PNB hands over to CBI rundown of 150 deceitful LoUs issued to Nirav Modi

The organization promptly swung vigorously enrolling a FIR on January 31 took after via seeks at 20 areas in Mumbai and Surat and issued a post roundabout on February 4 against Nirav Modi and three fleeing blamed, they said.

Tycoon gems creator Nirav Modi and different individuals from his family, who fled the nation a month ago, supposedly made fake exchanges of over Rs 11,400 crore through 150 letters of understanding issued by the Punjab National Bank, authorities said. Nirav Modi, who holds an Indian visa, left India on January 1, while his sibling Nishal, a Belgian subject, additionally left the nation on same day. In any case, regardless of whether they headed out together must be tested, they said. Nirav Modi’s better half Ami, a US resident, left on January 6 and his uncle and business accomplice Mehul Choksi, the promoter of Gitanjali adornments chain, left on January 4, the authorities said. The bank wound up suspicious just on January 16 when the denounced organizations – Diamond R US, Solar Exports and Stellar Diamonds (all charged in the CBI FIR) — moved toward it with import reports and a demand to issue Letters of Understanding (LoUs) for raising purchasers’ credit for making installments to the abroad providers. The bank, notwithstanding, couldn’t locate any past sections in the framework, the FIR has claimed. It drew nearer the CBI on January 29 with a grievance of Rs 280 crore extortion, authorities said. Nirav Modi, who is accepted to be in Switzerland, was likewise present in a gathering photo of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, amid the World Economic Forum on January 23, six days before the bank sent its first protestation against him to the CBI, as indicated by the authorities. The organization promptly swung vigorously enrolling a FIR on January 31 took after via seeks at 20 areas in Mumbai and Surat and issued a post roundabout on February 4 against Nirav Modi and three slipping off blamed, they said. A post round is issued by implementation organizations to all exit and passage ports to illuminate them about the development of a charged. Nirav Modi, a general on the arrangements of rich and celebrated Indians since 2013, was reserved by the CBI, alongside spouse, sibling and business accomplice Choksi on January 31, for supposedly swindling the state-run Punjab National Bank to the tune of Rs 280 crore. The bank again drew nearer the CBI inside a fortnight of the main dissension giving subtle elements of more exchanges which were over Rs 11,400 crore. The inquiry why the PNB did not send a protestation to the CBI and chose to give it in tranches is likewise under the scanner of the office, they said.

A LoU is a letter of solace issued by one bank to branches of different banks, in light of which remote branches offer credit to purchasers. The bank has guaranteed in three dissensions to the CBI that so far it has recognized 150 LoUs which were falsely issued by its authorities in conspiracy with Nirav Modi and the other charged for the situation, authorities said. The organization is dissecting the crisp dissensions and will accept a call whether to enroll new FIRs or grow the ambit of the current FIR identified with fake exchanges of worth Rs 280 crore, they said. In these cases, the bank has charged that the LOUs were issued to Hong Kong based branches of Allahabad and Axis bank, they said. The PNB has guaranteed in the dissension that abroad branch of banks utilized the assets to clear their own particular liabilities, the authorities said. Amid seeks led by the organization which incorporated the habitations of Nirav Modi and the other charged alongside organizations, the CBI recuperated 95 vital records identified with import charges, they said. The office has likewise seized PCs and other advanced gadgets and has finished mirror imaging of PCs seized amid the inquiries, the authorities said.

Deduction on salary

Deduction on salary
The standard deduction was discontinued in 2006-07. Salaried tax-payers are expecting it to be reintroduced for at least Rs 1 lakh.

