India has been elected as a non-permanent member of the UN Security Council.
For this two-year term, India is the only endorsed candidate from the Asia Pacific States. The country has won 184 votes out of the 192 ballots cast in the entire elections.
The country’s term as the non-permanent member of the UNSC would commence from January 1, 2021. It of course, isn’t the first time when India has served in this position as the country is all set for its 8th term as the non-permanent member at the Security Council.
The previous eight years for India have been for the terms 1950-1951, 1967-1968, 1972-1973, 1977-1978, 1984-1985, 1991-1992 with the last term being in 2011-2012.
The countries such as Ireland, Norway and Mexico have also won the Security Council elections along with India for the non-permanent membership.
Ministry of External Affairs had launched a brochure during the election campaign which outlined India’s priorities. According to that, the country will be directed by five priorities under the predominant theme of New Orientation for a Reformed Multilateral System (NORMS). These priorities include would include:
Firstly, the new opportunities for progress. As a constructive contributor to the security of the global commons and undoubtedly a rule-abiding democracy, India will work positively with the partners with the aim to bring inclusive and innovative solutions which would foster development. The objective specifically revolves for greater engrossment of women and youth to shape a new paradigm. The idea behind it is to present a platform for a coherent, nimble, pragmatic and effective collaboration to ensure complete sustainability of peace in a generation of rapidly shifting global security landscape.
To an effective response to International terrorism, India had also planned to pursue strong and result-oriented action by the Council which is aimed at addressing the abuse of the Information and Communication Technology by terrorists. It is also aimed at disrupting their nexus with transnational organised criminal entities and their sponsors. Additionally, it will also be halting the flow of terror finance. Thus, strengthening operative and normative frameworks for greater coordination with other multilateral mediums.
Reforming the mentioned multilateral system will also commence. Thereby addressing the widespread concerns of the inadequacy and lack of existing multilateral establishments to deliver outcomes or meet the new challenges.
The reformation of the multilateralism is looked as a must for the post-COVID19 era. The first and the most vital step which is sought at the moment is the reform of the Security Council itself. It looked to amend so that it reflects contemporary realities in order to be more effective.
A comprehensive approach which will also be taken towards the International peace and security as India’s vision for the same is steered by the dialogue and cooperation, mutual respect, and ofcourse its commitment to international law.
However, streamlining the UN peacekeeping is an overdue task. Greater clarity, professionalism, direction must be ensured in the UN Peacekeeping Operations.
Thus, promoting the technology with a human governance stands as a driver of solutions. To this, India mentions to encourage partnerships which will harness the benefits of technological innovations. Ultimately reducing the human suffering, enhancing the ease of living and building resilient communities.
The country looks to pursue these priorities through the Five-S approach plan: Samman (Respect), Sahyog (Cooperation), Samvad (Dialogue), Samriddhi (Prosperity) and Shanti (Peace).
The Judiciary is the third organ of the government. It has the responsibility to apply the laws to specific cases and settle all disputes. The real ‘meaning of law’ is what the judges decide during the course of giving their judgements in various cases. From the citizen’s point of view, Judiciary is the most important organ of the government because it acts as their protector against the possible excesses of legislative and executive organs. Role of Judiciary as the guardian-protector of the constitution and the fundamental rights of the people makes it more respectable than other two organs. Functions of Judiciary and Its Importance:
To Give Justice to the people: The first and foremost function of the judiciary is to give justice to the people, whenever they may approach it. It awards punishment to those who after trial are found guilty of violating the laws of the state or the rights of the people.
The aggrieved citizens can go to the courts for seeking redress and compensation. They can do so either when they fear any harm to their rights or after they have suffered any loss. The judiciary fixes the quantity and quality of punishment to be given to the criminals. It decides all cases involving grant of compensations to the citizens.
Interpretation and Application of Laws: One of the major functions of the judiciary is to interpret and apply laws to specific cases. In the course of deciding the disputes that come before it, the judges interpret and apply laws. Every law needs a proper interpretation for getting applied to every specific case. This function is performed by the judges. The law means what the judges interpret it to mean.
Role in Law-making:
The judiciary also plays a role in law-making. The decisions given by the courts really determine the meaning, nature and scope of the laws passed by the legislature. The interpretation of laws by the judiciary amounts to law-making as it is these interpretations which really define the laws. Moreover, ‘the judgements delivered by the higher courts, which are the Courts of Records, are binding upon lower courts. The latter can decide the cases before them on the basis of the decisions made by the higher courts. Judicial decisions constitute a source of law.
Equity Legislation: Where a law is silent or ambiguous, or appears to be inconsistent with some other law of the land, the judges depend upon their sense of justice, fairness, impartiality, honesty and wisdom for deciding the cases. Such decisions always involve law-making. It is usually termed as equity legislation.
Protection of Rights: The judiciary has the supreme responsibility to safeguard the rights of the people. A citizen has the right to seek the protection of the judiciary in case his rights are violated or threatened to be violated by the government or by private organisations or fellow citizens. In all such cases, it becomes the responsibility of the judiciary to protect his rights of the people.
Guardian of the Constitution: The judiciary acts as the guardian of the Constitution. The Constitution is the supreme law of the land and it is the responsibility of the judiciary to interpret and protect it. For this purpose the judiciary can conduct judicial review over any law for determining as to whether or not it is in accordance with the letter and spirit of the constitution. In case any law is found ultra vires (unconstitutional), it is rejected by the judiciary and it becomes invalid for future. This power of the court is called the power of judicial review.
Power to get its Decisions and Judgements enforced: The judiciary has the power not only to deliver judgements and decide disputes, but also to get these enforced. It can direct the executive to carry out its decisions. It can summon any person and directly know the truth from him. In case any person is held: (i) Guilty of not following any decision of the court, or (ii) Of acting against the direction of the court, or (iii) Misleading the court, or (iv) Of not appearing before the court in a case being heard by it, the Court has the power to punish the person for the contempt of court.
Special Role in a Federation: In a federal system, the judiciary has to perform an additionally important role as the guardian of the constitution and the arbiter of disputes between the centre and states. It acts as an independent and impartial umpire between the central government and state governments as well as among the states. All legal centre-state disputes are settled by the judiciary.
Running of the Judicial Administration : The judiciary is not a department of the government. It is independent of both the legislature and the executive. It is a separate and independent organ with its own organisation and officials. It has the power to decide the nature of judicial organisation in the state. It frames and enforces its own rules. These govern the recruitment and working of the magistrates and other persons working in the courts. It makes and enforces rules for the orderly and efficient conduct of judicial administration.
Advisory Functions: Very often the courts are given the responsibility to give advisory opinions to the rulers on any legal matter. For example, the President of India the power to refer to the Supreme Court any question of law or fact which is of public importance.
To Conduct Judicial Inquiries: Judges are very often called upon to head Enquiry Commissions constituted to enquire into some serious incidents resulting from the alleged errors or omissions on the part of government or some public servants. Commissions of enquiry headed by a single judge are also sometimes constituted for investigating important and complicated issues and problems.
Miscellaneous Functions: Besides the above major functions, the judiciary also performs several other functions. Some such functions are the appointment of certain local officials of the court, choosing of clerical and other employees. Cases relating to grant of licenses, patents, and copy rights, the appointment of guardians and trustees, the admission of wills, to appoint trustees to look after the property of the minors, to settle the issues of successions of property and rights, issue of administrating the estates of deceased persons, the appointment of receivers, naturalization of aliens, marriage and divorce cases, election petitions and the like. Through all these functions, the Judiciary plays an important role in each state. It also plays a role in the evolution of Constitution through the exercise of its right to interpret and safeguard it against all legislative and executive excesses.
Importance of Independent Judiciary: In the life of the citizens of a state, Judiciary is a source of confidence and fearlessness. The common man depends upon judiciary for getting justice. Without a security of rights and freedom guaranteed by the judiciary, they cannot really hope to carry out their jobs and enjoy their living. They are more dependent upon judiciary than the legislature and the executive. Without judicial protection, their lives can become miserable. From citizens point of view Judiciary is the most important organ of the government. Garner highlights this view when he observes, “A society without legislature is conceivable, and indeed, legislative organs did not make their appearance in the state until modern times, but a civilised state without a judicial organ and machinery is hardly conceivable.” Judiciary enjoys a big importance in the eyes of the people because it acts as:
(1) The dispenser of Justice. (2) Protector of the rights of the people. (3) Guardian protector of the Constitution of the State. (4) Arbiter of center-state disputes. (5) Safeguard against Legislative and executive excesses. (6) Check against arbitrary exercise of powers by the power-holders. (7) Guardian of Rule of Law and Justice. An independent judiciary is always considered to be the most essential part of every democratic government worth its name. A government without judiciary is almost inconceivable. A government without independent judiciary is always held to be an authoritarian government. Independence of Judiciary: An Essential Quality: The chief quality which helps the judiciary to faithfully administer justice and to perform its functions efficiently is judicial independence. It is only when the judiciary works independently without any interference of the other two organs of the government that it can carry out its high responsibilities. “The independence of judiciary,” writes Dr. P. Sharan, “is a corner stone of every democratic government and upon it is built the structure of civil liberty.” Judiciary can perform its functions only when it is free to administer justice according to law. Without being well-organised and independent it can never serve its purpose. Therefore, Judiciary must be organised in such a way as can enable the judges to give their judgements without any fear or favour. Organisation of Judiciary must be based on the following features: (1) Appointment of only highly qualified and experienced judges. (2) The Judiciary must have prevented the executive and legislature from committing excesses. (3) The ability of the judiciary to maintain and independently run the judicial administration. (4) The Judiciary must be made the guardian protector of the Constitution, (5) The Judiciary must ensure full, fair and less- expensive opportunities to the people for defending their rights and getting justice. (6) The method of appointment of judges must be fair, systematic, effective and transparent. (7) Method of removal of judges should be difficult and no single should have the power to remove the judges. (8) Judges must be paid high salaries, necessary allowances, good service conditions, and appropriate retirement benefits.
By incorporating all these features in the judicial system, a well organised and independent judiciary can be secured.
Earning money has always been associated with and restricted to traditional ‘offline’ route. With the Internet taking over a large part of our lives, more people are looking to ways to earn money online to increase their financial inflows.
