SlideShare a Scribd company logo
Edn: November 2016
Our India O cesffi
AHMEDABAD | BANGALORE | CHANDIGARH | CHENNAI | DELHI | MUMBAI
A liated To The CHUGH LLP Having O ces Inffi ffi
ATLANTA | MACON | NEW JERSEY | NEWYORK | NORT H CALIFORNIA | SOUTH CALIFORNIA | VIRGINIA |
LEON, MEXICO
LEY BOLETÍN
www.universal-legal.com
CURRENCY DEMONETISATION & ITS EFFECTS
On November 8, 2016, Narendra Modi, the Hon ble Prime Minister of India, addressed the Nation‟
and informed that at the stroke of midnight currency notes of Rs. 500 and Rs. 1000 will no
longer be considered as legal tender. Due to this move of demonitisation, India lost 86% of its
monetary base. According to the Hon ble Prime Minister, the said move was taken in an effort‟
to stop the counterfeiting of the current banknotes alleged to be used for funding terrorism and
for cracking down on black money in the country. The move is also aimed at reducing
corruption, drug menace and smuggling.
It is not the first time in the history of India or globally that demonetization has happened. In
India, it occurred 1 ½ years before independence in 1946, and again in 1978. The drive could
not be successful earlier as people anticipated the move. Thus, they had ample time to park
their black money in safe zones. Also, the circulation of higher denomination notes was not as
high then as the current 86%.
The Government has asked banks and post offices to report to the Income Tax Department all
deposits above Rs. 2,50,000/- in savings accounts and more than Rs. 12,50,000/- in current
accounts made during the 50 day window provided to tender the scrapped 500 and 1000 rupee
notes.
Cont.
Cont.
Effects:
Interest Rates & Deflation: First, people who have a lot of cash, legally earned, will deposit it
in the bank. This will increase bank s deposits by a huge margin. This will also increase the‟
lending activity because banks have a CRR (Cash Reserve Ratio) to maintain and with more
deposits they can do more lending. Credit (Loans) will become easier and interest rates may
come down. More loans given out increases broad money supply and creates inflation. But this
will happen slowly, not over-night.
Real Estate: It would crash quickly and recover slowly. That is because, in real estate, there is
no index price like gold and it is fixed by the market in a demand-supply balance. Resale
transactions in the real estate sector often have a significant cash component as it reduces
incidence of capital gain tax. Black money was responsible for sharp appreciation of properties
in metros; real estate prices may now see a sharp drop.
Increase in National Security: It has been a well-known fact that counterfeit currency is
being used by the terrorist organizations to lure people into carrying anti-national activities.
Due to such bold step by the Government to demonetize the currency, the terrorists are left
with nothing but to remain silent with the lack of funds. In addition, individuals who earn
money through wrongdoings will be the worst hit as they will not have the option to convert the
illegally earned money to legal money without inviting official crackdown from the government.
Cont.
Cont.
 Increase in number of tax payers: At present approximately 3% of the Indian population pays
taxes. Some just don t make enough and the others who do, siphon off the money. If this plan‟
works, the ramifications of the currency demonetization can touch all parts of the Indian
economy. Official data from the Reserve Bank India shows that the concentration of Rs. 500 and
Rs. 1000 notes are higher in the Indian market than Rs. 100 and other smaller denomination
currency notes. Hence, with the order to exchange Rs. 500 and Rs. 1000 notes through the banks,
the Government is actually increasing its surveillance on individuals to bring out tax-payers.
 Political parties in crisis ahead of polls: With nearly five state elections in 2017, demonetization
has stunned political parties. Especially, in large states like Punjab and Uttar Pradesh, cash
donations are a huge part of „election management . In one stroke, big parties will find‟
themselves hamstrung as cash hoards are often undeclared money. Parties will have to completely
rein campaign strategies in light of expected cash crunch.
Initiative: A major action taken by the Government to tackle the black money revealed from
demonetization is the introduction of the Taxation Laws (Second Amendment) Bill, 2016 (“Bill”)
and the scheme of „Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana,
2016 (“‟ PMGKY”) thereunder in Lok Sabha with the objective to utilise the additional revenue for
undertaking schemes of irrigation, housing, toilets, infrastructure, primary education, primary
health, livelihood for the poor. For specifics visit:
http://www.prsindia.org/uploads/media/Taxation%20Laws/Bill%20Summary%20-%20Taxation%20Laws
%20Second%20Amendment%20Bill%202016.pdf
REJECTION OF PATENT TO XTANDIs: A BOON OR
BANE
