From Demonetisation to Digital Currency: How India Led the Global Shift Toward Sovereign Digital Money
From Demonetisation to Digital Currency: How India Led the Global Shift Toward Sovereign Digital Money India is a visionary nation. India had a serious problem of terrorism and funding terrorism through fake currency notes. India, to abate terrorism, opted for demonetisation on 8th November 2016. India introduced digital payment platforms simultaneously. We now have Bharat Pay, G Pay and even every bank has started their UPI. India has shown the world the path towards a digital world. Now, the west side of the globe is following India’s footsteps. USA PASSES LAW OF REGULATORY FRAMEWORK OF DIGITAL CURRENCY: The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, signed into law in July 2025, establishes the first comprehensive federal regulatory framework for payment stablecoins in the United States. It mandates 100% reserve backing, strict, liquidity requirements, and brings issuers under Bank Secrecy Act (BSA) compliance. Key Aspects of the GENIUS Act (2025-2026): Purpose: To foster innovation in digital assets while protecting consumers and ensuring financial stability. Reserve Requirements: Requires stablecoins to be backed 1:1 by high-quality, liquid assets, such as U.S. dollars or short-term Treasury bills. Issuer Regulation: Only permitted issuers can create payment stablecoins; they must adhere to capital and risk management rules. Consumer Protection: Guarantees redemption rights for stablecoin holders and mandates public disclosures of reserves. Compliance: Subjects issuers to anti-money laundering (AML), countering the financing of terrorism (CFT), and sanction requirements. International Scope: Foreign issuers targeting U.S. users are held to the same standards as domestic issuers. The Treasury Department is actively implementing the law, with public comment periods regarding the regulation of these digital assets extending into late 2025 Overview of U.S. Monetary Evolution The U.S. monetary system has undergone major changes, including: Early issuance of private bank and Treasury currencies. Creation of the Federal Reserve in 1914 as the sole currency issuer. Abandonment of gold and silver convertibility after 1933. These shifts were controversial decisions and actions but are now widely accepted. Emergence of Digital Currencies and CBDC Debate Private digital currencies (e.g., Bitcoin) and foreign CBDCs have prompted U.S. policy debates. A Central Bank Digital Currency (CBDC) is the digital form of a nation’s sovereign currency, issued and regulated by the central bank (e.g., RBI’s “Digital Rupee” or e₹). It acts as legal tender, is interchangeable 1:1 with physical cash, and is designed to make transactions faster, cheaper, and more secure. Key Aspects of CBDCs: Types: Divided into Retail (CBDC-R) for public use and Wholesale (CBDC-W) for interbank settlements. Storage: Held in digital wallets provided by banks, offering 24/7 transactions. Global Status: Over 130 countries, representing 98% of global GDP, are exploring or have launched CBDCs, driven by the need for enhanced digital payment efficiency. Digital Currency Vs. Crypto: Unlike cryptocurrencies, CBDCs are centralised, backed by the state, and not volatile. Goals: Reduce cash-handling costs, improve financial inclusion, and increase cross-border payment efficiency. Key questions include: Whether the Federal Reserve should issue a CBDC. Whether a CBDC would fundamentally change the financial system or simply modernise it. USA Congress has held several hearings and proposed multiple CBDC-related bills in recent sessions. Purpose of the […]
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Digital Euro Initiative: Modernizing Payments and Ensuring Monetary Sovereignty in Europe
Digital Euro Initiative: Modernizing Payments and Ensuring Monetary Sovereignty in Europe European Central Bank (ECB) is driving the digital euro initiative to modernize payments, ensure monetary sovereignty, and complement, not replace, cash. Following completed technical preparations, the project entered a two-year preparation phase in November 2023. A potential rollout is targeted for 2029, with pilot projects expected in 2027 pending legislative approval. Overview • On 28 June, the European Commission proposed legislation to create a legal framework for a digital euro. • The digital euro would be a central bank–issued digital currency designed to complement cash. • It aims to strengthen European retail payments and support the euro’s international role. Objectives • Maintain public access to central bank money in a digital economy. • Respond to declining cash use. • Promote financial inclusion, competition, and innovation. • Enable payments where cash cannot be used, such as online. Relationship with Cash • The digital euro will not replace physical cash. • It is meant to coexist with banknotes and coins. • A parallel proposal protects cash’s legal tender status and accessibility. • Users remain free to choose their payment method. Regulatory Framework • The draft regulation covers: o Legal tender status o Privacy and data protection o Anti-money laundering rules o