However, you should be careful of the platform that you opt for. While there are numerous ways to earn money online, some of these might be fake, thus taking you for a ride. Also, do not expect to earn a huge amount quickly when using online avenues.
1- TEESPRING
Teespring is a free platform that lets you create and sell over 50 kinds of products with no upfront cost or risk. We handle everything, from printing to shipping to customer service. Teespring is for everyone—from entrepreneurs looking to start their own online business, to Creators wanting to offer awesome merch to their fans, to charities looking for a hassle-free way to raise funds, and everyone in between.
Use Teespring tools like stores, promotion codes, buyer messaging, and more to maximize your sales! We can even list your products within the most powerful global marketplaces like Amazon, eBay, and more through Teespring’s Boosted Network.
How do I make money using Teespring?
You choose the selling price and profit for all of your products. When a product sells you get to keep the profit. For example, the base cost of a t-shirt is $10 and your selling price is $24; when you sell a shirt you will earn $14. Once the orders are processed your profit will be available for withdrawal in the Payouts section of your Teespring account. Don’t forget the more you sell the more profit you can earn per product per month.
2- Merch by Amazon
Basically, if you have 100 t-shirts in your account, you could expect to make about … This is a conservative estimate, about $150 a month. If you have 1,000 t-shirts in your account, you can expect to make maybe $1,500 a month. If you have 8,000 t-shirts in your account, you could expect to make about $12,000 a month.
Merch by Amazon is a very cool startup type program by Amazon. It is a pod program where you can sell tshirts, sweatshirts and hoodies in USA. Anyone can participate as long as you have payoneer. For Indians, there is a 15% tax on earnings. (No wonder taxation is theft as we have to pay tax on those earnings in India as well. But then IRS are a bunch of thieves)
3- REDBUBBLE
The designers earn royalties from the sale of their creations. They receive a percentage of the profit and the rest of the funds account for the fee paid to Redbubble and the manufacture of the merchandise. The site then handles the inventory and shipping transactions on your behalf.
The designers earn royalties from the sale of their creations. They receive a percentage of the profit and the rest of the funds account for the fee paid to Redbubble and the manufacture of the merchandise. The site then handles the inventory and shipping transactions on your behalf
4- UDEMY
One of the best features of selling classes on Udemy is the fact that it can become an excellent source of passive income. Once you create and post a course, it can earn you money for a long time without additional work. It just might take more work to market your course to potential students.
For example if a student purchases your course using an Instructor Coupon code, either from promotions to your own audience (e.g., your email list or YouTube subscribers) you can make 97% revenue share. Alternatively if the course is sold via an Affiliate, the split is 50% affiliate, 25% Instructor and 25% Udemy.
5- AFFILIATED MARKETING
Affiliate marketing is one of the oldest marketing practice which gains affiliates a commission in the case of sale based on the affiliate’s recommendation. It is one of the cheapest and easiest ways of marketing as you don’t need to create and sell a product. Just one thing you need to do is to enable a linked connection between buyer and seller and take your commission when the sale is made.
As you see, affiliate marketing is a passive income source. It is highly competitive it is true but still it may be so easy to make money online with affiliate marketing. To be successful, you need to learn what works and what doesn’t while promoting your products.
There are many affiliate marketing works. So, you need to be patient. You can feed your website with qualified content to get high ranking positions and raise awareness, attend affiliate marketing events, seminars or webinars and join a discussion forum or online communities to meet new people. All make a great contribution to develop you. Naturally after these contributions you will be more passionate to make money from affiliate programs. If you are patient enough you will make money with affiliate programs.
6- YOUTUBE AFFILIATED MARKETING
You can make money on YouTube by doing affiliate marketing, which is including links to products you review and use in your videos that will track a purchase. If someone makes a purchase using your affiliate link, you receive a small commission for the sale.
Another thing about affiliate marketing is the payout percentages as well as how these people track your viewers who are clicking on these links. Every time someone clicks on one of your special tracking affiliate links, a little cookie is put onto that person’s computer to track what they purchase. The best part about the cookies is that if you link to a specific product, they don’t have to purchase that product. Anything they purchase on that website, you get commissions for. So they could click over with your affiliate link and that cookie and decide not to purchase that, but purchase a whole bunch of other things, and you get paid commission off it.
7- EBATES REFERRALS
You can still make money without a blog! In fact, you can make some major coin with the Rakuten Referral Program simply by inviting friends and family, using your social media networks to the fullest – including Pinterest – and even promoting in neighborhood groups and forums.
Have friends and family share your link. If you are saving for something special, and they feel like they can be a part of it, they will likely glady share the opportunity with their followers.
Of course, using the strategies above won’t hurt either. Pay special attention to numbers 3 through 5 and remember – have fun with it, but own it!
A virtual bilateral summit was held virtually for the first time between the Prime Ministers of India and Australia.
A few of the major outcomes of the Summit was the Elevation of the bilateral Strategic Partnership to Comprehensive Strategic Partnership. The Elevation of the “2+2” engagement to the level of Foreign and Defence Ministers, where strategic discussions will be taking place every two years. India previously has had such mechanisms with USA and Japan.
Memorandum of Understanding (MOU) was established for cooperation in the field of mining and processing of Critical and Strategic minerals. Along with it, the Mutual Logistics Support Agreement was also signed. A Joint declaration on the shared vision for Maritime Cooperation in the Indo- Pacific region was also emphasized upon.
India- Australia Relations is not a ‘today affair’ as the two countries began their alliances during the cold war period back since when Australia was United States’ closest ally, also remembered to when India opted for non-alignment. The end of the Cold War and the launch major economic reforms in 1991 provided the first positive move towards development of closer ties between these two nations.
However, this could not last long as India’s nuclear status outside the nuclear Non-Proliferation Treaty (NPT) resulted in Australia taking a particularly strong stance against India’s 1998 nuclear tests.
With the changing global scenario in 21st century, Australia looked at India as an important partner in promoting regional security and stability. This led to up progression of their bilateral relationship to a ‘Strategic Partnership’, as well as a Joint Declaration on Security Cooperation in 2009.
Talking of the Economic and commercial relations, the Bilateral goods and services trade between these two nations was about $30.3 billion in 2018-19, and the level of two-way investment was $30.7 billion in 2018.
Australia announced implementation of “An India Economic Strategy to 2035” in 2018. A vision document to shape India- Australia bilateral ties. India is also preparing an Australia Economic Strategy Paper (AES) on these similar outlines.
The two countries have also decided to re-engage meetings on a Comprehensive Economic Cooperation Agreement (CECA). These discussions first started in 2011, and the last time it happened was in 2015.
In the Defence and security cooperation field, there was a Civil Nuclear Cooperation Agreement signed between the two in 2014 which had also enabled India to secure uranium from Australia.
Both of the countries also contracted Mutual Legal Assistance Treaty (MLAT), Extradition Treaty and the Social Security Agreement.
Maritime Security cooperation is seen in the form of joint exercises like AUSINDEX 2019, AUSTRAHIND, Exercise Pitch Black and Kakadu biennial exercise (Hosted by the Australian Navy).
Some concerns that remain in India-Australia relations is the Comprehensive Economic Cooperation Agreement (CECA) which is still unsettled after nine rounds of negotiations. India had also earlier opted out from Regional Comprehensive Economic Partnership (RCEP). Among other things, India and Australia could not reach to agreement on the market access over agriculture and dairy products.
Furthermore, an Australia-India Strategic Research Fund commenced in 2006 for scientists to collaborate on leading-edge research. Agreement on Cyber and Cyber-Enabled Critical Technology was also signed of late to promote cooperation in the extents of digital economy, cyber security, critical and emerging technologies.
The economy of Australia has been quite heavily dependent on China, as China is one of Australia’s largest trading partners and accounts for 26 % of its world trade. Chinese aggressions and assertive foreign policies are common apprehensions between the two nations and certainly has brought both the democracies closer.
Both the countries have also shown similar interests in the vision of an open, free inclusive and rules-based Indo-Pacific region. Australia’s Pacific Step Up and India’s Forum for India-Pacific Islands Cooperation (FIPIC) give reaffirmation of their cooperation in the South Pacific region.
Both also have co-operated in various multilateral fora including QUAD security dialogue, G-20, Indian Ocean Rim Association (IORA), East Asia Summits, ASEAN Regional Forum etc.
The People to People Relations have found a different edge for these countries as the Indian diaspora, estimated at nearly 7 lakhs is the fastest growing in Australia and has become a constructive factor in the bilateral relations. Including that, almost 1 lakh Indian students are enrolled for studying in Australia and the under New Colombo Plan of Australian government, Australian undergraduates have studied and completed numerous internships in India.
Australia Government has also affirmed to help in establishing a world class Sports University in India.
Nobody was expecting to be one day locked in their homes and worrying about keeping the virus at bay. Untill the vaccines are out we have to take certain serious measures to ensure the safety of our family and loved one’s.
Is cleaning like we usually did enough? What can a common man do without thehigh tech protective gears?
Let us break down some steps which can be followed at home as a part of our daily routines to not only clean but also disinfect :
Food and it’s cleaning procedure:
Nowadays with online shopping of essentials, we must make sure that the vegetables and fruits are disinfected. We must transfer the eatables into a dish and wash off the container immediately. If it is a disposable container, throw it in the trash can which should have a lid. Remove and throw away outer cartons of cereal boxes. All unnecessary shrink wraps and plastic packaging must be disposed off. Beverage bottles and cans can be wiped with disinfectant. Fresh vegetables and fruits must be thoroughly rinsed under a running tap, preferably with warm water and salt and turmeric. Wash your hands with soap and water once you are done. One can also keep certain items in sunlight to naturally kill some germs under the Uv rays.
Washing clothes after returning home:
Warm water destroys germs. So, use the warmest water appropriate for the fabrics you are washing. Use a generous amount of detergent or soap along with disinfectant liquids likke Dettol/ Savlon. Allow the clothes to dry fully, either in the dryer or outside on a clothesline in the sun. All of the above steps are necessary to fully exterminate the virus. Remember to disinfect the laundry bag as well. And wash your hands with soap immediately afterwards.
Disinfect surfaces that are frequently touched:
Surface that are touched very frequently like door knobs, door edges, handrails, light switches, kitchen and living room surfaces, mobile phones, earphones, remote controls, wallets, toilet seats, taps, tables and chairs should be cleaned one a week or even more frequently.
