Racism is not just an added stress to individuals of minority ethnic groups, but is a pathogen which generates depression.

Racism usually occurs at workplace and schools and is mostly experienced by immigrants and refugees.

The immigrants and refugees are often taken advantage as labour force, human trafficking and even cases of rape and child marriage.

Their human rights must be protected, so they will have the right to life and liberty, freedom from slavery and torture, freedom of opinion and expression, the right to work and education to eradicate poverty, and end child marriage.

Being racist towards someone can impact that person a lot, as it can cause depression, low self-esteem, losses in a psychological sense and a sense of helplessness.

Even preteens and teenagers have experienced racism at school and on social media platforms.

If we search on the net we can get a lot of results about teenagers’ suicide due to racism and discrimination, because they felt isolated, hated, not accepted in their own society or even worthless.

Racism and discrimination should be stopped because we should be ONE to make this world a greater place. The planet is for everyone to live in, because everybody is equal as we all bleed the same color.

Everyone should change their mindset to treat everyone equally, regardless of race, sex, nationality, ethnicity, language, religion, or any other status.

It’s up to the parents to nurture their children because racism isn’t something you are born with, it is taught.

Children are the future. But when instead of helping them discover themselves, they are directed to labour it indirectly affects the growth of the country. Children, they need to play, they need to fall and learn to get up, they need to enjoy being a kid. But with child labour, this all is just a dream. Even now, there are those children, who are working hard day and night, just so they could eat one times food, those children who are studying from the worn-out books, from whom you can barely read. 

Government has set many rights and laws to eradicate child labour, to get children to school. Eg- the right to education act, etc. But still, we need to take some concrete steps, to ensure that no child will be deprived of education, childhood, that no child will be forced to work. Child labour is a curse, for every child. Their potential is dug deep into the ground, they are withheld from the opportunities to prove themselves. Where they could possibly be learning, dreaming, they are forced to labour. 

We all need to come together. We need to take actions. We need to stop wherever child labours are working. We need to provide them with education, the food so that they won’t need to work. We need to stop those people who are forcing homeless children to work. Actions speak louder than work. So if you agree with me think about the ways you can child labour near your locality, school anywhere you see. Think about those ways and put them to work. If determined, Even one person can make a change. 

45. Capital gains 1(1) ² ] Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections ³⁴ ] 54, 54B, ⁵ ] ⁶⁷ 54D, ⁸ 54E, 54F ⁹ , 54G and 54H]]]]], be chargeable to income- tax under the head” Capital gains”, and shall be deemed to be the income of the previous year in which the transfer took place.

(2) ¹⁰ Notwithstanding anything contained in sub- section (1), the profits or gains arising from the transfer by way of conversion by the owner of a capital asset into, or its treatment by him as, stock- in- trade of a business carried on by him shall be chargeable to income- tax as his income of the previous year in which such stock- in- trade is sold or otherwise transferred by him and, for the purposes of section 48, the fair market value of the asset on the date of such conversion or treatment shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset.]

(3) ¹¹ The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co- operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as the value of the capital asset shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset.

(4) The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co- operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the

Term ‘Feminism’ was initially brought up as a Label for women to fight against the discriminations happening towards them under it’s name. The purpose of the concept was to retrieve back the rights of women, breaking all the Stereotypes and putting an end to the prejudice beared by females since the earliest times. The beginners fought for women rights but never had a mission to demean males’ in any form or lower their status or rights so as to provide a higher position to women. Feminism was never invented to disregard men’s existence but all it was meant for is making the society aware of the fact that women deserve to have the same standard and respect EQUAL to that of Men. Majority of each and every person who has come across the notion, considered it worthy of all the attention and a very important agenda for empowerment. Feminism raised several issues and even unveiled injustices occurrings taking place against women in tremendous ways worldwide. For example, To receive an equal pay – as of the Male worker in the company while working on the same position, To get the freedom of working, dressing and living with their own choice, To ensure safety, To fight against domestic violence, sexual harassment and the superstitious harmful practices such as Female genital mutilation / cutting.

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HOWEVER!!!

Likewise every law has a loophole, there are always Some people in a crowd who just couldn’t think Right! So Here’s where came a wave of demolishing the concept of Feminism. While, the movement was bringing a good change in the social norms and actually convincing the people about the shortcomings on the grounds of Building Equality, the fake flag bearers of Morality amd virtue started exaggerating the agenda. They created a state of Gender Bias all around. Some women would try to take unfair benefits in the name of feminism namely, a practice called PSEUDO FEMINISM. This includes examples such as; women’s income tax slab is higher than men’s. A woman who earns till 3,00,000-3,50,000 is exempt from tax payment. If both men and women earn the same account, why should it only be the men who pay tax. Another example is As of 2009, 175 men had been kidnapped and abducted for the purpose of illicit intercourse, according to the 2012 NCRB data. As per a reliable source the cases were registered under the Indian Penal Code (IPC) Sec 363 to 369, 371 to 373. Such cases are not dealt with in the same way as the abuse committed on women, even under regulation.