Distribution and access o Financial stability o International use • The framework is “enabling,” setting core rules without fixing final design details. Digital Euro vs. Bank Deposits • Digital euro: o Issued by the ECB o Liability of the central bank o Similar in nature to cash • Bank account money: o Issued by commercial banks o Private-sector liability • The digital euro may allow offline, proximity payments. Access and User Services • Provided through banks and authorized payment providers. • Alternatives available for people without bank accounts. • Users can switch providers. • Basic services for individuals are free, including: o Account management o Balance checks o Funding and withdrawals o Transfers and payments Privacy Protections • User data handled by service providers, not the ECB. • The ECB will not see users’ identities. • Offline payments offer privacy similar to cash. Holding Limits • Limits may be set to: o Protect monetary and financial stability o Prevent money laundering o Fight terrorism financing Programmability • No automatic restrictions on how money is spent. • Users control how they use their funds. • Conditional payments are possible. Legislative Process and Next Steps • The proposal follows extensive consultations. • It requires approval by the European Parliament and Council. • After adoption, the ECB will decide: o Whether to issue the digital euro o When to launch it o Which design features to adopt Complementary Measures • A separate proposal ensures continued access to cash. • Together, both initiatives aim to guarantee reliable access to public money in all forms. Website: https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html #prof Key aspects of the digital euro : • Strategic Priority: Aimed at strengthening Europe’s financial independence amidst rising private digital currencies and foreign payment solutions. • Key Features: Designed to be a free-of-charge, secure, and instant method for both online and offline payments across the euro area. […]
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Monetary Power in the 21st Century: Theories, and The Rise and Resilience of the Dollar
Monetary Power in the 21st Century: Theories and The Rise and Resilience of the Dollar Printing more dollars hits the US economy hard because it increases the money supply without a corresponding increase in the actual goods and services produced, leading to devaluation and higher prices When the Federal Reserve prints money (or creates it digitally through quantitative easing), it devalues the existing currency, which reduces purchasing power and causes inflation. Here is how printing money hurts the economy: High Inflation: When more money chases the same amount of goods, prices for everyday items rise, as demonstrated in 2021-2022 when high money supply growth led to sharp inflation. Decreased Purchasing Power: As inflation rises, each dollar buys fewer goods and services. This is particularly harmful to consumers, as their wages and savings no longer stretch as far, reducing their standard of living. Erosion of Savings: Inflation act as a “hidden tax” on cash holders. Those with savings, particularly on fixed incomes, see the real value of their money plummet. Loss of Investor Confidence: Excessive, uncontrolled money printing can lead to a loss of faith in the US dollar. If investors believe the currency will continue to lose value, they may shift to more stable assets, reducing the demand for dollars globally. Currency Devaluation Risk: Persistent printing can cause the dollar to weaken against other currencies, making imports more expensive and contributing to trade imbalances. Increased National Debt: When the government prints money to finance spending, it increases the national debt. As the debt grows, it becomes harder for the government to service its obligations without further debasing the currency. Market Bubbles: The influx of money often flows into stocks and real estate rather than into the productive economy, creating asset price bubbles that can lead to financial instability. While printing money can provide a temporary economic boost during a recession, it can cause significant long-term damage if it becomes an addictive tool for handling debt, with historical cases like Germany in the 1920s and Zimbabwe in the 2000s highlighting how it can destroy an economy. THEORY PROPELLED BY VARIOUS ECONOMIST. The concept of printing currency is a highly debated topic among leading economists. On one side, traditional theory stress the importance of maintaining monetary stability, while more modern perspectives support using debt-financed spending to stimulate the economy. At the heart of this debate is the challenge of finding the right balance between leveraging money creation to boost economic activity and managing the potential risks of inflation Here are the primary theories and the authors associated with them: 1. Modern Monetary Theory (MMT) MMT, which gained prominence in the 2010s, argues that governments that issue their own fiat currency (like the US, UK, Japan, and Canada) are not constrained by revenue when it comes to spending. Therefore, they can, and should, print money to fund public services and maintain full employment. Key Authors/Proponents: Warren Mosler (who authored The 7 Deadly Innocent Frauds of Economic Policy and Soft Currency Economics), Stephanie Kelton (The Deficit Myth), L. Randall Wray, and Bill Mitchell. Core Theory: Sovereign governments cannot go broke and do not need […]