If the surface is too grimy, you first want to clean it with soap and water. Use a clean piece of cloth or a kitchen sponge wipe. Then wipe the surface with a disinfectant wipe or a disinfectant solution that has at least 70% alcohol. You can also use bleach. One cup of bleach mixed with five gallons of water is suitable for non-wood surfaces. For wooden surfaces, a solution of white vinegar and water works well.
The disinfected surface needs to dry naturally. Do not quickly wipe it dry. Most disinfectants need to stay wet on a surface for at least a few minutes in order to be effective. We suggest using a wipeable waterproof cover for your phone. It will be easier to disinfect and there’ll be less chance of the disinfect damaging the device.
Cleaning of floors and walls of theHouse:
Even if you are not using a vacuum cleaner, you can manually sweep and mop the floor with disinfectant. Pay special attention to high-traffic zones like porches, hallways, lobbies, kitchens and corridors. You want to clean the floor in these places more thoroughly. Make this an everyday habit and if you go outside then twice a day is highly recommended.
What to doif you come home from outside:
When you come home from outside, you bring a lot of germs into the house on your clothes, shoes and bags. As soon as you enter the house, remove your shoes and overcoat at the door. Leave your bags in a corner and head straight to the bathroom. Wash your hands, face and other exposed parts with water and soap. Next, disinfect your bags and the things you have brought home. You can use wipes or simply wash them with soap water. You can also sun them out as heat is known to kill coronavirus.
These are some of the few things you can do to make sure you and your family stay safe and healthy through this pandemic.
Trafficking of children is a form of human trafficking and is defined as the “recruitment, transportation, transfer, harboring, and/or receipt” of a child for the purpose of exploitation. The first major international instrument dealing with the trafficking of children is part of the 2000 United Nations Palermo protocols, titled the Protocol to Prevent, Suppress and Punish Trafficking in Persons, especially Women and Children. Article 3(a) of this document defines child trafficking as the “recruitment, transportation, transfer, harboring and/or receipt” of a child for the purpose of exploitation. The definition for child trafficking given here applies only to cases of trafficking that are transnational and/or involve organized criminal groups; in spite of this, child trafficking is now typically recognized well outside these parameters. The International Labour Organization expands upon this definition by asserting that movement and exploitation are key aspects of child trafficking. The definition of “child” used here is that listed in the 1989 U.N. Convention on the Rights of the Child which states, “a child means every human being below the age of 18 years, unless, under the law applicable to the child, majority is attained earlier.” The distinction outlined in this definition is important, because some countries have chosen to set the “age of majority” lower than 18, thus influencing exactly what legally constitutes child trafficking. Though statistics regarding the magnitude of child trafficking are difficult to obtain, the International Labour Organization estimates that 1.2 million children are trafficked each year. The trafficking of children has been internationally recognized as a serious crime that exists in every region of the world and which often has human rights implications. Yet, it is only within the past decade that the prevalence and ramifications of this practice have risen to international prominence, due to a dramatic increase in research and public action. A variety of potential solutions have accordingly been suggested and implemented, which can be categorized as four types of action: broad protection, prevention, law enforcement, and victim assistance.
OBJECTIVE OF CHILD TRAFFICKING IS OFTEN FORCED LABOUR
Children are trafficked for various reasons like children are trafficked for sexual exploitation, begging, child labour, etc.The objective of child trafficking is often forced child labour. Child labour refers specifically to children under a stipulated minimum age, usually 14 at the lowest, being required to work. UNICEF estimates that, in 2011, 150 million children aged 5–14 in developing countries were involved in child labour. Within this number, the International Labour Organization reports that 60% of child workers work in agriculture. The ILO also estimates that 115 million children are engaged in hazardous work, such as the sex or drug trade. Overall, child labor can take many forms, including domestic servitude, work in agriculture, service, and manufacturing industries. Also, according to several researchers, most children are forced into cheap and controllable labor, and work in homes, farms, factories, restaurants, and much more. Trafficked children may be sexually exploited, used in the armed forces and drug trades, and in child begging. In terms of global trends, the ILO estimates that in 2004–2008, there was a 3% reduction in the incidence of child labor; this stands in contrast to a previous ILO report which found that in 2000–2004, there was a 10% reduction in child labor. The ILO contends that, globally, child labour is slowly declining, except in sub-Saharan Africa, where the number of child workers has remained relatively constant: 1 in 4 children aged 5–17 work in this region. Another major global trend concerns the number of child laborers in the 15-17 age group: in the past five years, a 20% increase in the number of these child workers has been reported. A surprised example has occurred in the United States as McCabe (2008) indicates that in the 1990s, huge companies such as Gap and Nike were using industries “sweatshops” that use trafficked children to make their desired products.
CHILD LABOUR
Child labour refers to any work or activity that deprives children of their childhood. In effect, these are activities that are detrimental to the physical and mental health of children and that hinder their proper development. The International Labour Organization (ILO) defines child labor as work that is mentally, physically, socially or morally dangerous and harmful to children; and interferes with their schooling by: depriving them of the opportunity to attend school; obliging them to leave school prematurely; or requiring them to attempt to combine school attendance with excessively long and heavy work. Child labour includes: • Child labour before the minimum legal age : The basic minimum legal age at which children are authorized to work is 15 years (14 in developing countries). For light work (only a few hours from time to time) the limit is fixed at 13 to 15 years (12-14 in developing countries). Finally, for hazardous work, the limit is pushed up to 18 years (16 years under certain conditions in developing countries). • The worst forms of child labour :This encompasses all forms of slavery or similar practices such as forced labour, trafficking, debt bondage, serfdom. It also includes illicit activities and/or activities likely to endanger the safety, health, and morals of children, such as prostitution, pornography, forced or compulsory recruitment for armed conflict, drug trafficking, etc. • Hazardous work : This encompasses domestic tasks carried out over long hours in an unhealthy environment, in dangerous places requiring the use of dangerous tools or materials, or forcing the child to carry objects that are too heavy. Certain activities are not considered labour or exploitation. Activities which simply involve helping parents to complete everyday family chores, to which children can dedicate a few hours a week and which permit them to earn some pocket money, are not considered child exploitation because they do not hinder their well being.
Child labour in India: The use of child labour is very prevalence in India and the cause is deep rooted with poverty. UNICEF India has estimated 28 million children aged five to fourteen involved in work (UNICEF,2011) Child labour is not a new phenomenon in India where children has always worked. During the industrial revolution child labour increased, due to the shift of labour movements to colonial countries. Children can be found in every sector of the informal economy (Molanka,2008).The incidence of working children in India are engaged in hazardous occupations such as factories manufacturing diamonds, fireworks, silk and carpets, glass and bricks. There are several factors that force children to work such as inadequate economic growth, poverty, unemployment over population and lack of education and health care. On school attendance in India a large number of children between ten to fourteen years of age are not enrolled in school because of household economic condition. Attendance in school or dropout differs for male and female while boys are more likely to provide financial income for the family, girls are more involved in household chores (Kakoli & Sayeed ,2013).High illiteracy and dropout rates are high in India due to inadequacy of the educational system. Even through many poor families don’t see education as a benefit to society, they consider that work develops skills that can be used to earn income (Ahmed, 2012).
NEGATIVE EFFECTS OF CHILD LABOUR
The difficulty of tasks and harsh working are the following: • Working conditions create a number of problems such as premature ageing, malnutrition, depression, drug dependency etc. • From disadvantaged backgrounds, minority groups, or abducted from their families, these children have no protection. Their employers do whatever necessary to make them completely invisible and are thus able to exercise an absolute control over them. These children work in degrading conditions, undermining all the principles and fundamental rights based in human nature. • Additionally, a child who works will not be able to have a normal education and will be doomed to become an illiterate adult, having no possibility to grow in his or her professional and social life. • In certain cases, child labour also endangers a child’s dignity and morals, especially when sexual exploitation is involved, such as prostitution and child pornography. • Furthermore, a child who works will be more exposed to malnutrition. These children are often victims of physical, mental, and sexual violence.
INTERNATIONAL INSTRUMENTS CONCERNING THE TRAFFICKING OF CHILDREN Some international instruments have specific provisions concerning the trafficking of children. The Convention on the Rights of the Child (1989), and the Optional Protocol on the Sale of Children, Child Prostitution, and Child Pornography (2000), prohibit trafficking in children for any purpose, including for exploitive and forced labour. Article 39 of the CRC requires States to “take all appropriate measures to promote physical and psychological recovery and social reintegration of a child victim of: any form of neglect, exploitation, or abuse.” The CRC also requires States to recognize the right of every child to education (Article 28) and “to facilities for the treatment of illness and rehabilitation of health” (Article 24). The Optional Protocol to the Convention on the Sale of Children specifies particular forms of protection and assistance to be made available to child victims. Additionally, the ILO’s Worst Forms of Child Labour Convention (Convention No. 182 of 1999) prohibits perpetrators from using children under 18 years of age for all forms of slavery or practices similar to slavery, trafficking, debt bondage, serfdom, forced or compulsory labour, and prostitution. Article 7(2)(b) and (c) requires States to take effective and timely measures to provide for the rehabilitation and social integration of former victims of the worst forms of child labour, including trafficking, as well as to ensure their access to free basic education, and, wherever possible and appropriate, vocational training.