Transport allowance:
Raise the transport allowance to Rs 3,000 per month from the existing Rs 1,600

Leave encashment exemption:
The exemption at the time of retirement under Section 10(10AA) of the Income Tax Act must be raised to Rs 10 lakh from the existing Rs 3 lakh

Medical reimbursement:
Raise the medical reimbursement to Rs 50,000 per annum from the existing Rs 15,000

Children’s education and hostel allowances:
The exemption limits must be raised to Rs 3,000 per annum for education allowance and Rs 5,000 per annum for hostel allowance per child

The workers in the formal sector should be entitled to tax-free Rs 20 lakh gratuity under the Payment of Gratuity (Amendment) Bill, 2017

Leave Travel Allowance:
The limit of two instances in a block of four calendar years should be removed and foreign travel should also be included under Section 10(5) of Income Tax Act

Economic Survey: 10 things that will shape India’s economy

<>In his Economic Survey for 2017-18, Chief Economic Advisor Arvind Subramanian lists 10 new facts about the Indian economy which will shape macroeconomic growth going ahead

  1. A large increase in registered direct and indirect taxpayers
  2. Formal non-agricultural payroll much larger than believed.
  3. State’s prosperity is positively correlated with their international and inter-state trade.
  4. India’s firm export structure is substantially more egalitarian than in other large countries.
  5. Clothing incentive package boosted exports of readymade garments.
  6. Indian parents continue to have children until they get desired number of sons.
  7. Substantial avoidable litigation in tax arena which government action can reduce.
  8. To re-ignite growth, raising investment is more important than raising savings.
  9. Direct tax collections by Indian states and local governments are significantly lower than those of their counterparts in other federal countries.
  10. Extreme weather adversely impacts agricultural yields.


(by the Constitution (Forty-second Amendment) Act, 1976, s. 11 (w.e.f. 3-1-1977).)

51A. It shall be the duty of every citizen of India— Fundamental duties.

(a) to abide by the Constitution and respect its ideals and institutions, the National Flag and the National Anthem;
(b) to cherish and follow the noble ideals which inspired our national struggle for freedom;
(c) to uphold and protect the sovereignty, unity and integrity of India;
(d) to defend the country and render national service when called upon to do so;
(e) to promote harmony and the spirit of common brotherhood amongst all the people of India transcending religious, linguistic and regional or sectional diversities; to renounce practices derogatory to the dignity of women;
(f) to value and preserve the rich heritage of our composite culture;
(g)to protect and improve the natural environment including forests, lakes, rivers and wild life, and to have compassion for living creatures;
(h) to develop the scientific temper, humanism and the spirit of inquiry and reform;
(i) to safeguard public property and to abjure violence;
(j) to strive towards excellence in all spheres of individual and collective activity so that the nation constantly rises to higher levels of endeavour and achievement;]
(k)( by the Constitution (Eighty-sixth Amendment) Act, 2002, s. 4 (w.e.f. 1-4-2010) who is a parent or guardian to provide opportunities for education to his child or, as the case may be, ward between the age of six and fourteen years.]

Indian Legal System An Introduction

Indian Legal System An Introduction

  • Indian law refers to the system of law which operates in India.
  • It is largely based on English common law.
  • Various Acts introduced by the British are still in effect in modified form today.
  • Much of contemporary Indian law shows substantial European and American influence.

History of Indian law

  • Ancient India represented a distinct tradition of law .
  • India had an historically independent school of legal theory and practice.
  • The Arthashastra , dating from 400 BC, and the Manusmriti , from 100 AD, were influential treatises in India .
  • Manu’s central philosophy was tolerance and pluralism, and was cited across Southeast Asia.

Source of Law

  • Primary Source:
  • a. The primary source of law is in the enactments passed by the Parliament or the State Legislatures.
  • b. The President and the Governor have limited powers to issue ordinances.
  • c. These ordinances lapse six weeks from the re-assembly of the Parliament or the State Legislature.
  • Secondary Source:
  • a. S econdary source of law is the judgments of the Supreme Court, High Courts and some of the specialised Tribunals.
  • b. The Constitution provides that the law declared by the Supreme Court shall be binding on all courts within India.

Constitution of India

  • The Constitution declares India to be a sovereign socialist democratic republic, assuring its citizens of justice, equality, and liberty.
  • It is the longest written constitution of any independent nation in the world.
  • It contains 395 articles and 12 schedules, as well as numerous amendments, for a total of 1,17,369 words in the English language version.