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“UNVEILING THE SFIO: INDIA’S MULTI-DISCIPLINARY AGENCY Ft5tt5OR CORPORATE FRAUD INVESTIGATION”
“UNVEILING THE SFIO: INDIA’S MULTI-DISCIPLINARY AGENCY FOR CORPORATE FRAUD INVESTIGATION” NOTIFICATION: The Central Government, by notification, established an office called the Serious Fraud Investigation Office to investigate frauds relating to a company: The said office is setup by the Central Government in terms of the Government of India Resolution No. 45011/16/2003-Adm-I, dated the 2nd of July 2003 and shall be deemed to be the Serious Fraud Investigation Office for the purpose of this section. SET UP The Serious Fraud Investigation Office is headed by a director and consist of such number of experts from the following fields to be appointed by the Central Government from amongst persons of ability, integrity and experience in,— (i) banking; (ii) corporate affairs; (iii) taxation; (iv) forensic audit; (v) capital market; (vi) information technology; (vii) law; or (viii) such other fields as may be prescribed. Director in the Serious Fraud Investigation Office, shall be an officer not below the rank of a Joint Secretary to the Government of India having knowledge and experience in dealing with matters relating to corporate affairs. The Central Government may appoint also experts and other officers and employees in the Serious Fraud Investigation Office as it considers necessary for the efficient discharge of its functions under this Act. The terms and conditions of service of Director, experts, and other officers and employees of the Serious Fraud Investigation Office shall be such as may be prescribed. (see rules) RULES OF APPOINTMENT 14.1.3- Companies (Inspection, Investigation and Inquiry) Rules,2014 3. Appointment of persons having expertise in various fields.— The Central Government may appoint persons having expertise in the fields of investigations, cyber forensics, financial accounting, management accounting, cost accounting and any other fields as may be necessary for the efficient discharge of Serious Fraud Investigation Office (SFIO) functions under the Act. 14.1.4-Companies (Inspection, Investigation and Inquiry) Rules,2014 Terms and Condition of service.— The terms and conditions of service of Director, experts and other officers and employees of the Serious Fraud Investigation Office under sub-section (5) of Section 211 shall be as under— (a) the terms and conditions of appointment of Director shall be governed by the deputation rules under the Central Staffing Scheme of Government of India; (b) the terms and conditions of service of experts from the Central Government or the State Government or Union territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India; (c) the terms and conditions of service of other officers and employees from the Central Government or the State Government or Union Territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India; (d) the Central Government may appoint experts or consultants or other professionals or professional firms on contractual basis as per the Scheme of engagement of experts or consultants which may be duly approved by the Central Government. India’s Companies Act, 2013, specifically Sections 211 and […]
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“UNMASKING MONEY LAUNDERING: INTERNATIONAL LAWS, TECHNIQUES, AND LANDMARK CASES”
Money laundering laws evolved from early record-keeping rules (like the US Bank Secrecy Act, 1970) into a sophisticated global framework, driven by the war on drugs and terrorism, with the FATF (1989) setting global standards (40 Recommendations). Key milestones include the Vienna Convention, US Patriot Act, and EU AML Directives, continually expanding scope to cover new tech like crypto (FATF Rec 15) and closing loopholes in corporate transparency, with laws like India’s PMLA (2002) following global norms. Early Stages (1970s-1980s) Focus: Initial efforts, like the 1970 US Bank Secrecy Act, targeted drug trafficking proceeds, shifting from basic reporting to criminalizing the act itself. Motivation: Governments recognized the financial system’s vulnerability and sought tools to seize illicit gains, especially from organized crime. International Standardization (1989-2000s) FATF: The Financial Action Task Force (FATF) was created in 1989, becoming the primary international body issuing guidelines (40 Recommendations) for a unified global approach to combat financial crime. United Nations: The Vienna Convention (1988) marked a major early international step, targeting drug-related money laundering. Expansion: Efforts broadened beyond drugs to combat terrorist financing, leading to the FATF’s “+9” Special Recommendations and revised 40 Recommendations by 2012. Modern Era & Technological Challenges (2000s-Present) EU Directives: The EU’s series of Anti-Money