NATIONAL CONCERN FOR PREVENTION OF CHILD TRAFFICKING
Constitutional Provision The Indian Constitution specifically bans the traffic in persons. Article 23, in the Fundamental Rights section of the constitution, prohibits “traffic in human beings and other similar forms of forced labor”. Though there is no concrete definition of trafficking, it could be said that trafficking necessarily involves movement /transportation, of a person by means of coercion or deceit, and consequent exploitation leading to commercialization. The abusers, including the traffickers, the recruiters, the transporters, the sellers, the buyers, the end-users etc., exploit the vulnerability of the trafficked person. Anti Child Trafficking Laws The 1949 Convention against trafficking gave rise to the first Indian law against trafficking- The Suppression of Immoral Traffic Women & Girls Act 1956. Other legislation relations to child trafficking are:
1. Children (Pledging of Labor) Act, 1933
2. Immoral Trafficking (Prevention) Act 1956
3. Child Labor (Prohibition And Regulation) Act, 1986
4. Section 366,360B,372,373,370 of Indian Penal Code.
The judiciary has interpreted the aforesaid laws, in following landmark cases. It was categorically stated in Public at Large Vs. The State of Maharashtra and Ors by H’onble High Court of Bombay that the traffic in children is not confined only to what larger scale than innocent Members of this House may be aware – in what is known as White Slave traffic, namely, the buying and selling of young women including minor girl for export or import, from one set of countries to another; and their permanent enslavement or servitude to an owner or proprietor of the establishments of commercialized. In addition to this it was held by H’onble Supreme Court that a proper cell be created by Women and Child Welfare Department of the State of Maharashtra in order to rehabilitated victim of trafficking in society. On the same thought of line, it was observed in the Prerana Vs. State of Maharashtra & Ors that children who are being likely to be grossly abused, tortured or sold for the purpose of sexual abuse or illegal acts they will have to be produced before the Child Welfare Committee. Furthermore, the H’onble High Court of Bombay gave directions to state for Rehabilitation these victims of trafficking. In Vishal Jeet vs. Union of India H’onble Supreme Court issued directions to the state Government for setting up rehabilitate homes for children found begging in streets and also the minor girls pushed into ‘flesh trade’ to protective homes.
LEGAL FRAMEWORK AND POLICIES TO CONTROL CHILD LABOUR IN INDIA
The India government has established various proactive policies towards elimination of child labour. India has not yet ratified ILO Conventions 138 and 182 on banning child labour and eliminating the worst forms of exploitation. However the government of India implemented a child labour law in 1986(The Child Labour Prohibition and Regulation Act) the legislation sets a minimum age for employment of children at fourteen years and forbid child labour in dangerous sectors. The Government prohibits forced and bonded child labour but is not able to enforce this prohibition. The Child Labour Prohibition and Regulation Act does not forbid child labour but consider about regulating it.But indeed the law does not eliminate all forms of child labour specially when the vast majority of children under the age of fourteen are working in family farms or doing households (Venkatarangaiya Foundation;2005).
India has a number of child labour projects which have been implemented to help children from hazardous occupations and provide them an education. Including the National Child Labour Policy (NCLP) started in 1987. The aim of NCLP is to help children in hazardous activities and provide non-formal education, vocational training, supplementary nutrition etc. The ILO IPEC (International Programme on the Elimination of Child Labour) is also another progarmme which eliminate child labour, the programme sponsors 175 projects in India(Padmanabhan,2010 ) Furthermore, several NGOs like Care India, Child Rights and You, Global March against Child Labour, etc. have taken up the task to get the children back to school and also volunteers along with villagers. The MV Foundation is non-governmental organisation (NGO) whose mission is to tackle child labour through promoting elementary education, even approaching parents to send their children to school. In spite of various laws regarding child labour and much efforts done by the non-governmental organizations, nonetheless children continue to work on a massive scale in most parts of the country. This is a problem because most child labour laws in India do not cover all types of work such as agriculture, wholesale trade, restaurants and domestic works. Usually these children are the most vulnerable child labourers (Venkatarangaiya Foundation;2005). Despite these efforts, child labour legislation to protect children has been unsuccessful, this is because of the majority of Indian population lives in rural areas with lack of infrastructure and is difficult to enforcement of laws and policies in rural areas. Many of the policies and legislative tools in India are rooted deeply in defection, allowing for illegal behaviours to take advantage of flaws. Many people believe that the cause of these behaviours is something technical, it will be shown that there is a relative heavy percentage of human omitting factor involved, often arising from the mentioned attitudes.
While it will likely change over time, focusing on a certain career path can help inform your decisions about your professional growth as you gain skills and experience. It’s important to reflect on your interests, skills and career goals as you make certain life choices such as which school to apply for, which entry-level job is right for you, whether to get a post-graduate degree or specialized certification and more.
In this article, I will focus on how to identify your key skills and interests, match those qualities to a potential job field and start a career.
1- WRITE DOWN CAREER GOALS
Before selecting a career, start with self-reflection by asking and answering certain questions. Active reflection helps narrows your choices into something more specific.
Consider asking yourself:
What do I want from my career?
What are my core values?
What activities do I most enjoy, professionally or in my free time?
What are my interests?
What are my strengths and aptitudes? Soft skills? Hard skills?
Do I want to specialize in certain technical skills or take on management roles?
Once you answer questions like these (and any others that are important to you), you can better research potential careers paths. It’s also important to revisit your career goals as you grow personally and professionally to ensure your goals remain achievable and aligned with your interests.
2- Set one short term & one long term goal
Once you have narrowed down your options, consider establishing milestones for your career. Research where other people in your field are at five or ten years into their career, and make note of the job titles they have. Decide what title or advancements you want to have at these future points. Then research what you can do to reach those goals. You may need to undergo training programs, take on specific responsibilities or hold prerequisite positions.
By establishing career goals five or ten years in the future, you can plan based on what progress you should expect every year. Schedule time regularly to reflect on your career and goals.
3- Identify your Personality Type
A personality type is a set of personality traits that can be grouped together. There are multiple methods for discovering your personality type, many of which focus on your responses to different situations. Different personality types may naturally gravitate toward different interests and develop different strengths, including careers.
Different tests list common career choices for each personality type. If you take a variety of tests and one or two careers appear across multiple tests, that specific career is likely worth researching.
4- Did you enjoy your previous job/internship?
Your job satisfaction in previous roles can also help guide your career choices. Identify trends in your previous positions, such as focusing on a specific technical skill. Also, review your job history to identify positions that you felt fulfilled in.
5- Educate yourself with the Job requirements – skills, knowledge, interests,etc
Many jobs have specific education requirements for applicants and new hires, such as obtaining a high school diploma, completing a bachelor’s degree program or having a master’s degree. Some positions also require applicants to have their degrees in a specific field related to the position.
Review the education requirements for jobs you are interested in, and apply for jobs that accept your current level of education or research additionally degrees or certifications you may need.
6- Work on gaining expertise in the skills you already possess
Make a list of your current skills, certifications and areas of expertise. Also ask for feedback about your technical, interpersonal and people management skills from coworkers and colleagues. This evaluation can help you find careers that match what you are best at.
7- If you can choose your interest as your career,what will it be?
Depending on your personality, you may have interests that lend themselves to different careers. Examine your hobbies, past volunteer experiences and interests to identify activities or fields you enjoy. While this information is outside of a professional context, creating a list of activities you like can help you focus a career search. For example, you may enjoy a career in cybersecurity if you enjoy logic puzzles, or you may enjoy a traveling sales role if you like meeting new people.
Use this knowledge to apply for short-term positions or volunteer opportunities to explore new career options. This first-hand experience allows you to test your suitability for a career. If you are currently in school or have a job, consider taking a course or certification program that is required for a field that interests you. This experience can help you determine if the career’s skills and content are something you enjoy.
8- Consider your salary needs
Depending on your lifestyle, you may require a certain salary. Find average salaries by job title, company and location on salaries. This can be a good starting point for determining how much money you may have when first starting out, as well as your earning potential after you’ve gained a certain amount of time and experience. While salary certainly does not equal an engaging, satisfying job, it is an important factor to consider when mapping out your career path.
Indian inventions and discoveries have been instrumental in shaping the face of the current modern world. I have picked 12 such interesting findings out of a whole bunch that will make you go, “I didn’t know that”.
Shampoo
The word ‘Shampoo’ is derived from chāmpo (चाँपो). It was initially used as a head massage oil for the Nawabs of Bengal during the Mughal Empire around 1762. It evolved into shampoo over the years. Yes, you have India to thank for shampoo.
Buttons
Buttons were first used in Mohenjo-daro for ornamental purpose rather than for fastening. They were first used in the Indus Valley Civilization by 2000 BCE.
The Chess Game
Chess developed out of Chaturanga, which is an ancient strategy board game developed during the Gupta Empire in India around the 6th century AD. Now you know why Vishwanathan Anand is such a pro. It is simply in our roots.
Ruler / Scale
Rulers were first used by the Indus Valley Civilization prior to 1500 BCE. Made of ivory, the rulers found during excavation, reveal the amazing accuracy of decimal subdivisions on it.
Radio / Wire-less Communication
We all know that Marconi received a Nobel Prize in Physics in 1909 for contribution to the development of wireless telegraphy. But the first public demonstration of radio waves for communication was made by Sir Jagdish Chandra Bose in 1895, two years prior to Marconi’s similar demonstration in England.
Sir Bose was posthumously credited (more than a century later) for his achievement. The fact remains that this discovery truly shaped the face of modern wireless communication.
Ink
Many ancient cultures and civilizations independently discovered and prepared ink for writing purposes. The source of carbon pigment used in Indian Ink (called musi) used in ancient India, was India. Since 4th century BC, the practice of writing with ink with a sharp pointed needle was common in South India.
Flush in Toilets
Flush toilets were first used in the Indus Valley Civilization. These existed in most homes and were connected to a sophisticated sewage mechanism. The civilization was prominent in hydraulic engineering.
Diamond Mining
Worldwide, India was the only source of diamonds until the discovery of mines in Brazil in the 18th century. Almost 5000 years ago, diamonds were first recognized and mined in central India.
Cotton – so basically we clothed the World!
The ancient Greeks used to wear animal skins and were not even aware of cotton. But Indians were sort of cool and started cultivating cotton during the 5th – 4th millennium BCE in the Indus Valley Civilization. The word spread to the Mediterranean and beyond and soon everyone was ordering one from Flipkart. Well, pretty much.
Steel and Metal Works
Ancient Indians were pioneers in metallurgy. High quality steel was produced, almost two thousand years before it was understood by the West. One of the most remarkable feat in metallurgy: creating a seamless celestial globe, was invented in Kashmir. It was earlier considered impossible to create a metal globe without seams.
So thanks to India, Iron Man can wear his suit now.
Plastic Surgery & Cataract Surgery
Yes, you heard it right. Indians were pioneers in Plastic Surgery and Cataract surgery, too. It was carried out in India as early as 2000 BCE by Rishi Sushruta also known as the father of surgery.
Snakes & Ladders
The game, Snakes & Ladders, was invented in India as a game of morals. Later it spread to England and eventually introduced in the USA by game pioneer Milton Bradley in 1943.