Preamble of the Constitution

  • We, the people of india,
  • Having solemnly resolved to constitute India into a sovereign socialist secular democratic republic and to secure to all its citizens:
  • Justice, social, economic and political;
  • Liberty of thought, expression, belief, faith and worship;
  • Equality of status and of opportunity;
  • And to promote among them all:
  • Fraternity assuring the dignity of the individual and the unity and integrity of the nation.

Fundamental Rights

  • Equality before the law.
  • Freedom from discrimination on grounds of religion, race, caste, sex or place of birth.
  • E quality of opportunity in matters of public employment.
  • F reedom of speech and expression.
  • Right to assembly peacefully without arms.
  • P rotection against deprivation of life and personal liberty.
  • Freedom of conscience and the profession, practice and propagation of religion.
  • To move freely through India, to reside and settle in any part of India.

Fundamental Duties

  • Added to the Constitution in 1977.
  • T o abide by the Constitution.
  • Respect its ideals and institutions, the National Flag and the National Anthem.
  • To value and preserve the rich heritage of our composite culture.
  • T o protect and improve the national environment including forests, lakes, rivers and wild life.
  • To have compassion for living creations.
  • To strive towards excellence in all spheres of individual and collective activity.

Criminal law

  • Indian Penal Code (IPC) provides a penal code for all of India including Jammu and Kashmir, where it was renamed the Ranbir Penal Code (RPC).
  • The code applies to any offence committed by an Indian Citizen anywhere and on any Indian registered ship or aircraft.
  • Indian Penal Code came into force in 1862 (during the British Raj) and is regularly amended, such as to include section 498-A.

Civil Procedure Code

  • The Civil Procedure Code (C.P.C.) regulate the functioning of Civil courts.
  • It lays down the:
  • – Procedure of filing the civil case. – Powers of court to pass various orders. – Court fees and stamps involved in filing of case. – Rights of the parties to case (plaintiff & defendant) – Jurisdiction & parameters of civil courts functioning. – Specific rules for proceedings of a case. – Right of Appeals, review or reference.

Family law

  • Indian civil law is complex, with each religion having its own specific laws which they adhere to .
  • After independence Indian laws have adapted to the changing world.
  • The most recent being the Domestic Violence Act[2005].

Industrial and Labour Laws

  • The most notable laws are as follows:
  • Industrial Dispute Act, 1947
  • Wages Act, 1948
  • Employees State Insurance Act, 1948
  • Employees Provident Fund and Miscellaneous Provisions Act, 1952
  • Beedi and Cigar workers Act, 1974
  • Equal Remuneration Act, 1976
  • Contract Labour Act, 1970
  • Child Labour Act, 1986
  • Bonded Labour System Act, 1976

The Employee’s Provident Funds Act, 1952

  • The Act shall apply to:
  • every establishment which is a factory
  • engaged in any industry mentioned in schedule I of the Act and
  • employing 20 or more persons or
  • any other establishment employing twenty or more persons or
  • such other establishment as the Central Government may notify.

Right To Information Act, 2003

  • The Right to Information emerges out of the umbrella of Right to Freedom of Speech and Expression and Right to Life.
  • Right to Information is also the centrifugal point for access to myriad other basic human rights such as environment, health, food, livelihood etc.
  • The most direct transformation that the right to information effects is in the governance system.
  • From the perspective of citizenship, right to information is the primary tool in the hands of the citizen.


  • The Writs are issued by the Supreme Court under Article 32 and by the High Courts under Article 226 of the Constitution of India.
  • Types of Writs:
  • Writ of prohibition
  • Writ of habeas corpus
  • Writ of certiorari
  • Writ of mandamus
  • Writ of quo warranto

Indian Judicial System

  • The three-tiered system of Indian judiciary comprises of Supreme Court (New Delhi) at its helm;
  • High Courts standing at the head of state judicial system;
  • Followed by district and sessions courts in the judicial districts, into which the states are divided.
  • The lower rung of the system then comprises of courts of civil (civil judges) & criminal (judicial/metropolitan magistrates) jurisdiction.