Laundering Directives (AMLDs) progressively strengthened rules on Customer Due Diligence (CDD) and expanded criminal liability. USA PATRIOT Act: This significantly enhanced US AML laws post-9/11, increasing scrutiny. Digital Assets: In 2019, FATF extended its standards to cover virtual assets (crypto), requiring regulation for Virtual Asset Service Providers (VASPs). Beneficial Ownership: Recent FATF updates (2022) focus on combating criminals hiding behind secret corporate structures. Global Response: Countries like India (PMLA, 2002) and others enacted laws aligning with these global standards, dealing with issues like fintech and new criminal typologies. KEY THEMES IN EVOLUTION From Banking to All Sectors: Regulations now cover fintech, crypto, and other areas, not just traditional banks. Transparency: Moving from a system of trust to one demanding transparency and accountability. Adaptability: Laws constantly evolve to counter new criminal methods, from physical cash to digital mixers Definition: The process of converting illicit funds (dirty money) into funds with an apparently legal source (clean money). Purpose: To use the proceeds from crime without detection by law enforcement, funding further criminal enterprises. Stages: Placement: Introducing the “dirty” cash into the financial system (e.g., small cash deposits). Layering: Obscuring the money’s origin through complex transactions, like electronic transfers or shell companies. Integration: Reintroducing the money as legitimate earnings through investments or purchases (e.g., real estate, luxury goods). Example: The Restaurant Scheme A criminal owns a cash-intensive business, like a restaurant or car wash, which generates legitimate revenue. They mix illegally obtained cash with the actual daily earnings. The business then reports the inflated, combined total as legitimate sales, depositing it into a bank account. The money is now “laundered” and appears as ordinary business revenue, making it usable by the criminal. Other Examples & Methods Shell Companies: Creating fake companies to funnel money through. Invoice Fraud: Manipulating invoices (over- or under-invoicing) for goods and services to justify moving money. Smurfing: Making numerous small cash deposits to avoid triggering […]
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FRAUDULENT RECORDS CREATED BY MANAGING COMMITTEE – EFFECT ON REVERSIONARY INTEREST- CONSEQUENCES
WHAT IS THE PROCESS OF PURCHASING REVERSIONARY INTEREST? IS DEEMED CONVEYANCE A FINAL TITLE WITHOUT CONVEYANCE OF REVERSIONARY INTEREST? DOES REVERSIONARY INTEREST EXTINGUISH AFTER GETTING DEEMED CONVEYANCE? WHAT ARE CONSEQUENCES OF FRAUD PLAYED BY THE COMMITTEE BY FABRICATING TITLE RECORDS? First let us see What is Lease? Under Transfer of Property Act 1882 its defined in Section 105 Lease defined. A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. Lessor, lessee, premium and rent defined. — The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent How is Lease determined? It is provided in the Transfer of Property Act 1882. Section 111 Determination of lease. — A lease of immoveable property determines—(a)by efflux of the time limited thereby;(b)where such time is limited conditionally on the happening of some event—by the happening of such event;(c)where the interest of the lessor in the property terminates on, or his power to dispose of the same extends only to, the happening of any event—by the happening of such event;(d)in case the interests of the lessee and the lessor in the whole of the property become vested at the same time in one person in the same right;(e)by express surrender; that is to say, in case the lessee yields up his interest under the lease to the lessor, by mutual agreement between them;(f)by implied surrender;(g)by forfeiture; that is to say, (1) in case the lessee breaks an express condition which provides that, on breach thereof, the lessor may re-enter; or (2)in case the lessee renounces his character as such by setting up a title in a third person or by claiming title in himself; or (3)the lessee is adjudicated an insolvent and the lease provides that the lessor may re-enter on the happening of such event; and in any of these cases the lessor or his transferee gives notice in writing to the lessee of his intention to determine the lease; (h)on the expiration of a notice to determine the lease, or to quit, or of intention to quit, the property leased, duly given by one party to the other. Illustration to clause (f)A lessee accepts from his lessor a new lease of the property leased, to take effect during the continuance of the existing lease. This is an implied surrender of the former lease, and such lease determines thereupon. DEEMED CONVEYANCE- REVERSIONARY INTEREST Buying private reversionary rights means, purchasing the right of an original owner (Reversioner) to get their property back after a temporary interest (like a lease or life estate) ends. This process involves a formal “Deed of Conveyance” to transfer these future ownership rights, allowing the buyer […]
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SAME SEX MARRIAGE AND ARDH NARISHWAR – WHETHER IT IS PARALLEL OR THERE IS RESEMBLANCE?