Being one of the oldest civilizations in the world, complete with a rich history and culture as well as a strong and long scientific and technological tradition, it comes as no surprise that many significant inventions have come out of INDIA.
India is a beautiful country with waterfalls originating both from the ice glaciers to the waterfall that caters their way into the sea. Waterfalls have always been inspiring forces of nature and people travel from all over the world to experience these natural wonders on Earth. However, there are hundreds of beautiful waterfalls in the world but India and its waterfall beauty have something unique in them. They have a charm that can attract a huge number of viewers in and around.
Iruppu Falls, Coorg –
Iruppu Falls is located in the Kodagu district of Karnataka. Coorg is one of the most popular hill stations of South India. The Iruppu Falls is located close to Nagarhole National Park. This beauty of Nature attracts a lot of people from all over the world especially during Maha Shivratri- a festival celebrated in honour of the Lord Shiva probably in the month of February or March every year.
Nohkalikai Falls Meghalaya –
Meghalaya is a small state situated in the Northeast of India. It is the wettest region in India. Meghalaya fully justifies its name as “The Abode of Clouds” as this beautiful place situated in the East Khasi Hills District of Meghalaya enjoys rain cats and dogs throughout the year. The seven sister states is the home to India’s tallest waterfall – Nohkalikai Falls. Nohkalikai Falls is located near Cheerapunji Meghalaya and is also known as the seven sister falls because of the seven streams cascading side-by-side.
Bhimlat Falls, Rajasthan –
Rajasthan is a place known for the extreme temperature, and it is a place where the sun does not hesitate to shine brightly throughout the year. Having one of the top ten waterfalls in such a dry state is no less than a wonder. You would be surprise to know that the Bhimlat Falls crash this stereotypical image of Rajasthan. Bhimlat Falls is just 60 meters high, but for a dry state like Rajasthan and for the people residing there it is no less than a jewel.
Dudhsagar Falls, Goa –
Goa is the smallest state in India known for a huge tourist spot. It is one of the most beautiful states with one of the top ten waterfalls, Dudhsagar Falls in India. No wonder it is also called as the” Ocean of Milk”. This beauty of the world is 310 meters tall, surrounded by the deciduous forest which is simply worth its see.
Kempty Falls, Uttarkhand –
Kempty Falls, situated in a northern part of India “Uttarkhand”. It is nearly 1364 meters above sea level, surrounded by the high mountain ranges deserves to be among the top ten waterfalls in India. You can visit it at any time of the year and explore this beauty of Nature.
Chitrakote Falls, Chhattisgarh –
The Chirakote Falls is located to the west of the Jagdalpur in Bastar district in Chhattisgarh. It is also known as the Nigara Falls of India, with this waterfall being 29 meters tall, surrounded by dense forest makes it fit in the top ten waterfalls in India.
Jog Falls, Shimoga, Karnataka –
Jog falls is located near Sagara taluk, Shimoga district in the state of Karnataka. Karnataka is a state which is blessed with some of the highest waterfalls in India. Jog Falls is the second highest waterfall in India. It is a treat to watch this 253 meters tall waterfall as it can almost make you feel the force of it against the rock. This beauty of Nature is also on the 13th number in the world by the waterfall database.
Jang Falls, Tawang, Arunachal Pradesh –
Arunachal Pradesh has yet another beauty of the Northeast India, which holds the maximum number of population among the states in the Northeast region of India. This beautiful crashing water scares can attract both souls and minds. The beauty of nature is yet not known to many and only came into notice after a song from the movie Koyla, featuring Madhuri Dixit was shot in here.
Athirappilly Waterfall Kerala –
Kerala is the Land of Gods, situated in South India on the Malabar Coast. Athirappilly falls is situated at Athirappilly Panchayat of Thrissur district. You can visit Athirappilly Falls during the monsoon in Kerala and experience the beauty of this 80 ft. tall waterfall. Athirappilly Waterfalls passes through a landscape of winding roads, small villages and dense green trees.
India is a democratic country. But do we all know what democracy actually is?What it is all about?
Democracy is the most significant topic in political science as well as political philosophy, and a generally accepted view. Democracy, or rule by the people, is an unrestricted form of government in which all the inhabitants of a nation determine public policy, the laws, and the actions of their state together. Democracy requires that all citizens have an equal opportunity to express their opinion. Practically, democracy is the extent to which a given system approximates this ideal, and a given political system is referred to as a democracy if it allows a certain approximation to ideal democracy. Although no country has ever granted all its citizens the right to vote, most countries today hold regular elections based on egalitarian principles, at least in theory.
Features of Democracy:
Citizen Rule A democratic government grants adult citizens the right to elect their representatives. It also establishes clear guidelines for election cycles and term limits so that key positions are contested at regular intervals. Through this process of voting, citizens are regularly given the ability to hire or fire their representatives.
Majority Rule and Minority Rights The principle of majority rule is an important part of the democratic system. The majority rules in the election process, but individual rights are protected by the maintenance of decentralized, local government bodies. In a democracy, all levels of government should be accessible to, and representative of, the people.
Individual Rights Democracies value the protection of individual rights. The word freedom is used synonymously with democracy to describe individual liberties afforded in this type of government. In the U.S., the Bill of Rights serves as a summary of individual liberties. Freedom of speech and religion, protection from unlawful search and seizure and the right to bear arms are examples of individual liberties, afforded in a democracy. Equal treatment, under the law, is assured for everyone in a democratic society.
Free and Fair Elections The key to the exercise of democracy is the election process. Free and fair elections are held at regular intervals for the election of representatives at all levels of government. In a free, democratic election, all adult citizens are given the right to cast votes which, in theory, ensures that the will of the people will be expressed.
Citizen Participation Citizens of a democracy not only have the right to vote, but also the responsibility to participate. Informed participation is key in a democracy. When the people elect their representatives, they are ensuring the preservation of the democratic process Engaged citizenship is essential in a healthy democracy.
Cooperation and Compromise Democracies also value cooperation and compromise to protect individual rights. To adequately safeguard diversity, and accurately represent all communities, a democracy must protect the right to be different. Anti-discrimination is at the heart of a true democracy. The freedom to assemble and voice opinion drives government accountability to ensure that underrepresented people have the same rights as the majority. Types of Democracy
Direct Democracy A direct democracy is when citizens get to vote for a policy directly, without any intermediate representatives or houses of parliament. If the government has to pass a certain law or policy, it goes to the people. They vote on the issue and decide the fate of their own countries. The people can even bring up issues themselves, as long as they have a substantial consensus on the issue. Even taxes cannot be raised without the public support! When the population is small, educated and mostly homogeneous (at least politically), a direct democracy doesn’t seem like a bad idea. Switzerland, for example, has had a long history of a successful direct democracy.
Representative Democracy
Representative democracy is type of democracy founded on the norm of elected people representing a group of people, as opposed to direct democracy. In modern democratic states, representatives are voted for by, and are ultimately accountable to the electorate. Different methods of selecting representatives are described in the article on electoral systems, but often a number of representatives are elected by, and responsible to, a particular subset of the total electorate: this is called his or her constituency. The representatives form an independent ruling body charged with the responsibility of acting in the people’s interest, with enough authority to exercise swift and resolute initiative in the face of changing circumstances. Representative Democracy is typically associated with Liberal Democracy which describes the political system which originated in the USA and Western Europe and has subsequently been adopted in numerous Third World countries and may gradually be well established in the former USSR and its former satellites in Eastern Europe. Liberal Democratic regimes may be classified as either Presidential or Parliamentary systems and there are also important variations within these broad categories.
Participatory Democracy
The exact opposite of an authoritarian democracy is the participatory form of democracy. There are different types of participatory democracy, but all of them yearn to create opportunities for all members of a population to make meaningful contributions to the decision-making process. It empowers the dis-empowered by breaking up the state into small networks and prefers to empower community-based grassroots politics. It values deliberation and discussion, rather than merely voting. Today, no country actively practices this form of democracy. Although the theories behind it are sound, the real-life application of this approach is fraught with complications. However, many social movements, like the international Occupy movement, the Bolivarian movement in Venezuela and the Narmada Bachao Andolan in India organize themselves around a participatory model of democracy.
Social Democracy
Social Democracy arose as a reaction to neoliberal policies in international economics. Under neoliberalism, profit-making entities like multinational corporations can easily infiltrate other political states. They maintain a level of sovereignty and mobility that no government can counter. The power of the political state seems flimsy in comparison. Social Democracy aims at empowering the state over the mere whims of the neoliberal market. The state can increase its expenditure by providing free alternatives to overpriced private ventures. It may focus on providing free education or free healthcare, so that people don’t have to depend on profit-making corporations.
Differences between Democracy and Dictatorship:
In a democracy the leaders of the party control most of their votes, but they still have to answer to their political party and the voters. In a dictatorship there is just one leader who has total control over the party and the country. Often propaganda, as well as genuine support, may paint them as the people’s hero.
In a democracy political parties represent different points of view and compete for the votes of the electorate. In a democracy political power is secured by winning a fair election. In a dictatorship the government strictly control all the aspects of the state.
In a democracy newspapers are free to print the truth and can criticise the government when mistakes are made or if there is disagreement. A dictatorship completely disregards the rights of individual citizens. The government and state will try to control all citizens through laws, police, spying and force. The government and state is the most important thing to a dictatorship.
In a democracy there is usually less control over the films and books people can enjoy. In a dictatorship there is only one party, all opposition is destroyed and banned. Totalitarian states don’t allow opposition or elections.
In a democracy the government has less control over people’s choice and belief. People are free to join clubs, political parties and other groups. The government in a dictatorship controls every element of people’s lives, including radio, cinema and newspapers.
Still, how is it that some people have all the answers? How do the rich keeping getting richer while the poor keep getting poorer? Is the game actually rigged against us? Are we, in fact, doomed to live ordinary lives, merely controlled by our hedonistic desires and pleasures, forced to succumb to our animalistic urges, never able to actually get ahead in life, let alone get rich? Or, is there some solution? A way out, if you will?
Clearly, these are questions posed by the masses. But not everyone can pull it off. What separates those who seem to have all the answers from those that are constantly jumping from one ship to the next, never able to truly find their gravy train? Well, the answers are far simpler than most would imagine.