A Dilemma…

But Why can’t we just accept, respect and treat both the genders equally at the same time? We are already living in a culture where both Women and Men face so many challenges everyday due to Orthodox mindsets of people. Upon that, these Psuedo feminists suggest that women deserve more respect, priority, benefits than any other genders everywhere. They believe that the world should be governed/ controlled by females and they also potray all men as nemesis, responsible for all crimes against women. Little do they know, The most brutal crimes against women are conducted by another women themselves at many places. You get enough proofs of this on daily basis especially, when you are an Indian citizen. As here, there’s no place to be where you won’t find an elder Lady or even young girls judging others for one’s clothes or casual behaviour. The biggest example to this (in India) is when “A women is proclaimed as responsible for her own rape. She is ashamed for wearing certain clothes and provoking Men herself to do this injustice to them”. Now this is why Not only the “Men” But every single person irrespective of their gender or age having that narrow mindset with preconceived representations in their head of how a Women is a weaker gender, supposed to be kept and treated like slaves, etc. are responsible. And an even bigger mistake that Pseudo feminists do here is to blame and hurt those who are innocent considering it their right. Such incidents not only could hurt the image as well as emotions of the ones who are actually decent but also can pave a way for their thoughts to turn in a wrong direction. It creates an unjust impression of the actual concept of Feminism in everyone’s mind specially, in today’s era where every news is spread on social media at an incredible pace amd affects millions of brains which could even change the supporters and drive their views to become Feminism’s antagonists.

A contract of indemnity basically involves one party promising the other party to make good its losses. These losses may arise either due to the conduct of the other party or that of somebody else.

To indemnify something basically means to make good a loss. In other words, it means that one party will compensate the other in case it suffers some losses.

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B’s losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

A contract of insurance is very similar to indemnity contracts. Here, the insurer promises to compensate the insured for his losses. In return, he receives consideration in the form of premium. However, the Contract Act does not strictly govern these kinds of transactions. This is because the Insurance Act and other such laws contain specific provisions for insurance contracts.

Parties under Indemnity Contracts

There are generally two parties in indemnity contracts. The person who promises to indemnify for a loss is the Indemnifier. On the other hand, the person whose losses the indemnifier promises to make good is the Indemnified. We can also refer to the Indemnified party as the Indemnity Holder. For example, in the earlier example, C is the Indemnifier and B is the Indemnity Holder.

Nature of Indemnity Contracts

An indemnity contract may be either express or implied. In other words, parties may expressly create such a contract as per their own terms. The nature of circumstances may also create indemnity obligations impliedly. For example, A does an act at the request of B. If B suffers some losses and A offers to compensate him, they impliedly create an indemnity contract.

Rights of an Indemnity Holder

When parties expressly make a contract of indemnity, they can determine their own terms and conditions. However, sometimes they may not do so. In such a case, the indemnity holder can enforce the following rights against the indemnifier:

1) The indemnifier will have to pay damages which the indemnity holder will claim in a suit.

2) The indemnity holder can even compel the indemnifier to pay the costs he incurs in litigating the suit.

3) If the parties agree to legally compromise the suit, the indemnifier has to pay the compromise amount.

Contract of Guarantee

Apart from indemnity contracts, the Contract Act also governs contracts of guarantee. These contracts might appear similar to indemnity contracts but there are some differences between them.

In guarantee contracts, one party contracts to perform a promise or discharge a liability of a third party. This will happen in case the third party fails to discharge its obligations and defaults. However, the burden of discharging the burden will first lie on the defaulting third party.

The person who gives the guarantee is the Surety. On the other hand, the person for whom the Surety gives the guarantee is the Principal Debtor. Similarly, the person to whom he gives such a guarantee is the Creditor.

Differences between Indemnity and Guarantee

There are some important differences between the contracts of indemnity and guarantee.

Firstly, there are just two parties in indemnity, while there are three in contracts of guarantee.

Secondly, in a guarantee, there is an existing debt/duty which the surety guarantees to discharge. On the other hand, liability in indemnity is contingent and may not arise at all.

Thirdly, an indemnifier might act without the debtor’s behest, while a surety always waits for the principal debtor’s request.

Finally, the liability of an indemnifier towards the indemnity holder is primary. Whereas, in guarantee, the surety’s liability is secondary. This is because the primary liability lies on the principal debtor himself.

A new State comprising three distinct religions of Jammu, Kashmir and Ladakh was formed with Maharaja Gulab Singh as its founder ruler. It was established on 14 May 1954.

Popularly known as the “Paradise on Earth”, Jammu and Kashmir is world famous for its scenic splendour, snow-capped mountains, plentiful wildlife, exquisite monuments, hospitable people and local handicrafts.

