IMPORTANT LAWS GOVERNING BUSINESS in INDIA
India has an exhaustive legal framework governing all aspects of
business. Some of the important ones include:
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.
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.
Arbitration and Reconciliation Act, 1996
Law relating to alternate redressal of disputes amongst parties.
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.
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.
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.