Don’t spend more money than you make.
Not many people follow this advice. Many are focused on spending as much as possible. Whether it’s to revel in the perception of being more well-off than they actually are, or some other purpose, this is the truth across much of the developed world.
Keep a Diary of your Expenses.
Benjamin Franklin once said, “Beware of little expenses. A small leak will sink a great ship.”
As easy as it might seem to ignore the little stuff, so to speak, the more you sweat the details, the better off you’ll be. Cancel that gym membership you haven’t used in six months. Eliminate that costly cable television plan. Stop buying expensive lattes and eating out when you know you can’t afford to do it. Download an app or purchase a small notebook and track every expense no matter how small or how big.
Quit all the Bad Habits- drinking, smoking, gambling, etc.
Bad habits hold us back from achieving many kinds of goals. They stop us from losing weight, making more money, saving, investing and everything in between. The only way you can actually get ahead in life is to decimate those bad habits. You need to quit the bad habits before they lead you down a deathly spiral.
It’s hard to achieve something that takes so much of your energy, such as getting rich, without eliminating your bad habits first. I’m not just talking about poor financial habits; I’m also talking about any other habit that eats away at you, physically, emotionally or mentally.
Save 20 % of your Income every Month.
In order to get rich, you need to save at least 20 percent of your income off the top. Everyone has heard this before, but how many people actually follow this advice?
The term “pay yourself first” holds major weight here. While some don’t find the importance in this, others realize that this not only provides a rainy-day fund in case of emergencies, but also moment-of-the-opportunity cash. When the right opportunity comes by, you need cash to seize it. If you don’t have the cash, you just missed the proverbial boat.
Pay-Off your Debts.
When you’re debt-free from the bad debt (not the good debt like mortgages for investment properties and loans to grow you business, for example), take that money and put it towards your savings. The trick is not to go spending cash and splurging on a vacation or a new car once you’re debt-free. Stay focused.
Don’t Rent but Own your House.
No matter what it takes, even if you have to downgrade your living situation, you should do what it takes to purchase a home. Sit down with a mortgage broker and assess your situation. Set some goals and create a plan of action.
Even if you don’t have enough money saved for a down payment right now, figure out what it’s going to take to buy your home. We’re not talking about your dream home here. However, over time, the money spent on your mortgage is far better invested than money spent paying rent.
Invest, but only after Researching the hell out of it.
Many people invest for the sake of it. If you don’t have proper knowledge about the plans your investment offers then you might never really grow your money in it. The better you know an industry or niche, the more likely you’ll be able to spot ideas that could possibly create massive amounts of income for you in the future. No one else is going to do this for you. And when you do invest in something that you know, be sure to track it vehemently.
Multiple source of income but not mainstream.
Anyone who’s serious about getting rich needs to build multiple streams of passive income. Passive income is incredibly important when it comes to amassing wealth. Simply put, you to need to generate your income on autopilot if you want to create a considerable net worth.
There are a number of passive income generating ideas that you could implement. Some of the most popular involve real estate and dividend income for those that can afford the often high-cost barrier of entry into those fields. Others opt for generating passive income by starting a blog, creating digital products such as e-books or courses, and even creating online tutorials, just to name a few examples.
Time Value of Money.
We all have the same amount of time in this world. You don’t have more than the next person and that person doesn’t have more time than another. No matter if they’re a powerful politician, a business magnate or a famous athlete, they don’t have more time than you do. Time is life’s greatest equalizer.
It all depends on how you utilize your time. Every second is precious. Become lazy or procrastinate and lose your dream of being rich.
Romewas notbuiltin a day.
Daily goal setting provides milestones on your way to your bigger goals. Break the big goal down to achievable daily goals that won’t seem so overwhelming. For example, if you want a $10 million dollar net worth in the next five or 10 years, figure out what it’s going to take on a daily basis to move closer to that goal.
Students are already drowning in student loan and upon that they have miscellaneous expenses to cover. Many of you would have lost hopes of studying in prestigious Universities thinking about the expensive cos of living there. However there are cities in the world which offer cheap and affordable living especially for students.
This article derives results based on the average costs indicated on the Mercer Cost of Living Survey. Each of these cities contain not only cheap living but also some of the top universities one might be delighted to get into.
Kuala Lumpur
Kuala Lumpur, Malaysia’s capital and largest city, ranks second in the world for affordability. Also featuring in joint 29th place overall in the best student cities this year, tuition fees at one of Kuala Lumpur’s five ranked universities will cost an average of only US$2,500 per year for international students. For those looking to live in the city center, a one-bedroom apartment will cost an average of US$568 per month.
Kuala Lumpur also ranks well for affordability in the Mercer Cost of Living Survey, coming 141st of 209 countries in terms of expense.
Bangalore
the Indian city of Bangalore, a new entry in this year’s Best Student Cities index at 81st, has the lowest tuition fees of all the cities on this list (only costing US$100 per year on average.) The city also has extremely low living costs , a one bedroom apartment in the city center, for example, will cost you an average of US$250 — this is extremely low compared to cities such as London, where you’d be paying a monthly average of US$2,132.
Bangalore has two universities currently featuring in the world university rankings. It also ranks highly in both the student view indicator and the employer activity indicator, suggesting that Bangalore’s graduates are viewed highly among graduate employers.
Johannesburg
Coming in at ninth worldwide for affordability in 2019, individuals in Johannesburg’s city center can expect to pay an average of US$471 in rent per month for a one bedroom apartment, excluding bills and annual tuition fees of around US$2,300. The city also ranks 185th out of 209 cities in the Mercer Cost of Living Survey (where first place is the most expensive).
This sunny South African city is ranked 78th overall in the Best Student Cities and climbed six places this year in the affordability indicator. The city is home to two institutions featured among the world’s top 550 in the world university rankings.
Budapest
Boasting three world leading universities, and home to over three million people, Hungary’s capital ranks first once again for the affordability category in 2019. Budapest also comes 43rd overall in the Best Student Cities, rising six places his year due to its improved scores in the desirability and student mix indicators (appearing in the global top 60 for both).
Budapest will cost international students an average of US$1,400 in tuition fees per year (much lower than many other study destinations). The city also ranks 164th out of 209 countries in the Mercer Cost of Living Survey.
Tomsk
Ranking 73rd overall in the Best Student Cities index, Tomsk places joint fourth for affordability in 2019 along with fellow Russian cities Novosibirsk and St. Petersburg. Tomsk gained the title of the ‘cultural capital of Siberia’ from the 1960s, when it was fill of artists, writers and film directors, and is still known today as a major educational, scientific and innovation center in Siberia.
If you’re interested in studying at one of Tomsk’s leading institutions, international undergraduate tuition fees cost an average of US$2,600 per year.
St. Petersburg
St. Petersburg is Russia’s second largest city (after Moscow, of course) and home to over five million people. Ranked 66th in the city ranking in 2019, it’s climbed four places in the affordability indicator to claim joint fourth place, with tuition fees at its three leading universities costing an average of US$2,600 per year.
Students looking to study in this awe-inspiring city will be pleased to find out that the city’s cost of living is 28.2 percent cheaper than in Russia’s capital, Moscow. And although St Petersburg’s best score overall is for its affordability, its biggest improvement this year is in the student view indicator, rising 16 places in 2019, reflecting its popularity among students.
Manila
The capital city of the Philippines and one of the oldest cities in the world, Manila is ranked eighth in the world for affordability this year, as well as joint 85th overall in the Best Student Cities index. Manila contains four excellent universities, led by the University of Philippines, which places joint 356th in the world.
With tuition fees averaging out at around US$2,400, and the city ranking 109th out of 209 in the Mercer Cost of Living Survey, Manila is a great place to get a top-quality education without breaking the bank. On top of this, Manila earns its best score in Student View this year, based on student’s experiences whilst studying in the city, and their perceptions of the availability and quantity of graduate employment.
Wroclaw
With sensational architecture and a plethora of diverse cafés and restaurants, Wroclaw, the fourth-largest city in Poland, comes third in the affordability indicator and is a new entry in the Best Student Cities index in 2019 at 108th. Students looking to study in Wroclaw will be pleased to hear that higher education is free for Polish students, and for international students willing to take the same entrance exams and to study a course taught in Polish.
However, if you’d prefer to study in English, tuition fees are still much lower than you’ll find elsewhere. The cost of living in Wroclaw is also relatively low, estimating that the monthly rent for a single person living in the center will cost on average around US$597.
Novosibirsk
Russia’s third largest city, Novosibirsk is packed full of parks and tree lined avenues, as well as being a major manufacturing and administrative center.
It climbed six places to rank 92nd in the Best Student Cities ranking this year and is rated joint fourth for affordability, with tuition fees averaging at US$2,600 per year for international students. Living costs are lower here than in Moscow, with a single metro ticket for example only costing 22 rubles (the equivalent to only 35 US cents).
Hsinchu
Perhaps those of you looking for a great place to study abroad will be blown away by Hsinchu, the second city laying claim to the title, ‘The Windy City’ (the first, of course, being Chicago). Coming 10th for affordability this year and joint 68th overall in the Best Student Cities index, Hsinchu is an excellent option for those who want to study in Taiwan without all the hustle and bustle of a big city.
Safe haven gold surged the fresh new high 50000 per 10 gram on Friday for the first time since 2011 as a worsening U.S-China row added to fears over the hit to a global economy already reeling from the coronavirus pandemic.
Spot Gold climbed 0.5% 50960 per 10 gram by 09:45 Pm IST, having earlier hit its highest since Sep 2011.
The top US pandemics expert Anthony earlier said the US coronavirus cases could grow to 100,000 daily without proper social-distancing and other safety measures and that’s going to hit economy badly.
The bullion metal is also getting support from uncertainty on the Hong Kong issue, rising COVID cases and increasing distress in the market.
Concerns about more global economic slowing due to the increasingly acerbic U.S.-China spat is seen as likely to keep global government and monetary support going even longer.
In yet another escalation, China ordered the United States to close its consulate in the city of Chengdu, responding to a U.S. demand for China to close its Houston consulate.
