. Aeshita Singh explains FCRA 2020 Amendment, tracing FCRA’s history and how it impacted the NGO-state relations over the years.
Sankalp Shanker Srivastav Editor’s Note: India is witnessing strong growth prospects in organized retailing with foreign retail players willing to make investment in the sub continent.
Cheques are a type of bill of exchange and were developed as a way of making payments without the need to carry large amounts of money. A dishonoured cheque cannot be redeemed for its value and is worthless; they are also known as an RDI (returned deposit item), or NSF (non-sufficient funds) cheque. Cheques are usually dishonoured because the drawer’s account has been frozen or limited, or because there are insufficient funds in the drawer’s account when the cheque was redeemed. A cheque drawn on an account with insufficient funds is said to have bounced and may be called a rubber cheque. Banks typically charge customers for issuing a dishonoured cheque, and in some jurisdictions such an act is a criminal action. A drawer may also issue a stop on a cheque, instructing the financial institution not to honour a particular cheque
Statutory transactions are contracts under compulsion of law whereby parties are mandated by executive orders or legal regulations to enter into either contractual relations or contract–like relations. Therefore, it would not be a sale of goods as the consensual element which forms the basis of contract is absent. However, lately there has been a characterization of statutory transactions as consensual contractual arrangements. This reflects the growth of a novel jurisprudence of contract by law distinct from the ordinary contracts by consent of parties, as understood throughout the legal history.
Anonymous Editor’s note: India has been home to several scams post 1992, resulting to losses amounting to lakhs of crores of rupees to the economy.
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