Jammu and Kashmir is a region administered by India as a union territory and consists of the southern portion of the larger Kashmir region, which has been the subject of a dispute between India and Pakistan since 1947, and between India and China since 1962. The Line of Control separates Jammu and Kashmir from the Pakistani-administered territories of Azad Kashmir and Gilgit-Baltistan in the west and north. It lies to the north of the Indian states of Himachal Pradesh and Punjab and to the west of Ladakh, which is also subject to the dispute as a part of Kashmir, and administered by India as a union territory.

Provisions for the formation of the union territory of Jammu and Kashmir were contained within the Jammu and Kashmir Reorganisation Act, 2019, which was passed by both houses of the Parliament of India in August 2019. The act re-constituted the former state of Jammu and Kashmir into two union territories, Jammu and Kashmir and Ladakh, with effect from 31 October 2019.

The state of Jammu and Kashmir was accorded special status by Article 370 of the Constitution of India. In contrast to other states of India, Jammu and Kashmir had its own constitution, flag and administrative autonomy. Indian citizens from other states were not allowed to purchase land or property in Jammu and Kashmir.

Jammu and Kashmir had three distinct areas: Hindu-majority Jammu region, Muslim-majority Kashmir Valley and Buddhist-dominated Ladakh. Unrest and violence persisted in the Kashmiri Valley and, following a disputed state election in 1987, an insurgency persisted in protest over autonomy and rights.

The Bharatiya Janata Party (BJP) came to power in the 2014 Indian general election and five years later included in their 2019 election manifesto the revocation of Article 370 of the Constitution of India, in order to bring Jammu and Kashmir to equal status with other states.

A resolution to repeal Article 370 was passed by both the houses of the Parliament of India in August 2019. At the same time, a reorganisation act was also passed, which would reconstitute the state into two union territories, Jammu and Kashmir and Ladakh. The reorganisation took effect from 31 October 2019.

In September 2019 nearly 4,000 people, including two former Chief Ministers and hundreds of other politicians, were arrested by the Indian authorities in Kashmir; the state was put under a lockdown and communication and internet services were suspended.

Jammu and Kashmir is home to several valleys such as the Kashmir Valley, Chenab Valley, Sindh Valley and Lidder Valley. Some major tourist attractions in Jammu and Kashmir are Srinagar, the Mughal Gardens, Gulmarg, Pahalgam, Patnitop and Jammu. Every year, thousands of Hindu pilgrims visit holy shrines of Vaishno Devi and Amarnath which has had significant impact on the state’s economy.

The Kashmir valley is one of the top tourist destinations of India. Gulmarg, one of the most popular ski resort destinations in India, is also home to the world’s highest green golf course. The decrease in violence in the state has boosted the state’s economy, specifically tourism.

Jammu and Kashmir is also famous for its scenic beauty, flower gardens, apple farms and more. It attracts tourists for its unique handicrafts and the world-famous Kashmiri Shawls.

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World War II was a war globally fought between many world countries that formed two military alliances – Allies and Axis Powers. This war lasted between 1939-1945. More than 30 countries had participated involving around 100 personnel. World War II was the deadliest of wars. Countries had strategically used military resources and bombing strategies to conquer. Nuclear weapons used during this war still haunts the country that was a victim of such inhuman act to destroy humanity. Millions of people had died as a result of genocides, outbreak of dangerous diseases, starvation, large massacres.

This war is said to gave generally started on 1st September 1939, when Adolf Hitler of Nazi Germany captured Poland. The United Kingdom and France had declared war on Germany. Germany had control over Europe countries and decided to join Italy and Japan, forming Axis Alliance. In mid-1940’s, France had failed and was falling, while campaigns were run in North Africa and East Africa. So, the war then continued between the Axis power and United Kingdom.

Nazi Germany went on to conquer Soviet Union opening the Eastern Front. This strategy trapped the Axis Power. Japan aimed to capture most parts of Asia and the Pacific. But it in a state of war with Republic of China in 1937. In 1941, Japan attacked America and British territories.  It even tried to capture Central Pacific and Southeast Asia. US declared war on Japan after it attacked on the US fleet at Pearl Harbor. Germany and Italy were defeated. Germans were being defeated with on Eastern Front. Western allies captured and occupied Germany and France. Soviet Union reacquired it territories. Germans had occupied European countries but with Hitler’s death the Germans had surrendered. A statement called Potsdam Declaration, stated surrender of Japanese military forces was refused to sign by Japan. USA dropped nuclear bomb on Hiroshika on 6th August and Nagasaki on 9th August that was today. The fear of more nuclear bombings and Soviet Union invasion, Japan signed document of surrender. France, China, United Kingdom, United States and Soviet Union had become victorious. At the end, USA and Soviet Union had become major powers to influence countries around the world.

