User talk:Knowledgesky

Effect of Inflation
You might want to merge the page into the Inflation page. Kevin Rutherford (talk) 15:57, 15 March 2009 (UTC)

BUSINESS LAW
What is Law?

There are many Jurists who defined the law according to their age, such as the 18th century Jurist Benthom said – “Law is the utilitarian individualism.” And Austin also said – “Law is the command of sovereign.” Similarly all the jurists defined the law to their own ways for the most suitable for that era, but here all the jurists has the common goal they all were want to establish peace in the society by their concept. So, we can say that the law is the combination of rules and regulation to establish peace in the society for the establishment of civilized society. Now a day in the state legislature has the power to make the law, for the establishing of the civilized society state makes the different kinds of law and the entire body of law is known as corpus - juris. Corpus-juris is divided into two parts – 1.	SUBSTANTIVE LAW 2.	PROCEDURAL LAW 1.	Substantive Law – it determinates the right, duties & obligation of the parties or       individual. 2.	Procedural Law – It administrated and controls the system of suit.

The Substantive Law is also divided into two parts- a.	Criminal Substantive Law (IPC) b.	Civil Substantive Law (CPC)

GARNISHEE ORDER
When a debtor fails to pay the debt of his creditor then creditor lodged a file against the debtor in court and court will issue an order to the banker of his customer then this court order is called garnishee order.

The creditor at whose request the order is issued is called the Judgment creditor, and the debtor whose money is frozen is called Judgment Debtor and the banker who is the debtor of the judgment debtor is called Garnishee. The Garnishee order is issued in two parts – 1.	In this part the court directs the banker to stop payment out of the account of the Judgment Debtor, such order is called Order Nisi, and in this part court seeks explanation from the banker as to why the funds in the said account should not be utilized for meeting the Judgment creditor’s claim.

2.	In this part banker files his explanation if any into the court then the court may issued the final order, called Order Absolute, whereby the entire balance in the account or a specified amount is attached to be handed over to        the Judgment creditor. On receipt of such an order the banker is bound to pay the garnished funds to the Judgment creditor.

Garnishee order does not apply to :- o	 The amount of cheques, drafts, bills, etc sent for collection by the customer which remains unclear at the time of receipt of the order. o	The sale proceeds of the customer’s securities, which have not been received by the banker. o	Money held abroad by the judgment debtor o	Securities held in the safe custody of the banker.

Banking Law
BANK :- A Bank is an institution which deals in money & credit. It collects deposits from the public & supplies credit. It is also considered as a trustee & intermediary. It is also considered as a nerve centre of Trade, Commerce & Industry.

Historical Perspective :- Bank of Hindustan set up in 1870s, was the                    earliest Indian Bank. Banking in India started with the establishment of three presidency banks under presidency Bank’s act – 1876. i.e.:- Bank of Calcutta Bank of Bombay Bank of Madras In 1921 all presidency banks were amalgamated to form the Imperial Bank of India.

RBI :- RBI act was passed in 1934 & RBI was constituted as an apex bank without major government ownership RBI was empowered in 1960.

What is Law? When a proposal accepted by the eligible persons with the legal agreement then its called Law. Proposal + Acceptance = Agreement + Legal = Law

There are two types Law – 1.	Expressive Law 2.	Implied Law 1.	Expressive Law: - It is the law which is made by the free consent legal agreement between two parties. i.e. – The legal agreement between seller & buyer. (In which both the parties are satisfied with the opinion of each other.) 2.	Implied Law: - This type of law is already mentioned in the book of law. i.e. – An earning person of India must have to submit income tax. Banking Law'Bold text'

Banking law is the study of business transaction through the bank with the help of its negotiable instrument ( i.e.- cheque, demand draft, Bankers cheque, Bill of exchange) as the banking is concerned with the mutual agreement between two parties under legal procedure. Why we know about banking law? - In the present scenario entire business transaction is performed by credit or by the bank and its negotiable instrument, banks are also considered as the nerve centre of Trade, Commerce & Industry, so it is mandatory to know about banking function and law.

What is Core Banking ? The bank which is interconnected with its all branches & also with the other banks over world wide through the internet. The customer can use their account any where and any time that’s called core banking.

Bailment :- When any customer deposit any documents or ornaments and any kinds of goods in locker to bank and after a period customer take return his goods as usual from the bank without no changing in quality & quantity this process is called Bailment. In this case customer is considered as Bailer Banker is considered as Baillie And the process is called Bailment. Why bailment is not applicable on Currency ? Because incase of bailment there is no changing in goods against quality, quantity & shape. It is not possible incase of currency because it is moving type property & only value of currency are mentioned in the book of customer. Relationship between Banker & Customer 1. As a Debtor & Creditor 2. Statuary obligation :- to honor the cheque of the customer by        Unconditional order. 3.	Banker acting as a Agent :- When we deposit a a/c payee cheque into the bank then bank collect money from the source bank of cheque. At this time bank acting as a Agent. 4.	Banker acting as a Holder: - When a a/c payee cheque deposited into the bank and bank immediately credit the money in the a/c of customer and after that bank sent cheque for clearance at this time bank acting as a holder. 5.	As a Bailment 6.	Banker’s lien :-	Legal claim upon property which is over handed to bank at the time of loan & guarantee by bank for any transaction as a security until whole debt on it will repaid. There are two types of Banker’s lien. (a). General lien :- In this case security can refund at the Repayment of 90% of debt. (b). Special lien :- In this case security never will refund until Whole debt is repaid. 7.	As a Trustee 8.	As a lender Garnishee order When a creditor lend money to debtor through the bank and at the time of repayment of sum of money debtor deny (refuse) to pay his debt then creditor suit a file into the court against the debtor & court will issue a order to garnishee (bank) for seize the a/c of debtor this order is called Garnishee order.

Cr.