IMPORTANT LAWS GOVERNING BUSINESS IN INDIA

IMPORTANT LAWS GOVERNING BUSINESS in INDIA

India has an exhaustive legal framework governing all aspects of

business. Some of the important ones include:

Corporate Law

Companies Act, 1956

Governs all Corporate Bodies.

Competition Act, 2002

Law to ensure free and fair competition in the market.

Consumer Protection Act, 1986

Law relating to protection of consumers from unscrupulous traders/manufacturers.

Contract Act, 1872

Law relating to contracts in India.

Environment Protection Act, 1986

Provides framework for seeking environmental clearances.

Foreign Exchange Management Act, 1999

Regulates foreign exchange transactions including foreign investment.

Labour

Factories Act, 1948

Law regulating labour in factories.

Industrial Disputes Act & Workmen Compensation Act

Labour laws dealing with disputes.

Industries (Development & Regulation) Act, 1951

Governs all industries.

Dispute Settlement

Arbitration and Reconciliation Act, 1996

Law relating to alternate redressal of disputes amongst parties.

Taxation

Central Excise Act, 1944

Governs duty levied on manufacture.

Customs Act, 1962

Deals with import regulations.

Customs Tariff (Amendment) Act, 2003

The Act puts in place a uniform commodity classifi cation code based on globally adopted nomenclature system for use in all trade-related transactions.

Income Tax Act, 1961

Governs direct taxes on income of all persons, both corporate and non-corporate as well as residents and non-residents.

Sales Tax Act, 1948

Governs the levy of tax on sales.

Sector Specific

Electricity Act 2003

Regulates generation, transmission, distribution, trading and use of electricity and generally for taking measures conducive to development of electricity industry, promoting competition therein, protecting interests of consumers and supply of electricity to all areas.

Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act, 2002

Seeks to put in place securitisation and asset foreclosure laws creating a legal framework for establishment of Asset Reconstruction Companies.

Other Laws

Information Technology Act, 1999

Law governing E-commerce transactions.

Money Laundering Act

Prevents money laundering and provides for confi scation of property derived from, or involved in, money laundering.

Patents Act, Copyright Act, Trade Marks Act

Protect intellectual property rights.

Securities and Exchange Board of India Act, 1992.

Law relating to protection of interests of investors in securities and regulation of the securities market.

Right to Information Act, 2005

Sets out right of every citizen to access information under the control of public authorities and to promote transparency and accountability in the working of every public authority. 

Provides for constitution of a Central Information Commission and State Information Commission.

Special Economic Zones Act, 2005

A comprehensive Act :

Provides for the establishment, development and management of the Special Economic Zones for the promotion of exports and for matters connected therewith or incidental thereto.

Provides for fiscal and economic incentives for developer of / units in SEZ.