World War II proved to be devastating with millions of deaths around the world.  Adolf Hitler was responsible for Holocaust that killed more than 6 million people. Policies of Hitler were against Jews that involved mass killing. Ukrainians and Russians were also mercilessly killed. Biological and chemical weapons were tested against innocent people and the prisoners by Germans and Japanese. Germans had captured young children and deported to Auschwitz. They forced to labor and were medically experimented. Germans occupied millions of Europeans and slaved them in German industry. Japan had camps of prisoners of wars that were mainly used as labor camp. Nuclear bombings in Japan were the worst of all. The fatality of the bombings still haunts Japanese people affecting the young generation through physical disability. Asia witnessed greater than 10 million killings. Nanking Massacre killed thousands of Chinese civilians. They were raped and murdered.

World War caused tremendous life and property destruction. Economies of various countries had failed to provide for the civilians due to enormous financial loss. This war showcased pure hatred towards innocent civilians.

Hypnotherapy is an adjunctive technique that utilizes hypnosis to aid in the treatment of specific symptoms or health conditions. Hypnotherapy works by inducing a hypnotic state marked by waking awareness that allows people to experience detached external attention and to focus on inner experiences. It is sometimes used as part of a treatment plan for phobias and other anxiety disorders. It is also sometimes used for pain management, weight loss, smoking cessation, and a variety of other applications. Formal explorations in the therapeutic uses for hypnosis began in the late 1700s but did not gain scientific credibility until much more recently. Modern researchers have further explored how hypnosis can be used, which conditions it can treat, and how effective it may be compared to other treatments.

What Hypnotherapy Can Help With

There are many different reasons why a person might want to try hypnotherapy. Research suggests that some possible applications include:

• Chronic pain conditions
• Dementia symptoms
• Nausea and vomiting related to chemotherapy
• Pain during childbirth, dental procedures, or surgery
• Skin conditions, such as psoriasis and warts
• Symptoms of irritable bowel syndrome (IBS)
• Symptoms of attention-deficit/hyperactivity disorder (ADHD)

Hypnotherapy may also be used by licensed physicians and psychologists in the treatment of conditions like anxiety disorders, depression, eating disorders, and post traumatic stress disorder (PTSD).

Benefits of Hypnotherapy

Some people may experience dramatic results with hypnotherapy. In other cases, people may simply feel very relaxed. Some of the benefits of hypnotherapy may include:

• Awareness: Some people remain fully aware during the entire experience. They recall everything that happens and are even able to have conversations while under hypnosis. Other people may experience states of relaxation that are so deep that they may even feel detached from what is happening.
• Focus: Most of the time, we are distracted by our surroundings. Whether the TV is blaring, your kids are demanding attention or your spouse wants to talk, it can be difficult to fully focus on yourself. Our conscious minds are also cluttered. You may be worried about paying a bill, concerned about an upcoming project, or planning tonight’s dinner. The therapy session is intended to break through these day-to-day concerns and allow you to focus completely on the problem at hand.
• Relaxation: In the hypnotic state, you are deeply relaxed. Your conscious mind is quieted, allowing your unconscous mind to deeply focus on your issue. You are also calmer, and therefore more receptive to facing your problems or fears.

Most hypnotherapists utilize a series of calming messages, such as “you are safe” and “no one can harm you” to reassure their clients that during hypnosis they can objectively face their problems without having a panicked reaction.

Effectiveness

The effectiveness and impact of hypnotherapy can vary based on the individual and how the treatment is used. Hypnotherapy has been shown to have some degree of efficacy for certain applications, particularly:

• Pain reduction and control during dental procedures and childbirth
• Reduction in nausea and vomiting in individuals being treated for cancer with chemotherapy
• Reduction in the severity of symptoms associated with irritable bowel syndrome (IBS)

While it may help people cope with problems related to stress and anxiety, it may be best applied when used in conjunction with first-line treatments such as cognitive behaviour therapy (CBT) and medications.

Things to Consider

While hypnotherapy is generally safe and well-tolerated, that does not mean that it doesn’t pose some potential risks, such as: 

• Hypnotherapy can produce false or distorted memories in some cases.
• People who are very suggestible may experience a decreased sense of personal control while under hypnosis.
• Some people can experience side effects such as anxiety, headaches, or dizziness.
• Hypnotherapy may not be appropriate for people who are experiencing symptoms of psychosis such as hallucinations and delusions

Common Misconceptions

Hypnotherapy is still considered controversial, as many mental health professionals dispute its effectiveness. There are a number of myths and misconceptions about hypnotherapy that can affect how people view this therapeutic tool.

• Hypnotherapy is often confused with stage hypnosis. Stage hypnotists are performers who are excellent at reading people. They seekextroverts who will put on a great show for the crowd. Whether or not their subjects are truly hypnotized is debatable, but they are willing to go along with the sometimes outrageous suggestions of the stage hypnotist.
• Hypnotherapy doesn’t cause you to forget what happened. You will remember the things that occur during your hypnotic state, you will not be asleep or unconscious, and you will be able to break the hypnotic trance at any time.
• Hypnotherapy doesn’t cause you to lose control. During hypnotherapy, you remain in control. It is not possible for anyone to force you to do anything against your will, even under hypnosis. You will be tuned in to the work at hand, and so may not pay attention to your surroundings, but you will always be in charge of your own actions, behaviors, and statements.
• Being hypnotizable doesn’t mean you are less intelligent. While some people believe that they cannot be hypnotized, research suggests that most people are hypnotizable to a certain degree. Only about 10% of people are difficult or impossible to hypnotize.