US Treasury Secretary Steven Mnuchin and Fed Governor Powell pledged to do more for the US economy as it battles the enormous fallout from the virus outbreak. Today market participants will focus on PMI numbers from major economies globally and private payroll numbers from the US which will give a hint on the situation of the jobs market in the country.
Non-yielding gold has surged 24% this year, underpinned by low interest rates and stimulus from central banks, which benefits bullion since it is a perceived hedge against inflation and currency debasement.
U.S. Secretary of State Mike Pompeo’s speech slamming China was an “angry lament” and “extended ideological rant” that would do little to change Beijing’s behavior, said Daniel Russel, former assistant secretary of state for East Asian and Pacific affairs. Later Pompeo said Washington and its allies should use “more creative and assertive ways” to press the Chinese Communist Party to change its ways, calling it the mission of our time.
He also called for the engagement and empowerment of the Chinese people whom he described as “dynamic and freedom-loving people who are completely distinct from the Chinese Communist Party.”
He said “blind engagement” with China and repeated frequently leveled U.S. charges about its unfair trade practices, human rights abuses and efforts to infiltrate American society.
He said China’s military had became “stronger and more menacing” and the approach to Beijing should be “distrust and verify,” adapting President Ronald Reagan’s “trust but verify” mantra about the Soviet Union in the 1980s.
Relations between the U.S. and China — the world’s top two economies — have been at their worst in decades. In addition to the countries’ ongoing trade war, both sides have recently sparred over a range of issues including the origin of the corona virus and China’s move to implement a national security law in Hong Kong.
Later he said one NATO ally, which he did not name, was unwilling to stand up for freedom in Hong Kong because it feared restricted access to China’s market.
While some conservative commentators praised Pompeo’s speech on social media and elsewhere, some other analysts were not impressed.
The Code was enacted in 2016 following decades of recommendations suggesting improvements to the previous insolvency regime, which was fragmented, fraught with delays and resulted in poor recoveries for creditors. [1]
The insolvency resolution process in India has in the past involved the simultaneous operation of several statutory instruments.
These include the Sick Industrial Companies Act, 1985, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debt Due to Banks and Financial Institutions Act, 1993, and the Companies Act, 2013.[2]
Broadly, these statutes provided for a disparate process of debt restructuring, and asset seizure and realization in order to facilitate the satisfaction of outstanding debts. [3]
As is evident, a plethora of legislation dealing with insolvency and liquidation led to immense confusion in the legal system, and there was a grave necessity to overhaul the insolvency regime.
All of these multiple legal avenues, and a hamstrung court system led to India witnessing a huge piling up of non-performing assets, and creditors waiting for years at end to recover their money. [5]
The Bankruptcy Code is an effort at a comprehensive reform of the fragmented regime of corporate insolvency framework, in order to allow credit to flow more freely in India and instill faith in investors for speedy disposal of their claims. [4]
The Code consolidates existing laws relating to insolvency of corporate entities and individuals into a single legislation.
The Code has unified the law relating to enforcement of statutory rights of creditors and streamlined the manner in which a debtor company can be revived to sustain its debt without extinguishing the rights of creditors[5]:-
1) The scheme of the Code marked a sea change from the previous regime. In respect of corporate entities, the Code introduced a creditor-in-control regime (with a focus on empowering financial creditors), a time-bound resolution process and reduced scope for judicial intervention, and established institutions such as the Insolvency and Bankruptcy Board of India, insolvency professionals and information utilities.[6]
Since the implementation of this new regime, the constitutional validity of various provisions of the Code has been challenged before various High Courts, and the Supreme Court.
Applicability
The Code provides creditors with a mechanism to initiate an insolvency resolution process in the event a debtor is unable to pay its debts. The Code makes a distinction between Operational Creditors and Financial Creditors. [7]
A Financial Creditor is one whose relationship with the debtor is a pure financial contract, where an amount has been provided to the debtor against the consideration of time value of money (“Financial Creditor”).
Recent reforms have sought to address the concerns of homebuyers by treating them as ‘financial creditors’ for the purposes of the Code. [7]
By a recently promulgated ordinance, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (“the Ordinance”), the amount raised from allottees under a real estate project (a buyer of an under-construction residential or commercial property) is to be treated as a ‘financial debt’ as such amount has the commercial effect of a borrowing.[7]
The Ordinance does not clarify whether allottees are secured or unsecured financial creditors. Such classification will be subject to the agreement entered into between the homebuyers and the corporate debtor.
In the absence of allottees having a clear status, there may be uncertainty about their priority when receiving dues from the insolvency proceedings. [7]
An Operational Creditor is a creditor who has provided goods or services to the debtor, including employees, central or state governments (“Operational Creditor”). A debtor company may also, by itself, take recourse to the Code if it wants to avail of the mechanism of revival or liquidation. [7]
In the event of inability to pay creditors, a company may choose to go for voluntary insolvency resolution process – a measure by which the company can itself approach the NCLT for the purpose of revival or liquidation. [7]
What was the judicial approach to the Insolvency and Bankruptcy Code?
SERIES OF JUDICIAL PRONOUNCEMENT
With almost more than two years since the introduction of the Code, there have been various challenges in the effective implementation of the Code. However, constructive interpretation by the judiciary coupled with effective amendments to the Code has helped in eradicating most of these teething issues. [8]
Some of the key judicial pronouncements are discussed below:
The Insolvency and Bankruptcy Board of India which is the regulatory and supervisory body in charge of the IBC, has done a commendable job in proactively spreading awareness and regulating the space. [9]
Many important judgments were pronounced throughout the year, including certain landmark cases, where in the Supreme Court has tried to ensure that the spirit of the Code is given primacy over procedural requirements. [9]
Suspended Board of Directors of Corporate Debtor Entity are entitled to access the resolution plan and other related documents:-
In a significant judgments delivered on January 31, 2019, the Hon’ble Supreme Court of India decided on an important aspect with respect to the rights of the suspended board of directors of the Corporate Debtor Entity to receive and access the resolution plan and other related documents, whose case has been admitted by the Adjudicating Authority under the relevant provisions of the Code. [10]
Facts of the Case:
In respect of Mr. Vijay Kumar Jain, Director of Corporate Debtor (‘Appellant’) vs. Standard Chartered Bank and Ors. (As ‘Financial Creditors’), the NCLT had approved the appointment of Resolution Professional (‘RP’) to conduct Corporate Insolvency Resolution Process of Corporate Debtor Company i.e. Ruchi Soya Industries Limited (‘RSIL’). [10]
The appellant, being a member of the suspended board of RSIL, was given notice and agenda for the first meeting of Committee of Creditors (‘CoC’) and was permitted to attend the meeting of CoC. The appellant alleged that he was not granted permission to participate in subsequent meetings of CoC. [10]
As a result, the appellant filed a miscellaneous application before the NCLT to allow his participation in the subsequent meetings of CoC. The appellant also executed a Non-Disclosure Agreement (‘NDA’) to keep information received through participation in the CoC meeting strictly confidential and even undertook to indemnify RP. [10]
However, NCLT vide its order dated August 1, 2018 dismissed the said application of appellant with liberty to the appellant to attend the COC meetings, but not to insist upon the CoC or RP to provide information which is considered as confidential by the CoC or RP. [11]
Against the said order of NCLT, the appellant filed an appeal before the Appellate Tribunal, which recognized the right of appellant to attend and participate on the CoC meetings but Appellate Tribunal vide its order dated August 9, 2018 [12] denied the prayer of the appellant to have access to certain documents including sensitive resolution plan.
The appellant aggrieved by the order of the NCLAT, filed an appeal before the Hon’ble Supreme Court of India. [13]
Apex Court Observations and Findings:
On advertising relevant provisions of the Code and arguments of parties to the dispute, the Supreme Court opined that notice of each meeting of the CoC will have to be given to the suspended board of directors of the corporate debtor entity. [14]
The Supreme Court further noted that the statutory scheme of IBC makes it clear that though the suspended board are not members of the CoC, yet, they have a right to participate in each and every meeting held by the CoC and also have a right to discuss along with members of the CoC, resolution plan that are presented at such meeting. [14]
The Supreme Court further observed that Section 31(1) of the Code make it clear once the resolution plan is passed by the Adjudicating Authority, it shall be binding on the corporate debtor together with guarantors and other stakeholders. [14]
This being the case, it is clear that the erstwhile board of directors, which consists of persons who may have given personal guarantees for the debts owed by the corporate debtor, will be bound by the resolution plan, and therefore, have a vital stake in what ultimately gets passed by the CoC’s.[14]
The Supreme Court also made it clear that so far as confidential information is concerned, RP can take an undertaking in the form of NDA from suspended board of directors of the corporate debtor entity with an objective to maintain strict confidentiality in regard to resolution plan and other related documents. [14]
Further, according to Regulation 39(5) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the RP shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and resolution applicant. The term ‘Participants’ includes members of the erstwhile Board of Directors of Corporate Debtor. [14]
Thus in view of the above, the Supreme Court allowed the appeal and set aside the impugned order of the Appellate Tribunal. [14]
What was the result of Insolvency and Bankruptcy Code in the present scenario? Also cite relevant case laws.
IBC came into being repealing SICA (Sick Industrial Companies Act), SICA was repealed with effect from 1 December 2016. [15]
To know the background of IBC, it is important to know more about SICA and why it failed to prevail as a law. [15]
This is the exact rationale for the existence of The Insolvency and Bankruptcy Code in India which has been into effect since 2016. [15]
To know the background of IBC, it is important to know more about SICA and why it failed to prevail as a law. [15]
The journey from SICA to IBC
The SICA, 1985:-
The name SICA, itself connotes the reason for its actuality. India witnessed an atmosphere of rampant industrial sickness in the 1980s in furtherance of which the Government of India came up with key legislation i.e. the Sick Industrial Companies Act to combat the issue. [15]
Widespread industrial sickness affects the economy in a number of ways, thus The Act came into being to spot the sick or potentially sick companies owning industrial undertakings and take speedy remedial measures for their revival or in a scenario where there is no such measure, close such units. [15]
This was an action to get the locked up investment in such industrial units released and use them in a more productive manner. SICA was repealed and replaced by the Sick Industrial Companies (Special Provisions) Act of 2003, which diluted certain provisions of SICA and filled certain gaps. [15]
One of the main changes to the new law was that, in addition to combating occupational diseases, it also aimed to reduce the growing incidence by ensuring that companies do not use a medical certificate simply to evade legal obligations and access concessions granted to financial institutions to receive. [15]
The comprehensive performance of the Act did not live up to the expected results and thus, IBC was notified as on 28th May 2016 and the repeal of SICA came into full effect from December 1, 2016. [15]
IBC Kicks In
Mistakes of the past were taken in view and The Insolvency and Bankruptcy code came into being with a wider scope and aiming to resolve the issues via more effective provisions and implementation. It is an act to consolidate and amend the laws having reorganization and insolvency resolution issues as the subject-matter. [15]
The provisions of the Act shall apply to the following in case of insolvency, liquidation, voluntary liquidation or bankruptcy; [15]
“An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
Whether the expression “and” occurring in section 8(2)(a) may be read as “or”?