“The Patent system added the fuel of interest to the fire of genius –Anonymous”In a recent decision the Patent Office in India, rejected a Pfizer application for grant of patent to
Xtandi drugs, developed by Mr. Zakir Thomas at the University of California Los Angles (UCLA), which
is considered as a wonder drug to cure prostate. This decision, of the Indian Patent Office, is
wrangled by pharmaceutical giants, whereas the same is revered in the country as its speculated that
the rejection of this said patent application will not only pave way for generic medicine producers of
the drug, but is expected to reduce the price of the drug to 60% - 70% aiming welfare of the public at
large.
If we analyse the scenario of the pharmaceutical markets from 1999 to 2005, we will observe
sweeping changes have been deliberated by the legislators, especially with reference to patenting of
pharmaceutical products. In countries other than USA, the price of the medicine is subject to
government regulations and are controlled by government. However in India, until 2005 there were no
such stringent price regulations and a lot of exploitation was witnessed at the end of huge
pharmaceutical industries, which exploited the customers by charging an exorbitant price for life
saving drugs. However, in 2005, there was a sense of satisfaction as the Indian Patent Act, 1970
(“Act”) was amended with an introduction of sub clause (d) Section 3 of the Act as it absolved a lot of
problems arising in the pharmaceutical industries. Read as under:
“the mere discovery of a new form of a known substance which does not result in the enhancement of the
known efficacy of that substance or the mere discovery of any new property or new use for a known
substance or of the mere use of a known process, machine or apparatus unless such known process results in
a new product or employs at least one new reactant.”
Cont.
Cont.
The said provision of the Act incorporated restriction on the patenting of the pharmaceutical
products. The law explicitly states that the pharmaceutical products are not subject to be patented
if: First, unless a new form of an existing substance depicted increased effectiveness, it shall not be
patentable. If it does demonstrate increased effectiveness, then it is treated as an altogether novel
substance. Second, the “mere new use” of a known compound cannot be patented.
Patent to Xtandi medicine was rejected on the following grounds:
The subject matter of the Application was not novel;
It lacked inventive steps;
It did not constitute an invention.
The Patent officers held that the Xtandi medicines did not hold any inventive step over US Patent 981
and 257. Therefore the application was rejected on the grounds of being not novel as per Section 2(1)
(l). Further, the invention lacked an inventive step and did not entail any material improvement in its
efficacy, and thus was contrary to Section 3(d) of the Act.
The Amendment in the Act has brought down the pricing of drugs and made it accessible to the
common masses at affordable prices. Thus, refusing the grant of patent to Xtandi drugs is a much
favorable development for the Indian pharmaceutical sector, as it will not only end the monopoly of
pharmaceutical giants, but shall also promote innovation and growth amongst the indigenous
pharmaceutical companies and shall be a boon for maintaining and enhancing the health standards in
the country.
LEX REVISERS
NO COPYRIGHT OVER JUDGMENTS DELIVERED BY COURT
The Supreme Court, in it s recent decision ruled that no one could have copyright over judgments‟
delivered by the Apex Court. The Court held that „it could be reproduced in its raw form by anyone
without the risk of being accused of infringing copyright,‟
RUBIK'S CUBE LOSES EUROPEAN UNION TRADEMARK FIGHT OVER ITS SHAPE
Rubik's Cube, which was registered as a three-dimensional in the year 1999 recently lost a trademark
battle after the German toy manufacturer Simba Toys challenged the trademark protection, claiming
the cube's rotating capability can be protected by a patent but not a trademark. Europe's top court
held that its shape was not sufficient to grant it protection under the Trademarks Act.
To reach any of our offices:
Ahmedabad | Shivalik High Street | +91 79 4800 0060
Bangalore | Ulsoor Road | +91 80 6761 6000
Chandigarh | Panchkula | +91 98 1121 3234
Chennai | Nungumbakkam | +91 44 42187857
Delhi | East of Kailash | +91 11 4658 1691
Mumbai | Mahalaxmi | +91 22 4004 6647
DISCLAIMER
This document is intended as a news update and is not legal advice to any person or entity. Before acting on the basis of information in this document please obtain specific legal advice that may
vary per the facts and circumstances presented. UNIVERSAL LEGAL, Attorneys at Law does not accept any responsibility for losses or damages arising to any person using this information in a
For any queries you can reach:
Kavitha Vijay, Partner (kavitha.vijay@universal-legal.com)
Sameena Chatrapathy, Partner (sameena.c@universal-legal.com)