PARTICULARS	BILL OF EXCHANGE	CHEQUE
MEANING	A bill of exchange is a negotiable instrument which orders to drawee to pay a fixed amount of money to payee on demand	The Cheque is a document which contains an order to a bank to pay fixed amount of money from the account of the client.
EXISTENCE	A bill of exchange exists in section 5 of the negotiable instruments act, 1881.	A cheque exists in section 6 of the Negotiable Instruments Act, 1881.
GRACE PERIOD	A bill of exchange has three days of grace period.	A cheque has no grace period once it is presented for the payment.
APPORVED	A bill of exchange needs an approval from the drawee for the payment.	A Cheque does not need any approval from the parties before presented for payment
VALIDITY	A bill of exchange has no validity for the payment.	A cheque has a validity of 3 months.
LIABILITY	In the bill of exchange, the parties who do not get notice of dishonour are free from the liability of paying.	Parties remain liable to pay also in case notice of dishonour is not given.
NOTICE OF DISHONOUR	In a bill of exchange, notice of dishonour is mandatory.	In cheque, notice of dishonour is not compulsory.

BILLS OF EXCHANGE VS PROMISSORY NOTE 

PARTICULARS	BILL OF EXCHANGE	PROMISSORY NOTE
MEANING	A bill of exchange contains an order from the creditor to the debtor to pay a specified amount to a person mentioned therein.	A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker to pay a certain sum of money.
NEGOTIABLE INSTRUMENT ACT	Bill of exchange defined under section 5 of Negotiable Instrument Act.	Promissory Note defined under section 4 of the Negotiable Instrument Act.
PARTIES	There may be three parties I.e., the drawer, the acceptor and the payee.	There are only two parties I.e., Maker and Payee.
DRAWN BY	It is drawn by the creditor	It is drawn by the debtor
LIABILITY	The liability of a drawer of bill of exchange is secondary and conditional.	The liability of the maker of a promissory note is primary and absolute.
ACCEPTANCE	Bill of Exchange requires an acceptance by the drawee.	A Promissory Note does not require any acceptance by the drawee.
COPIES	A single copy is prepared, except in case of foreign bills.	One copy is prepared in all cases.
NOTICE IN CASE OF DISHONOUR	In case of dishonor of bill of exchange either due to non-payment or non-payment or non-acceptance, notice must be given to all person liable to pay.	In case of dishonor of promissory note, notice of dishonor to maker is not necessary.
STAMPS	Stamping is necessary for a bill of exchange except for “bills payable on demand”.	Stamping is necessary for promissory notes without any exceptions.
PAYABLE TO BEARER	A bill of exchange can be so drawn provided it is not payable to bearer on demand.	A promissory note cannot be made payable to a bearer.
PAYABLE TO MAKER	In the case of bill of exchange, the drawer and the payee may be one person.	In a promissory note, the maker cannot pay to himself.

CLASSIFICATION OF NEGOTIABLE INSTRUMENTS 

These classifications depend on various features like transferability, negotiability, rights of holders, etc. 

BEARER INSTRUMENTS : There are two important conditions for negotiable instruments to become payable to bearers. Firstly, parties to the transactions must express it to be so payable. Secondly, the only endorsement for it should be an endorsement in blank. These two requirements imply that any holder of such instruments can obtain payment for them. For example, a bill of exchange is payable to any person who holds it. These bearer instruments include cheques, bills of exchange and promissory notes. 

ORDER INSTRUMENTS 

 Negotiable instruments can often be payable to order in certain cases. They are payable when the instruments expressly state them to be so. Furthermore, they may be payable to order only to a specific person. The only requirement is that there should be no prohibition on their transferability. 

INLAND INSTRUMENTS 

Section 11 of the NI Act deals with inland instruments. This provision regulates instruments that are drawn and made payable in India. Alternatively, they may be payable outside India but only if they are drawn upon by an Indian resident. 

FOREIGN INSTRUMENTS 

Every instrument that is not inland automatically becomes a foreign instrument. These instruments are drawn in a foreign country but may be payable within or outside India. They may even originate in India but only for payment to a person who resides abroad. 

DEMAND INSTRUMENTS 

Sometimes, an instrument may not specify a time during which it remains payable. Such instruments are payable whenever the bearer demands. Examples of such instruments include promissory notes and bills of exchange. 