The Supreme Court

  • On the 28th of January, 1950, the Supreme Court came into being.
  • The judges of the Supreme Court at the time of inauguration were Chief Justice Harilal J. Kania and Justices Saiyid Fazl Ali, M. Patanjali Sastri, Mehr Chand Mahajan, Bijan Kumar Mukherjea and S. R. Das.
  • The first Attorney General for India was Mr. M.C. Setalvad.

The Supreme Court

  • The Supreme Court of India comprises the Chief Justice and not more than 25 (30) other Judges appointed by the President of India.
  • The proceedings of the Supreme Court are conducted in English only.
  • The Registry of the Supreme Court is headed by the Registrar General.
  • The Attorney General for India is appointed by the President of India under Article 76 of the Constitution.

The High Courts

  • The High Courts are generally the last court of regular appeal.
  • Besides, for invoking writ jurisdiction, the High Courts can be approached for enforcement of other rights.
  • It has the power to supervise the subordinate courts falling within its territorial jurisdiction.
  • The High Courts are Courts of Record.
  • The High Courts also exercises original jurisdiction under the Companies Act.
  • The High Court hears First Appeals from the decisions of the District Courts.
  • Section 100 of the Code of Civil Procedure provides for a Second Appeal from Appellate decrees.
  • Under Section 115 of the Code, the High Court is conferred wish revisional jurisdiction.
  • Under Article 227 of the Constitution also, the High Court in the exercise of its powers of superintendence entertains revision petitions to correct errors on the part of lower Courts and Tribunals in Judicial & Quasi Judicial matters.
  • On the Criminal side, the High Court has to confirm all sentences of death passed by Courts of Sessions and hear References in this behalf.
  • High Court hears Criminal Appeals from convictions awarded by Sessions Judges and Additional Sessions Judges or from the judgment of any other Court, where a sentence for more than seven years imprisonment has been passed.
  • The High Court is also empowered to entertain appeals from orders of acquittal passed by any Court.
  • High Court has also been conferred with Criminal Revisional Jurisdiction.

The Subordinate Courts

  • This subordinate Courts are:
  • (a) District Courts, empowered to hear appeals from courts of original civil jurisdiction besides having original civil jurisdiction
  • (b) Sessions Court is courts of criminal jurisdiction, having the similar scope of powers.
  • The courts of specific original jurisdiction are courts of Civil Judges, of Judicial Magistrates; Small Causes courts & Courts of Metropolitan Magistrates.

Quasi – Judicial System

  • This appendage to the Indian judicial system is a recent & sincere attempt on the part of the government to expedite the judicial process through dilution of procedural formalities & avoidance of litigation.
  • Tribunals form an indispensable part of this system, which are appointed by the government and comprise of judges & experts on the particular field, for which the tribunal has been constituted.


  • Plea Bargaining in Criminal Cases
  • Plea bargaining is introduced in India by Criminal Law (Amendment) Act, 2005.
  • This affects cases in which the maximum punishment is imprisonment for seven years.
  • However, offenses affecting the socio-economic condition of the country and offenses committed against a woman or a child below the age of fourteen are excluded.


  • Computerisation of Courts
  • Scope of PIL is being limited
  • Judiciary has become more open
  • Concept of Justice at Door-Step encouraged
  • Lok Adalats
  • Special Courts to dispose off Petty Cases
  • Evening Courts started in many States

Legal Education

  • At present there are two educational options for would-be Law graduates in India.
  • One is a five year program, to which one can be admitted after passing a school-leaving examination taken after completion of 10+2.
  • The other is a three year program available only to those who have already graduated with a degree in Arts, Science or Commerce.

Are you aware that…

  • About two-thirds of our laws have not been used in independent India.
  • About 10 per cent of them can be scrapped right away.
  • And most of the 10 per cent in use currently have so many obsolete and conflicting provisions.
  • The oldest law in the country has been in operation for over a century and half. The one sentence 1836 Bengal District Act empowers the Bengal government to create as many zillas as it wants. The Act still exists.
  • Under the Indian Sarais Act, 1867, it is a punishable offence for ‘inn-keepers’ not to offer free drinking water to passer-by.
  • Only about 40 per cent of our laws are in regular use. Independent India has till now found no conceivable use for the rest.
  • While India badly needs efficient laws, the time spent by the law-making body on the job is unbelievably little.
  • Parliament spends less than 0.6 per cent of a Lok Sabha day on law-making.