The Court held that the expression “and” occurring in section 8(2)(a) may be read as “or” in order to further the object of the statute and/ or to avoid an anomalous situation – once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility – So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application – A “dispute” is said to exist, so long as there is a real dispute as to payment between the parties that would fall within the inclusive definition contained in Section 5(6). [16]
2) Surendra Trading Company Vs. Juggilal Kamlapat Jute Mills Company Ltd. & Others- Supreme Court:
The time limit prescribed in IBC, 2016 for admitting or rejecting a petition or initiation of CIRP under proviso to sub-sec. (5) of Sec. 9, is directory. [17]
The question before the NCLAT was to whether time of fourteen days under section 9(5) given to the adjudicating authority for ascertaining the existence of default and admitting or rejecting the application is mandatory or directory. [17]
NCLAT hold that the mandate of sub-section (5) of section 7 or sub-section (5) of section 9 or sub-section (4) of section 10 is procedural in nature, a tool of aid in expeditious dispensation of justice and is directory. [17]
Further question (with which supreme Court is concerned) was as to whether the period of seven days for rectifying the defects under proviso to sub-section (5) of Section 9 is mandatory or directory. The aforesaid provision of removing the defects within seven days is directory and not mandatory in nature. [17]
3) Essar Steel India Ltd. Vs. Reserve Bank of India-
RBI is authorized to direct any banking company to initiate insolvency resolution process- Gujarat High Court. [18]
A long-drawn legal battle for Essar Steel ends with this Supreme Court judgment. In one of the most discussed cases under IBC i.e. the case of Essar Steel Limited, the Supreme Court delivered its judgment which would probably be the final judgment of the case. Key highlights of the Essar Steel Supreme Court judgment are as follows: [19]
The requirement of completing the corporate insolvency resolution process within 330 days from the insolvency commencement date as introduced by the 2019 Amendment Act was held as non-mandatory. [19]
CoC can delegate its administrative powers or power of negotiation with the resolution applicants to a smaller committee (sub-committee) since such acts would be ultimately required to be approved and ratified by the CoC. [19]
Prospective resolution applicant has a right to receive complete information as to the CD, debts owed by it, and its activities as a going concern and as such it cannot suddenly be faced with “undecided” claims after the resolution plan submitted by it has been accepted. [19]
To put an end to uncertainty, parameters were laid down for limiting the scope of interference of Adjudicating Authority and Appellate Authority with the commercial decision taken by the requisite majority of CoC. [19]
The Supreme Court has re-emphasized the primacy of the commercial wisdom of the CoC in relation to resolution of the corporate debtor as well as difference in treatment of unequally placed creditors based on its earlier decisions in Swiss Ribbons and K. Sashidhar cases. [19]
Why are the judgments of the Insolvency and Bankruptcy cases pending with court?
The judgments of the cases are pending with the Court due to the Causes for the delays which range from frivolous challenges by operational creditors and promoters to basic issues like shortage of judges. [20]
There is no stipulated time-line for operational creditors to challenge the rejection of their claim, shortage of members at the bench, allowing intervention by promoters at the admission stage and long gaps between conclusion of hearing and passing of written orders are all causing delays,” said Sapan Gupta, national head banking and finance practice at Shardul Amarchand and Mangaldas. [20]
To be fair, delays are not a peculiarly Indian phenomenon. Many advanced countries struggle to provide quick, high-quality justice to citizens. But in India the scale of the problem is unprecedented. Focusing on capacity alone won’t reduce delays. [21]
A pervasive reason for the delays is adjournments. Many advanced countries struggle to provide quick, high-quality justice to citizens. But in India the scale of the problem is unprecedented.[21]
Conclusion
In conclusion, the Insolvency and Bankruptcy Code, 2016, is a progressive legislation that is intended to improve the efficiency of insolvency and bankruptcy proceedings in India. The new legislation provides for the early detection of financial distress and a time bound process for resolution. [22]
However, many details on the IBC’s implementation need to be worked out in the regulations, and its success will depend to a large extent on how quickly a high quality cadre of insolvency resolution professionals will emerge and on whether the time bound process for insolvency resolution will be adhered to in practice. [22]
The IBC has taken its first steps to regularize the insolvency process in India. It has amended over 11 legislations in India, bringing about one of the most significant changes to commercial laws in India in recent times. However, the 22 months of this nascent legislation have been ridden with controversies and speedy resolutions. [23]
It has also become a very important tool for banks to regularize multitudes of non-performing assets plaguing the country’s economy. Within 7 months of the enactment of the IBC, the Reserve Bank of India released a list of 12 companies which held about 25% of the gross non-performing assets of the country.[23]
With more than 11% of all loans in India being terms as bad loans, the IBC has become the need of the hour. The IBC has brought a plethora of changes to insolvency laws in India and aims to reduce the amount of bad loans that has saddled the economy over the last few years. [23]
We are beginning to see this through various companies successfully concluding their insolvency process. The first successful case of a CIRP was that of Bhushan Steel wherein TATA Steel agreed to purchase Bhushan Steel for Rupees Thirty-Two Thousand Five Hundred Crores. [23]
With many more insolvency resolution processes in the pipeline, only time will tell if the IBC will prove to be a successful tool with its objective of streamlining the insolvency process in India. [23]
1) Bankruptcy Law Reforms Committee, The Interim Report of the Bankruptcy Law Reforms Committee (2015).
2) Rule 2.1.1. of RBI Master Circular – Prudential Norms on Income Recognition, Asset Classification and Provisioning – Pertaining to Advances defines an NPA as ‘An asset, including a leased asset, becomes non-performing when it ceases to generate income for the bank. A ‘non-performing asset’ (NPA) was defined as a credit facility in respect of which the interest and/ or installment of principal has remained ‘past due’ for a specified period of time.
3) It must be noted that creditors having outstanding debts continue to have the right to approach an appropriate forum like civil courts or arbitral tribunals for recovery of debts which would be a contractual right of recovery.
4) As cited in the “Abstract” of “Emerging Jurisprudence on Corporate Insolvency” by Shipra Sayal Institute of Law, Nirma University, Ahmedabad, Gujarat, India.
5) As cited in the “Introduction” Para of “A Primer on the Insolvency and Bankruptcy Code, 2016” by Nishith Desai Associates:- The Legal and Tax Counseling Worldwide.
6) As cited in the “Introduction” para of “Understanding the Insolvency and Bankruptcy Code, 2016:- Analysing the developments in jurisprudence” by “Vidhi Bankruptcy Research Programme” at the Vidhi Centre for Legal Policy and the Legal Division of the Insolvency and Bankruptcy Board of India.
7) As cited in the “Applicability” Para of “A Primer on the Insolvency and Bankruptcy Code, 2016” by Nishith Desai Associates:- The Legal and Tax Counseling Worldwide.
8) As cited in the “4th Para ,viz, Series of Judicial Pronouncement” of “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” written by Rushabh Ajmera on TaxGuru.
9) As cited in the “Introduction” Para of “Insolvency and Bankruptcy Hotline:- ANALYSING 2018 THROUGH THE LENS OF THE INSOLVENCY CODE” written on January 17, 2019 by Nishith Desai Associates.
10) As cited in the “4th Para” viz, Series of Judicial Pronouncement” of “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” written by Rushabh Ajmera on TaxGuru Website India 11 months ago.
11) As cited in “NCLT pronounced order on August1, 2018”.
13) As cited in “Facts of the Case Para” of “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” by Rushabh Ajmera 11 Months ago on TaxGuru India Website.
14) As cited in ” Apex Court Observations and Findings Para” in “Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016” by Rushabh Ajmera 11 Months ago on TaxGuru India Website.
15) As cited in “IBC (Insolvency and Bankruptcy Code, 2016) – The Bankruptcy Law of India” written by Vidushi Trehan, LL.M from Symbiosis Law School, Pune , Intern at Khurana & Khurana, Advocates and IP Attorneys.
16) As cited in “Brief about decision para” in ” “and” occurring in section 8(2)(a) may be read as “or”- Mobilox Innovations (P) Ltd. Vs. Kirusa Software (P) Ltd.- Supreme Court” written by IBC LAWSon September 21, 2017.
17) As cited in “Case Name: M/S. Surendra Trading Company Vs. M/S. Juggilal Kamlapat Jute Mills Company Limited and Others” written by IBC LAWS on September 18, 2017
18) As cited in “RBI is authorised to direct any banking company to initiate insolvency resolution process- Essar Steel India Ltd. Vs. RBI- Gujarat High Court” written on July 17, 2017 by IBC LAWS.
19) As cited in “The Insolvency And Bankruptcy Code In 2019 : Recent Amendments And Key Judgments” written by Mayur Shetty and Chintan Gandhi of Rajani Associates on 12th March 2020.
20) As cited in “Delay becomes the norm in insolvency & bankruptcy cases” by Joel Rebello & Saikat Das, ET Bureau on Aug 15, 2019 at 11:25pm.
21) As cited in “Hidden factors that slow our courts and delay justice” written by Arghya Sengupta.
22) As cited in “Insolvency And Bankruptcy Code” written on 12 September 2017 by Samvad Partners.
23) As cited in “2016: Overview Of The Insolvency And Bankruptcy Code, 2016” written by Namrata Bhagwatula , Senior Associate on 20 September, 2018.
/the-hungarian-parliament-on-the-danube-river-at-sunset-in-budapest--hungary-945207010-5c34c19346e0fb00011d477a.jpg)
Eduindex News 
You must be logged in to post a comment.