India Business Law

Question: Discuss about the India Business Law. Answer: Indian Legal System This is a total wholesome of laws that are used in the Indian country and which are mostly borrowed from the common law that is used in England. Several articles found within the Indian constitution were introduced by the British but they now exist in a modified form. Around 60 per cent of the laws in the country are not in common use as it they have not found themselves in legal situations that require their use. Many parts of the contemporary Indian law shows a substantial European and American influences (Aggarwal Singhal, 2006). Common Law Common law is a system of law based on recorded precedents. The fundamental statutes representing common criminal equity are the Indian penal code 1860, Indian evidence act 1872, the code of criminal procedure 1908. The arrangement of precedent got from the law as a wide application inside the Indian legitimate framework (International Business Publications, 2012). Civil Law Civil law in India deals with disputes between the private parties. The process is governed by The Civil Procedure Code (C.P.C) 1908. Criminal law Criminal law in India is the legal force that relates to conduct of criminal activity in the country. They include three main acts; The penal code 1860 The Code of criminal procedure 1973 The evidence act 1872 There are some criminal laws that are passed by the countries parliament, e.g. Prevention of Corruption law the prevention law Sources of law The major sources of law in the country include the following; The Indian constitution The Indian Statutes Ordinary legislation Delegated legislation ordinance The Indian Customary law Indian Case law Judicial Precedent Efficiency of the court system The efficiency of a court system is an important indicator in determining how they handle the bulk of cases that they have to handle every day (Mercurio, 2008) Availability and Enforcement of Arbitral Awards Arbitration refers to the process of solving disputes outside the courts. It helps in finding solutions for disputes and makes it possible to arrive at a final decision that is binding to all the parties. Indian Arbitration and Conciliation Act 1996 was implemented for the purpose of ensuring that the countrys law on Arbitration met the requirements of modern day law with emphasis on UNCITRALs model rules and Laws. There have been successful signing and adherence to numerous global treaties regarding arbitration. Both UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958(New York Convention) as well the Geneva Convention on the execution of foreign arbitral awards 1927 have been adopted and included in the legislation in respect to trying to enforce the foreign awards. World Bank World Wide Governance Indicators Worldwide governance indicators reports on several dimensions of governance that include rule of law and control of corruption. In rule of law they have 55.77% which is a positive confidence internal. The corruption, standard error is 0.13which reflects on the estimate of governance and good indication on their governance. References International Business Publications, USA. (2012). India Business Law Handbook: Strategic Information and Laws. Intl Business Pubns USA. , S. G. G. K. K. (2009). Business law including company law. Place of publication not identified: New Age International Pvt. Aggarwal, S. K., Singhal, K. (2006). Indian business laws. New Delhi: Galgotia. Mercurio, B. (2008). International business law. Place of publication not identified: Oxford University Press.