General about Fundamental Rights

ART12.In this Part, unless the context otherwise requires, “the State” includes the Government and Parliament of India and the Government and the Legislature of each of the States and all local or other authorities within the territory of India or under the control of the Government of India.

ART13. (1) All laws in force in the territory of India immediately before the commencement of this Constitution, in so far as they are inconsistent with the provisions of this Part, shall, to the extent of such inconsistency, be void.

(2) The State shall not make any law which takes away or abridges the rights conferred by this Part and any law made in contravention of this clause shall, to the extent of the contravention, be void.

(3) In this article, unless the context otherwise requires,—

(a) “law” includes any Ordinance, order, bye-law, rule, regulation, notification, custom or usage having in the territory of India the force of law;

(b) “laws in force” includes laws passed or made by a Legislature or other competent authority in the territory of India before the commencement of this Constitution and not previously repealed, notwithstanding that any such law or any part thereof may not be then in operation either at all or in particular areas.

1[(4) Nothing in this article shall apply to any amendment of this Constitution made under article 368.] Right to Equality 14. The State shall not deny to any person equality before the law or the equal protection of the laws within the territory of India.


Article 5, At the commencement of this Constitution, every person who has his domicile in the territory of India and—

(a) who was born in the territory of India; or
(b) either of whose parents was born in the territory of India; or
(c) who has been ordinarily resident in the territory of India for not less than five years immediately preceding such commencement, shall be a citizen of India.

Article 6, Notwithstanding anything in article 5, a person who has migrated to the territory of India from the territory now included in Pakistan shall be deemed to be a citizen of India at the commencement of this Constitution if—
(a) he or either of his parents or any of his grandparents was born in India as defined in the Government of India Act, 1935 (as originally enacted); and
(b) (i) in the case where such person has so migrated before the nineteenth day of July, 1948, he has been ordinarily resident in the territory of India since the date of his migration, or
(ii) in the case where such person has so migrated on or after the nineteenth day of July, 1948, he has been registered as a citizen of India by an officer appointed in that behalf by the Government of the Dominion of India on an application made by him therefor to such officer before the commencement of this Constitution in the form and manner prescribed by that Government: Provided that no person shall be so registered unless he has been resident in the territory of India for at least six months immediately preceding the date of his application.

Article 7, Notwithstanding anything in articles 5 and 6, a person who has after the first day of March, 1947,
migrated from the territory of India to the territory now included in Pakistan shall not be deemed to be a citizen
of India: Provided that nothing in this article shall apply to a person who, after having so migrated to the territory now included in Pakistan, has returned to the territory of India under a permit for resettlement or permanent return issued by or under the authority of any law and every such person shall for the purposes of clause (b) of article 6 be deemed to have migrated to the territory of India after the nineteenth day of July, 1948.

Article 8. Notwithstanding anything in article 5, any person who or either of whose parents or any of whose grandparents was born in India as defined in the Government of India Act, 1935 (as originally enacted), and who is
ordinarily residing in any country outside India as so defined shall be deemed to be a citizen of India if he has
been registered as a citizen of India by the diplomatic or consular representative of India in the country where he
is for the time being residing on an application made by him therefor to such diplomatic or consular representative, whether before or after the commencement of this Constitution, in the form and manner prescribed by the Government of the Dominion of India or the Government of India.

Article 9. No person shall be a citizen of India by virtue of article 5, or be deemed to be a citizen of India by virtue of article 6 or article 8, if he has voluntarily acquired the citizenship of any foreign State.

Article 10. Every person who is or is deemed to be a citizen of India under any of the foregoing provisions of this
Part shall, subject to the provisions of any law that may be made by Parliament, continue to be such citizen.

Article 11. Nothing in the foregoing provisions of this Part shall derogate from the power of Parliament to make any provision with respect to the acquisition and termination of citizenship and all other matters relating to citizenship.