India. Commercial, Customs and Tax Law

India, a Union of 28 States and 7 territories, with a population of over a billion people and multiple cultures and languages, is a democratic republic often called, quite rightly, ‘the largest democracy in the world’. Because the well-established English legal system endured after independence in 1947, India categorically remains a common law jurisdiction, and its legal practice and procedure is conducted almost exclusively in English. Nonetheless, Indian law is sufficiently complex in ways that are distinct from other European-based systems that a book such as this – in which the business legal system of India is thoroughly reviewed – will be really welcomed by both practitioners and academics. This book examines the full spectrum of India’s legal system as it applies to commercial, customs, and tax matters, and covers among much else such elements as the following:

• division of executive and legislative powers between the Union and the individual States;
• role of the Supreme Court and State high courts;
• role of State legislative assemblies;
• levels of appeals in judiciary system;
• power of specialised State tribunals in, for example, tax, company law, bankruptcy;
• power of the State to appropriate property;
• constitutional protection of culture and environment;
• use and citation of foreign judgments and jurisprudence;
• contract law;
• trusts;
• industrial relations;
• minimum wage law;
• income tax rules and procedure;
• bilateral double taxation agreements;
• copyright and trademark protection;
• semiconductor integrated circuits layout design;
• protection of plant varieties and farmers’ rights;
• competition law;
• multi-State cooperation agreements; and
• regulation of financial services.

An extensive appendix supplies texts of the Constitution of India, the Indian Penal Code and 23 Legislative Acts pertaining to commercial, customs and tax matters. There is a sample franchise agreement, and an informative summary of current and projected foreign trade policy through 2014. Both as a guide to business lawyers working with Indian partners and as a comparative law treatment of the world’s second most populous country (and a rapidly growing economic powerhouse), this book has no peers.

About the Authors

Part I General Commercial Law

Chapter 1 Introduction

Chapter 2 Basic Principles of Indian Law

Chapter 3 Law of Contracts

Chapter 4 Registration of Documents

Chapter 5 Transfer of Real Property

Chapter 6 Sale of Movable Property

Chapter 7 Negotiable Instruments

Chapter 8 Law of Torts

Chapter 9 Distribution Agreement

Chapter 10 Consumer Protection

Part II Special Commercial Law

Chapter 11 Customs Law

Chapter 12 Import and Export Procedures

Chapter 13 Partnership Law

Chapter 14 Society Law and Company Law

Chapter 15 Trusts

Chapter 17 Labour Law

Chapter 18 Property Law

Appendices: Selection of Laws

Appendix I Constitution of India

Appendix II Indian Penal Code

Appendix III Societies Registration Act, 1860

Appendix IV Indian Contract Act n. 9, of Year 1872

Appendix V The Negotiable Instruments Act, 1881

Appendix VI Indian Trusts Act, 1882

Appendix VII Cooperative Societies Act, 1912

Appendix VIII Trade Unions Act, 1926

Appendix IX The Industrial Employment (Standing Orders) Act, 1946

Appendix X Industrial Disputes Act, 1947

Appendix XI Minimum Wages Act, 1948

Appendix XII Companies Act, 1956

Appendix XIII Copyright Act, 1957

Appendix XIV Income Tax Act, 1961

Appendix XV Official Languages Act, 1963

Appendix XVI Biodiversity Related Community Intellectual Rights Act del 1994

Appendix XVII Convention between the Government of the Republic of Italy and the Government of the Republic of India for the Avoidance of Double Taxation

Appendix XVIII Trade Marks Act, 1999

Appendix XIX Registration and Protection Act, 1999

Appendix XX Semiconductor Integrated Circuits Layout-Design Act, 2000

Appendix XXI Protection of Plant Varieties and Farmer's Rights Act, 2001

Appendix XXII Biological Diversity Bill, 2002

Appendix XXIII Competition Act, 2002

Appendix XXIV Multi State Co-Op. Societies Act, 2002

Appendix XXV Finance Act, 2003, W.E.F. 1 April 2004

Appendix XXVI Franchise Agreement

Appendix XXVII Foreign Trade Policy, 1st September 2004-31st March 2009