What is Ardh -Narishwar? Is it alike a gay or eunuch? Let us see what is Ardh- Narishwar ‘शंकर: पुरुषा: सर्वे स्त्रिय: सर्वा महेश्वरी।’ (शिवपुराण) अर्थात्–समस्त पुरुष भगवान सदाशिव के अंश और समस्त स्त्रियां भगवती शिवा की अंशभूता हैं, उन्हीं भगवान अर्धनारीश्वर से यह सम्पूर्ण चराचर जगत् व्याप्त है। शक्ति के बिना शिव ‘शव’ हैं शिव और शक्ति एक–दूसरे से उसी प्रकार अभिन्न हैं, जिस प्रकार सूर्य और उसका प्रकाश, अग्नि और उसका ताप तथा दूध और उसकी सफेदी। शिव में ‘इ’कार ही शक्ति है। ‘शिव’ से ‘इ’कार निकल जाने पर ‘शव’ ही रह जाता है। शास्त्रों के अनुसार बिना शक्ति की सहायता के शिव का साक्षात्कार नहीं होता। अत: आदिकाल से ही शिव–शक्ति की संयुक्त उपासना होती रही है। भगवान शिव के अर्धनारीश्वररूप का आध्यात्मिक रहस्य भगवान शिव का अर्धनारीश्वररूप जगत्पिता और जगन्माता के सम्बन्ध को दर्शाता है। सत्–चित् और आनन्द–ईश्वर के तीन रूप हैं। इनमें सत्स्वरूप उनका मातृस्वरूप है, चित्स्वरूप उनका पितृस्वरूप है और उनके आनन्दस्वरूप के दर्शन अर्धनारीश्वररूप में ही होते हैं, जब शिव और शक्ति दोनों मिलकर पूर्णतया एक हो जाते हैं। सृष्टि के समय परम पुरुष अपने ही वामांग से प्रकृति को निकालकर उसमें समस्त सृष्टि की उत्पत्ति करते हैं। शिव गृहस्थों के ईश्वर और विवाहित दम्पत्तियों के उपास्य देव हैं क्योंकि अर्धनारीश्वर शिव स्त्री और पुरुष की पूर्ण एकता की अभिव्यक्ति हैं। संसार की सारी विषमताओं से घिरे रहने पर भी अपने मन को शान्त व स्थिर बनाये रखना ही योग है। भगवान शिव अपने पारिवारिक सम्बन्धों से हमें इसी योग की शिक्षा देते हैं। अपनी धर्मपत्नी के साथ पूर्ण एकात्मकता अनुभव कर, उसकी आत्मा में आत्मा मिलाकर ही मनुष्य आनन्दरूप शिव को प्राप्त कर सकता है। क्यों हुआ अर्धनारीश्वर अवतार? भगवान शिव का अर्धनारीश्वरस्वरूप ब्रह्माजी की कामनाओं को पूर्ण करने वाला है। पुराणों के अनुसार लोकपितामह ब्रह्माजी ने सनक–सनन्दन आदि मानसपुत्रों का इस इच्छा से सृजन किया कि वे सृष्टि को आगे बढ़ायें परन्तु उनकी प्रजा की वृद्धि में कोई रुचि नहीं थी। अत: ब्रह्माजी भगवान सदाशिव और उनकी परमाशक्ति का चिंतन करते हुए तप करने लगे। इस तप से प्रसन्न होकर भगवान सदाशिव अर्धनारीश्वर रूप में ब्रह्माजी के पास आए और प्रसन्न होकर अपने वामभाग से अपनी शक्ति रुद्राणी को प्रकट किया। वे ही भवानी, जगदम्बा व जगज्जननी हैं। ब्रह्माजी ने भगवती रुद्राणी की स्तुति करते हुए कहा– ’हे देवि! आपके पहले नारी कुल का प्रादुर्भाव नहीं हुआ था, इसलिए आप ही सृष्टि की प्रथम नारीरूप, मातृरूप और शक्तिरूप हैं। आप अपने एक अंश से इस चराचर जगत् की वृद्धि हेतु मेरे पुत्र दक्ष की कन्या बन जायें।’ ब्रह्माजी की प्रार्थना पर देवी रुद्राणी ने अपनी भौंहों के मध्य भाग से अपने ही समान एक दिव्य नारी–शक्ति उत्पन्न की, जो भगवान शिव की आज्ञा से दक्ष प्रजापति की पुत्री ‘सती’ के नाम से जानी गयीं। देवी रुद्राणी पुन: महादेवजी के शरीर में प्रविष्ट हो गयीं। अत: भगवान सदाशिव के अर्धनारीश्वररूप की उपासना में ही मनुष्य का कल्याण निहित है। अर्धनारीनटेश्वर स्तोत्र (हिन्दी अनुवाद सहित)!!!!!!!! English Translation: That is, all men are part of Lord Sadashiv and all women are part of Lord Shiva, this entire living world is pervaded by the same Lord Ardhanarishwar. Without Shakti, Shiva is a ‘dead body’ Shiva […]
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CAN A COPARCENER/CO-OWNER SELL HIS/HER SHARE IN A JOINTLY OWNED PROPERTY TO A THIRD PARTY? RIGHT OF PREEMPTION AGRICULTURE LAND VS RESIDENTIAL PROPERTY