TIME INSTRUMENTS 

Unlike demand instruments, time instruments carry a fixed future date for payment. For example, a promissory note may carry a maturity date arising after 24 months (about 2 years) of its issue. Such instruments may even become payable upon the happening of a specific future event. 

AMBIGUOUS INSTRUMENTS 

An ambiguous instrument is 0ne that may be either a bill or a note for its holder. Such situations arise in peculiar circumstances only. For example, sometimes the drawee may be a fictitious person, or he may be incompetent to contract. Under such circumstances, the holder of such instruments may treat them either as bills of exchange or as promissory notes. Section 17 of the Negotiable Instruments Act deals with such situations. 

INCOMPLETE INSTRUMENTS 

Incomplete instruments lack certain essential requirements of typical negotiable instruments. In such cases, the holder of the instrument has the authority to complete it up to the amount mentioned therein. This, in turn, results in the creation of legally binding negotiable instrument payable by law. Not only the first holder but also any subsequent holder who procures such instruments can complete them. 

Plastic roads also offer several benefits. These roads have better durability compared to traditional asphalt concrete roads, they can withstand water better, have smoother surfaces, develop lesser cracks and potholes which means lesser maintenance costs. The environmental benefits are an add-on to this.

To construct a single lane road stretch of 1 kilometer, 10 tonnes of bitumen is used. In a plastic road, this composition can be altered to 9 tonnes of bitumen and 1 tonne of plastic. So, on an average, 1 tonne plastic consisting of more than 10 lakh (1 million) waste plastic bags can be consumed in a single kilometre. Considering that the world has millions of kilometres of roads, imagine the amount of plastic waste that can be re-used or recycled for surfacing or building new roads.

Road construction provides a solution to the problem of plastic waste. Of the 8.3 billion tonnes of plastic produced over the last 70 years, less than 10% has been recycled. That proportion can go up dramatically, with the use of discarded and waste plastic in road construction. India generates about 15,000 tonnes of plastic waste every day, only 7,000-9,000 tonnes is recycled. To increase the recycling rates, in 2015, the central government made the use of plastic waste in road construction mandatory — shredded waste plastic is mixed with bitumen at high temperatures. Not all plastic can be used, the guidelines list plastic film (carry bags, cups), hard foam, soft foam and laminated plastics (packaging for biscuits, chocolates and chips). Several Indian cities such as Pune, Indore, Surat, Chennai — are already constructing roads using the plastic-bitumen mix. These roads are longer lasting, and do not develop cracks and potholes, which account for one-tenth of the road deaths in the country. Depending on the quality of tar, plastic waste can replace 10-30% of conventional material.

 The issues highlighted above throw light on the urgent needs for re-examining and formulating new guidelines/specification with regard to design and construction of concrete roads in India. The issues raised become more pertinent in the context of the large scale construction of cement concrete roads at the anvil. Feedback from the various construction agencies and from research and development fraternity can lead to meaningful contribution in solving many issues at stake in the field of design and construction of concrete roads in India. The polymer coated aggregate bitumen mix forms better material for flexible pavement construction as the mix shows higher Marshall Stability value and suitable Marshall Coefficient. Hence the use of waste plastics for flexible pavement is one of the best methods for easy disposal of waste plastics.Plastic roads would be a boon for india’s hot and extremely humid climate where durable and eco-friendly roads which will relieve the earth from plastic waste. As the population increases, the solid waste also increases proportionally. The best alternative is the usage of waste as construction material assuring a good disposal. As this method is economic the practice would be on satisfactory extent aiding the future generations for a good solid waste management

Studies show plastic waste can last three times more than usual materials used for roads today. They produce lower transportation and labor  costs. Moreover, they reduce flooding and incidences of potholes.

 ADVANTAGES OF PLASTIC ROADS :

• A light weight pre fabricated construction
• Faster construction and less maintenance  time
• Higher quality and loger life span
• Little to no maintenance required .The material is virtually impervious to conditions such as the weather and weeds
• The innovation is considerably  more sustainable
• The goal is to make plastic road out of 100%  recycled plastic and to make it fully reusable . It is perfectly in line with the cradle to cradle philosophy and the principles of the circular economy
• Double use of space . The hollow space in the design can be used to store water or as a space for cables and pipes
• The possibility of constant safety and water drainage
• Everything on and around  the road can be prefabricated
• The concept offers opportunities for further innovation .Examples include solar heated roads, light poles,  traffic loop sensors
• Contibution to the social problem of plastic waste

Oligopoly is a market situation in which there are a few firms selling homogeneous or differenti­ated products. It is difficult to pinpoint the number of firms in ‘competition among the few.’ With only a few firms in the market, the action of one firm is likely to affect the others. An oligopoly industry produces either a homogeneous product or heterogeneous products.

The former is called pure or per­fect oligopoly and the latter is called imperfect or differentiated oligopoly. Pure oligopoly is found primarily among producers of such industrial products as aluminium, cement, copper, steel, zinc, etc. Imperfect oligopoly is found among producers of such consumer goods as automobiles, cigarettes, soaps and detergents, TVs, rubber tyres, refrigerators, typewriters, etc.