More Related Content

Similar to Universal Legal- Ley Boletin- Nov 2016

Essay black money
Essay black moneyEssay black money
Essay black moneyLiza Dsouza
 
Demon etisation
Demon etisationDemon etisation
Demon etisation
Basudeb Manna
 
How to control corruption
How to control corruptionHow to control corruption
How to control corruptionCAROLYNE_NOVA
 
Black money nishmitha
Black money nishmithaBlack money nishmitha
Black money nishmitha
Nishmitha P H
 
corruption cause efffect and solution
corruption cause efffect and solutioncorruption cause efffect and solution
corruption cause efffect and solution
Gaurav Kumar
 
corruption cause effect and solution
corruption cause effect and solutioncorruption cause effect and solution
corruption cause effect and solution
Gaurav Kumar
 
Demonetization - Impact on the Indian Financial Market
Demonetization - Impact on the Indian Financial MarketDemonetization - Impact on the Indian Financial Market
Demonetization - Impact on the Indian Financial Market
Keshin Pandit
 
Effects of demonetization in india
Effects of demonetization in indiaEffects of demonetization in india
Effects of demonetization in india
GURUPRASAD372378
 
Creative Writing Essay Contest 2013. Online assignment writing service.
Creative Writing Essay Contest 2013. Online assignment writing service.Creative Writing Essay Contest 2013. Online assignment writing service.
Creative Writing Essay Contest 2013. Online assignment writing service.
Liz Stevens
 
Demonetisation: It’s Impact on Economy and Environment
Demonetisation: It’s Impact on Economy and EnvironmentDemonetisation: It’s Impact on Economy and Environment
Demonetisation: It’s Impact on Economy and Environment
IJAEMSJORNAL
 
Demonetisation of rupees
Demonetisation of rupees Demonetisation of rupees
Demonetisation of rupees
sumegha chopra
 
Demonetisation in india
Demonetisation in indiaDemonetisation in india
Demonetisation in india
Rushil Yadav
 
Demonetization
DemonetizationDemonetization
Demonetization
Parth Kamra
 
2g scam ppt
2g scam ppt2g scam ppt
2g scam ppt
Ajaz Shaikh
 
Impact of Demonetization
Impact of DemonetizationImpact of Demonetization
Impact of Demonetization
narinder kumar
 
Demonetization and GST: Swot Analysis
Demonetization and GST: Swot AnalysisDemonetization and GST: Swot Analysis
Demonetization and GST: Swot Analysis
Abhishek Bhatia
 
All the bare acts to be kept in mindHUL
All the bare acts to be kept in mindHULAll the bare acts to be kept in mindHUL
All the bare acts to be kept in mindHUL
ArpitaShome
 
G4_Demonetisation _in_india DOC-20230416-WA0012..pptx
G4_Demonetisation _in_india DOC-20230416-WA0012..pptxG4_Demonetisation _in_india DOC-20230416-WA0012..pptx
G4_Demonetisation _in_india DOC-20230416-WA0012..pptx
sparshagarwal92
 
