Gauhati University Question Papers
REGULATORY FRAMEWORK IN BUSINESS II (May-June’ 2014)
Full Marks: 80
Time Allowed: 3 hours
Answer either in English or Assamese
The figures in the margin indicate full marks for the questions
1. (A) Choose the correct answer from the following options: 1x5=5
a) Which of the following person(s) can become a resident(s) in India on fulfillment of conditions:
1) A resident outside India.
2) A foreigner.
3) A Non-resident Indian.
4) All of the above.
b) Which of the following rights is available to an expelled partner under the Partnership Act, 1932?
1) Dormant Partner.
2) Retired Partner
3) Sub-Partner.
4) Nominal Partner.
c) Hawala trade in foreign exchange was fully discouraged in India after occurrence of which of the following events?
1) Full convertibility of rupee.
2) Partial convertibility of rupee.
3) Appointment of authorised agent by the RBI.
4) Appointment of Money changes by the RBI.
d) Which one of the following persons is a consumer under the Consumer Protection Act, 1986?
1) A person enjoying goods for free of cost.
2) A person buying goods for reselling.
3) A person buying goods for personal consumption.
4) A buyer using goods for business use.
e) Which of the following consumer redressal machinery (ies) under Consumer Protection Act does/do not have appellate jurisdiction?
1) District Consumer Redressal Forum.
2) State Consumer Protection Commission.
3) National Consumer Protection Commission.
4) All of the above.
(B) State whether the following answer are correct or incorrect: 1x5=5
a) The status of a High Court Judge is prescribed as equivalent qualification for president ship of National Commission under Consumer Protection Act, 1986.
b) The legal entity of a limited liability partnership firm is the same with that of a Corporation Sole.
c) A minor may become a partner of a partnership firm under certain conditions.
d) Right to Information Act is not applicable upon private sector enterprises.
e) Under FEMA, Foreign Exchange means only foreign currencies.
2. Write short answers on the following: (any four) (not exceeding 40 words for each answer) 2x5=10
a) State the time limit within which a complainant should file a complaint before redressal machineries and the period within which such complaints need to be settled.
b) State the object of Information Technology Act, 2000.
c) Discuss the main purpose of passing the Patent Act, 1970.
d) State at least three evil practices in Capital market which the SEBI Act intends to control.
e) State the principal features of distinction between partnership Act and the Limited Liability Partnership Act as regard to liability and transferability of shares by members.
f) What is meant by money changes under FEMA 1999?
3. Write answer on the following questions: (any four) each answer not to exceed 150-200 words 5x4=20
a) State the procedure of registration of a partnership firm.
b) Discuss the objective of forming Central Consumer Protection Council under the Consumer Protection Act 1986.
c) Discuss the penalty awarded upon an Information Officer under the R.T.I. Act 2005 for failure to provide information within prescribed time.
d) State the type of dealings of foreign exchange which are regulated under the FEMA Act 1999.
e) State the Patentable inventory as per Patent Act 1970.
f) Discuss a few important features of the Limited Liability Partnership Act, 2008.
4. Define the term “Person resident in India” under the FEMA Act 1999. Also state the meaning of overseas corporate bodies. 7+3=10
Or
State the object FEMA. Also explain the definition of “Current Account Transaction” under the same Act.
5. Define the term “Right to Information” and “Public authority” under the Right to Information Act 2005. 10
Or
State the provision of law relating to maximum period within which information shall have to be provided by the Information Officer to an application under the Right to Information Act 2005. Also explain any three significant exemptions under which an information officer may refuse to provide information.
6. State the pecuniary and territorial jurisdiction of the District Consumer Redressal Forum under the Consumer Protection Act 1986. 10
Or
Discuss the powers of the District Consumer Redressal Forum and the relief which may be granted to an injured consumer under the Consumer Protection Act 1986.
7. Explain the list of authorizations to a partner as implied authority under the India Partnership Act 1932. Also state at least three restrictions over the use of implied authority by a partner. 10
Or
Explain the provision of various types of dissolution of a partnership firm under the Indian Partnership Act, 1932. How would you differentiate between the terms viz. dissolution of partnership and dissolution of a firm?
Also Read: Regulatory Framework in Business - II Question Papers
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