CHARACTERISTICS OF OLIGOPOLY

• Interdependence

There is recognised interdependence among the sellers in the oligopolistic market. Each oligopolist firm knows that changes in its price, advertising, product characteristics, etc. may lead to counter-moves by rivals. When the sellers are a few, each produces a considerable fraction of the total output of the industry and can have a noticeable effect on market conditions.He can reduce or increase the price for the whole oligopolist market by selling more quantity or less and affect the profits of the other sellers. It implies that each seller is aware of the price-moves of the other sellers and their impact on his profit and of the influence of his price-move on the actions of rivals.

Thus there is complete interdependence among the sellers with regard to their price-output policies. Each seller has direct and ascertainable influences upon every other seller in the industry. Thus, every move by one seller leads to counter-moves by the others.

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The main reason for this mutual interdependence in decision making is that one producer’s fortunes are dependent on the policies and fortunes of the other producers in the indus­try. It is for this reason that oligopolist firms spend much on advertisement and customer services.As pointed out by Prof. Baumol, “Under oligopoly advertising can become a life-and-death matter.” For example, if all oligopolists continue to spend a lot on advertising their products and one seller does not match up with them he will find his customers gradually going in for his rival’s product. If, on the other hand, one oligopolist advertises his product, others have to follow him to keep up their sales.

• Competition

This leads to another feature of the oligopolistic market, the presence of com­petition. Since under oligopoly, there are a few sellers, a move by one seller immediately affects the rivals. So each seller is always on the alert and keeps a close watch over the moves of its rivals in order to have a counter-move. This is true competition.

• Barriers to Entry of Firms

As there is keen competition in an oligopolistic industry, there are no barriers to entry into or exit from it. However, in the long run, there are some types of barriers to entry which tend to restraint new firms from entering the industry.

They may be:

(a) Economies of scale enjoyed by a few large firms

 (b) control over essential and specialised inputs

(c) high capital requirements due to plant costs, advertising costs, etc.

 (d) exclusive patents and licenses; and

(e) the existence of unused capacity which makes the industry unattractive. When entry is restricted or blocked by such natural and artificial barriers, the oligopolistic industry can earn long-run super normal profits.

• Lack of Uniformity

Another feature of oligopoly market is the lack of uniformity in the size of firms. Finns differ considerably in size. Some may be small, others very large. Such a situation is asymmetrical. This is very common in the American economy. A symmetrical situation with firms of a uniform size is rare.

• Demand Curve

It is not easy to trace the demand curve for the product of an oligopolist. Since under oligopoly the exact behaviour pattern of a producer cannot be ascertained with certainty, his demand curve cannot be drawn accurately, and with definiteness. How does an individual seller s de­mand curve look like in oligopoly is most uncertain because a seller’s price or output moves lead to unpredictable reactions on price-output policies of his rivals, which may have further repercussions on his price and output.The chain of action reaction as a result of an initial change in price or output, is all a guess-work. Thus a complex system of crossed conjectures emerges as a result of the interdependence­ among the rival oligopolists which is the main cause of the indeterminateness of the demand curve.

• No Unique Pattern of Pricing Behaviour

The rivalry arising from interdependence among the oligopolists leads to two conflicting motives. Each wants to remain independent and to get the maximum possible profit. Towards this end, they act and react on the price-output movements of one another in a continuous element of uncertainty.On the other hand, again motivated by profit maximisation each seller wishes to cooperate with his rivals to reduce or eliminate the element of uncertainty. All rivals enter into a tacit or formal agreement with regard to price-output changes. It leads to a sort of monopoly within oligopoly.They may even recognise one seller as a leader at whose initiative all the other sellers raise or lower the price. In this case, the individual seller’s demand curve is a part of the industry demand curve, having the elasticity of the latter. Given these conflicting attitudes, it is not possible to predict any unique pattern of pricing behaviour in oligopoly markets.

Monopoly is a market situation in which there is only one seller of a product with barriers to entry of others. The product has no close substitutes. The cross elasticity of demand with every other product is very low. This means that no other firms produce a similar product. According to D. Salvatore, “Monopoly is the form of market organisation in which there is a single firm selling a commodity for which there are no close substitutes.” Thus the monopoly firm is itself an industry and the monopolist faces the industry demand curve.

The demand curve for his product is, therefore, relatively stable and slopes downward to the right, given the tastes, and incomes of his customers. It means that more of the product can be sold at a lower price than at a higher price. He is a price-maker who can set the price to his maximum advantage.

However, it does not mean that he can set both price and output. He can do either of the two things. His price is determined by his demand curve, once he selects his output level. Or, once he sets the price for his product, his output is determined by what consumers will take at that price. In any situation, the ultimate aim of the monopolist is to have maximum profits.

