Key Indian Economic & Social Legislations and Concepts
FEMA: Foreign Exchange Management Act
The Foreign Exchange Management Act (FEMA) is a crucial legislation in India that regulates and manages foreign exchange transactions. Enacted in 1999, FEMA replaced the Foreign Exchange Regulation Act (FERA) with the primary objective of facilitating external trade and payments while promoting the orderly development and maintenance of foreign exchange markets in India.
Key Features of FEMA
- Regulation of Foreign Exchange Transactions: FEMA regulates all foreign
Labor Market Dynamics: Wages, Employment, and Training Insights
Understanding Key Labor Market Dynamics
Minimum Wage Impact and Policy
The Fair Labor Standards Act of 1938
The Fair Labor Standards Act (FLSA) of 1938 was the first major piece of protective labor legislation in the United States. It established the initial minimum wage at $0.25. Subsequent changes saw the minimum wage rise to $5.85 in 2007 and $7.25 in 2009.
Nominal Versus Real Wages
General price inflation gradually lowers the real minimum wage during the years between congressional action. What appears
Read MoreEssential Accounting Concepts and Modern Applications
Corporate Social Responsibility (CSR) Accounting
Corporate Social Responsibility (CSR) accounting refers to the process of identifying, measuring, and reporting the costs and benefits of a company’s CSR initiatives. This includes expenditures on environmental sustainability, community welfare, employee welfare, and ethical business practices. Companies disclose their CSR activities in annual reports to ensure transparency and accountability. In India, under Section 135 of the Companies Act, 2013,
Read MoreFinancial Institutions Explained: Mutuals, Lending & Credit Services
Understanding Financial Institutions
This document outlines key aspects of financial institutions, focusing on mutual insurance entities and various credit institution activities.
Mutual Insurance Entities
Mutual insurance entities operate as a form of voluntary insurance, funded by fixed or variable premium contributions from mutualists or other protective persons or entities. Their key features include:
- Non-profit operation: Mutuals are fundamentally non-profit organizations.
- Inseparable status: The
Public Finance, Consumer Protection & Economic Systems
DIPRES (Budget Discussion): Institutional Mission
Its mission is to ensure the efficient allocation and use of public resources within the framework of fiscal policy through the implementation of systems and financial management tools, programming, and management control.
This involves formulating the Budget Law, making changes to the current budget through decrees, preparing monthly cash programs, and recording monthly expenses, both cash-based and institution-accrued.
Strategic Objectives
- To advise
Tax Systems & Welfare State Models Explained
Understanding Tax Systems and Welfare State Models
Key Tax Definitions
- Value Added Tax (VAT): A tax levied on the price of goods or services paid by the consumer.
- Income Tax: A tax levied on the income received by individuals or businesses, such as salaries.
- Company Tax: A tax levied on the profits of a company.
- Social Security Contribution: A tax paid by employees and employers to fund social benefits.
Tax System Breakdown: Who Pays and Who Benefits?
| Aspect | Value Added Tax | Income Tax | Company Tax | Social Security |
|---|