Let us first see the provisions of the Transfer of Property Act 1882 and the Hindu Succession Act 1956. Section 22 of The Hindu Succession Act 1956 Section 22 of the Act is as under:- “22. Preferential right to acquire property in certain cases – (1) Where, after the commencement of this Act, an interest in any immovable property of an intestate, or in any business carried on by him or her, whether solely or in conjunction with others devolves upon two or more heirs specified in class I of the Schedule, and any one of such heirs proposes to transfer his or her interest in the property or business, the other heirs shall have a preferential right to acquire the interest proposed to be transferred. (2) The consideration for which any interest in the property of the deceased may be transferred under this section shall, in the absence of any agreement between the parties, be determined by the court on application being made to it in this behalf, and if any person proposing to acquire the interest is not willing to acquire it for the consideration so determined, such person shall be liable to pay all costs of or incident to the application. (3) If there are two or more heirs specified in class I of the Schedule proposing to acquire any interest under this section, that heir who offers the highest consideration for the transfer shall be preferred. Explanation.- In this section, “court” means the court within the limits of whose jurisdiction the immovable property is situate or the business is carried on, and includes any other court which the State Government may, by notification in the Official Gazette, specify in this behalf.” OBITER Smt. Laxmi Debi v. Surendra Kumar Panda and Others by the High Court of Orissa. In this case the submission that Section 22 of the Act would not cover succession in respect of agricultural lands was rejected.It was observed and held that “It is clear that the Parliament had omitted the phrase “save as regards agricultural land” from item No. 5 of the Concurrent List in order to have a uniform personal law for Hindus throughout India, and accordingly, it necessitated the enlargement of Entry No. 5. We have no doubt, therefore, that in view of the change in law, the Act will apply to agricultural lands also, and the decision in AIR 1941 FC 72 (K) would no longer hold good.” The High Court of Judicature at Allahabad, in Smt. Prema Devi vs. Joint Director of Consolidation (Headquarter) at Gorakhpur Camp and Ors. held:- In List 2, Entry No. 18 is as follows:– “Land, that is to say, right in or over land, land tenures including the relation of landlord and tenant, and the collection of rents; transfer and alienation of agricultural land; land improvement and agricultural loans; colonization.” This entry which is in the exclusive jurisdiction of the State Legislature is in the widest term. All laws relating to land and land tenures are therefore, within the exclusive jurisdiction of the State Legislature. Even personal law can become applicable to land tenures […]
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CAN SOCIETY REFUSE TO TRANSFER A FLAT ON AN UNREGISTERED AGREEMENT?