CHARACTERISTICS OF MONOPOLY

The main features of monopoly are as follows:

1. Under monopoly, there is one producer or seller of a particular product and there is no differ­ence between a firm and an industry. Under monopoly a firm itself is an industry.

2. A monopoly may be individual proprietorship or partnership or joint stock company or a co­operative society or a government company.

3. A monopolist has full control on the supply of a product. Hence, the elasticity of demand for a monopolist’s product is zero.

4. There is no close substitute of a monopolist’s product in the market. Hence, under monopoly, the cross elasticity of demand for a monopoly product with some other good is very low.

5. There are restrictions on the entry of other firms in the area of monopoly product.

6. A monopolist can influence the price of a product. He is a price-maker, not a price-taker.

7. Pure monopoly is not found in the real world.

8. Monopolist cannot determine both the price and quantity of a product simultaneously.

9. Monopolist’s demand curve slopes downwards to the right. That is why, a monopolist can increase his sales only by decreasing the price of his product and thereby maximise his profit. The marginal revenue curve of a monopolist is below the average revenue curve and it falls faster than the average revenue curve. This is because a monopolist has to cut down the price of his product to sell an additional unit.

The above two conditions between themselves make the average revenue curve of the individual seller or firm perfectly elastic, horizontal to the X-axis. It means that a firm can sell more or less at the ruling market price but cannot influence the price as the product is homogeneous and the number of sellers very large.

•Disinvestment of a percentage of shares owned by the Government in public enterprises emerged as a policy option in the wake of economic liberalization, globalization, and structural reforms launched in 1991. •Initially, it was not conceived as the privatization of existing public enterprises but as limited sales of equity/shares with the objective of raising some resources to reduce the budgetary deficit and ensuring market discipline to boost the performance of public enterprises. •Disinvestment is defined as the action of a government aimed at selling or liquidating its shareholding in a public sector enterprise in order to get the government out of the business of production and increase its presence and performance in the provision of public goods and basic public services such as infrastructure, education, health, etc. •Funds from disinvestment would also help in reducing public debt and bring down the debt-to-GDP ratio while competitive public undertakings would be enabled to function effectively.

METHODS OF DISINVESTMENT

STRATEGIC SALE

 In a strategic sale, management control is transferred to strategic partner and company no longer remains a Government company. In case of PSUs, the transfer of shares involves bringing down Government share holding below 51%. In strategic sale, a sale agreement is signed and Government ensures that the agreement signed with strategic partner properly safeguards the interests of Company, of Government and of Employees. Strategic sale is suitable for non-strategic companies or where Government want to transfer management control to buyer. The successful examples of strategic sale are MFIL, BALCO, CMC, HTL. VSNL, IBP, HZL, PPL, IPCL, etc. One of the significant advantages of strategic sale is the chances of getting maximum price because of transfer of management control. But the process is quite time consuming and has issues relating to management, land & labour to be reserved. In non-strategic companies Government has given more emphasis on strategic sale.

CAPITAL MARKET

Offer for Sale to Public at Fixed Price: Under this method, an issue of equity shares is made which are held by GOI to public at a pre determined price. Interested party gets the offer of sale. This method is suitable for profit making companies. This is a quite quick and transparent method. Example is offer of 1 million share of VSNL @ Rs.750 per share. •Offer for sale to Public through Book Buildings: Under this method, equity shares of companies under disinvestment are issued to public at large but price is discovered through bidding by interested investors. Bidder making highest bid gets the companies. Precedents of this method are Hughes software Ltd., HCC Technologies Ltd. and Bharati Televentures in private sector. Other methodologies under capital market are secondary market operation, international offering, private placement of equity and auction etc.

WAREHOUSING

The target investor set is institutions under this method. This method is regulated by RBI restrictions on Bank Investments. Under this method, GOI sells shares at a discount to market price. As such no warehouser is interested to invested. There are no examples of this method being implemented in PSUs till now.

REDUCTION IN EQUITY

This method is regulated by Companies Act, SEBI Buyback regulations. •Under this method, company buy its shares back from other shareholders and cancel them. There are two ways further in this method: · Buy-back can be made through tender route with a fixed price. •It can be made through book building where price is determined through bidding by interested investors.

CONCLUSION

The present disinvestment policy in India has gone under many phases and now the Government has decided the path of strategic sale to be adopted for disinvestment in Public Sector Units (Non Strategic). The Disinvestment process works on three-tier mechanism consisting of CCD, CGD and IMG. Disinvestment Commission to make the process transparent, free from bias gave valuable recommendations regarding valuation of PSUs under disinvestment. Recommendation to standardize the methodologies has also given to facilitate the accurate valuation of a PSU. The financer observed that the Disinvestment and Privatization are useful economic tools. He said „We will selectively employ these tools, consistent with the declared policy‟. The Government has now decided not to privatize profit making PSEs and focus is now on to disinvest non-strategic (not financially sound) companies through strategic sale.