CAUTIONARY The Committee of Society should not use the law for harassment but for betterment. We have a question before us. Let us analyze There was a leading case of Kalpita Enclave vs Kiran Builders. This was under Section 7 of the Maharashtra Ownership Flats Act,1963. In this case, two flat purchasers had filed suit under Section 7 of said MOFA, which was objected by the builders. Subsequently, MOFA Section 4 was amended and 4A was inserted. 1[4A Where an agreement for sale entered into under sub-section (1) of Effect of section 4, whether entered into before or after the commencement of the Maharashtra Ownership Flats (Regulation of the promotion of construction, registration sale, Management and transfer) (Amendment and Validating Provisions) Act 1983, remains unregistered for any reason, then notwithstanding anything required to contained in any law for the time being in force, or in any judgment, decree be or order of any Court, it may be received as evidence of a contract in a suit registered for specific performance under Chapter II of the Specific Relief Act, 1963, or of as evidence of part performance of a contract for the purposes of section 53A of the Transfer of Property Act, 1882, or as evidence of any collateral 1882. transaction not required to be affected by registered instrument.]. Subsequently, Maharashtra Textile and Co-operation Ministry came out with a Circular dated 16th October 1991 not to effect transfer by the Society till Stamp Duty and Registration charges are paid. However the unregistered document is not invalid and can be received in evidence as per Section 4A of the MOFA Act,1963. The market value concept came into force on 1st January 1986 and all documents prior thereto are out of the purview of the market value. Concluding Remarks: In current times society is bound to transfer flat upon payment of stamp duty and registration charges. But old documents are out of the scope of the valuation. Documents which are executed up to 31st December 1985 are not liable for market value. Even documents prior to 1986 and subsequent which is unregistered are not invalidated by their non-registration. SHRUTI DESAI 7th September,2022
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JUDICIAL ACTIVISM AFFECTING ORIGINAL SCOPE OF DUTIES? An analysis based on Article 138 of the Constitution :
My Quote: We must consider a person whose money and land is blocked in litigation dies everyday. Article 138. Enlargement of the jurisdiction of the Supreme Court (1) The Supreme Court shall have such further jurisdiction and powers with respect to any of the matters in the Union List as Parliament may by law confer (2) The Supreme Court shall have such further jurisdiction, and powers with respect to any matter as the Government of India and the Government of any State may by special agreement confer, if Parliament by law provides for the exercise of such jurisdiction and powers by the Supreme Court Poetic Justice: English drama critic Thomas Rymer coined the phrase in The Tragedies of the Last Age Consider’d (1678) to describe how a work should inspire proper moral behavior in its audience by illustrating the triumph of good over evil. The demand for poetic justice is consistent in Classical authorities and shows up in Horace, Plutarch, and Quintillian, so Rymer’s phrasing is a reflection of a commonplace. Philip Sidney, in The Defence of Poesy (1595) argued that poetic justice was, in fact, the reason that fiction should be allowed in a civilized nation. But Indian Civilization believes in Karma which was much much prior to theory of poetic justice: And here they say that a person consists of desires, and as is his desire, so is his will; and as is his will, so is his deed; and whatever deed he does, that he will reap. : Brihadaranyaka Upanishad, 7th century BCE Judicial Activism: During #pandemic #Covid19India Judiciary played active role. As such over last 15 years there is more judicial activism. When we change or expand horizon we need more efficiency, professionalism, workforce, intellect, reduction in procedure and process, and also with today’s time we need modern technology. We have in last decade seen Judiciary calling #AirChiefMarshal for questioning on #Rafaeldeal We saw courts ordering change in 1000 years custom and usage in case of #shabarimala At the same time #NJAC was struck down. There is Judicial activism seen by way of PILs and suo motu cognizance. However the fundament duty of Judiciary has seen serious backlog. May it be suit, appeal or execution. We cannot value the total amount stuck in financial recovery cases, and land cases pending in various courts across India. Common citizens discuss but do not debate because of scare of law. I am referring these sequences of events because recently Bombay High Court said if people die of lack of oxygen it’s violative of Article 21. What does it provide? Article 21 in The Constitution of India 1949 gives Protection of life and personal liberty No person shall be deprived of his life or personal liberty except according to procedure established by law. Backlog of Cases violate of Constitutional Rights? there is report which requires serious considerations even by those who are executing duties under oath. https://prsindia.org/policy/vital-stats/pendency-cases-judiciary which says: In 2016, compared to 2006, number of cases disposed of increased approximately from 57,000 to 76,000 in Supreme Court; from 14.4 lakh cases to 16 lakh cases in High Courts and from […]
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