12 Best Images Of Kindergarten Paper Handw
12 Best Images Of Kindergarten Paper Handw12 Best Images Of Kindergarten Paper Handw
12 Best Images Of Kindergarten Paper Handw
Cassandra Sirate
 

Similar to Universal Legal- Ley Boletin- Nov 2016 (20)

Essay black money
Essay black moneyEssay black money
Essay black money
 
Demon etisation
Demon etisationDemon etisation
Demon etisation
 
How to control corruption
How to control corruptionHow to control corruption
How to control corruption
 
Shalini
ShaliniShalini
Shalini
 
Black money nishmitha
Black money nishmithaBlack money nishmitha
Black money nishmitha
 
corruption cause efffect and solution
corruption cause efffect and solutioncorruption cause efffect and solution
corruption cause efffect and solution
 
corruption cause effect and solution
corruption cause effect and solutioncorruption cause effect and solution
corruption cause effect and solution
 
Demonetization - Impact on the Indian Financial Market
Demonetization - Impact on the Indian Financial MarketDemonetization - Impact on the Indian Financial Market
Demonetization - Impact on the Indian Financial Market
 
Effects of demonetization in india
Effects of demonetization in indiaEffects of demonetization in india
Effects of demonetization in india
 
Creative Writing Essay Contest 2013. Online assignment writing service.
Creative Writing Essay Contest 2013. Online assignment writing service.Creative Writing Essay Contest 2013. Online assignment writing service.
Creative Writing Essay Contest 2013. Online assignment writing service.
 
Demonetisation: It’s Impact on Economy and Environment
Demonetisation: It’s Impact on Economy and EnvironmentDemonetisation: It’s Impact on Economy and Environment
Demonetisation: It’s Impact on Economy and Environment
 
Demonetisation of rupees
Demonetisation of rupees Demonetisation of rupees
Demonetisation of rupees
 
Demonetisation in india
Demonetisation in indiaDemonetisation in india
Demonetisation in india
 
Demonetization
DemonetizationDemonetization
Demonetization
 
2g scam ppt
2g scam ppt2g scam ppt
2g scam ppt
 
Impact of Demonetization
Impact of DemonetizationImpact of Demonetization
Impact of Demonetization
 
Demonetization and GST: Swot Analysis
Demonetization and GST: Swot AnalysisDemonetization and GST: Swot Analysis
Demonetization and GST: Swot Analysis
 
All the bare acts to be kept in mindHUL
All the bare acts to be kept in mindHULAll the bare acts to be kept in mindHUL
All the bare acts to be kept in mindHUL
 
G4_Demonetisation _in_india DOC-20230416-WA0012..pptx
G4_Demonetisation _in_india DOC-20230416-WA0012..pptxG4_Demonetisation _in_india DOC-20230416-WA0012..pptx
G4_Demonetisation _in_india DOC-20230416-WA0012..pptx
 
12 Best Images Of Kindergarten Paper Handw
12 Best Images Of Kindergarten Paper Handw12 Best Images Of Kindergarten Paper Handw
12 Best Images Of Kindergarten Paper Handw
 

Recently uploaded

Rokita Releases Soccer Stadium Legal Opinion
Rokita Releases Soccer Stadium Legal OpinionRokita Releases Soccer Stadium Legal Opinion
Rokita Releases Soccer Stadium Legal Opinion
Abdul-Hakim Shabazz
 
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdfXYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
bhavenpr
 
Military Commissions details LtCol Thomas Jasper as Detailed Defense Counsel
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselMilitary Commissions details LtCol Thomas Jasper as Detailed Defense Counsel
Military Commissions details LtCol Thomas Jasper as Detailed Defense Counsel
Thomas (Tom) Jasper
 
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW  AN OVERVIEW in Malawi.pptxEMPLOYMENT LAW  AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
MwaiMapemba
 
ALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdfALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdf
46adnanshahzad
 
Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...
Finlaw Consultancy Pvt Ltd
 
Debt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debtDebt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debt
ssuser0576e4
 
定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样
定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样
定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样
9ib5wiwt
 
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
9ib5wiwt
 
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
9ib5wiwt
 
Abdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal CourtAbdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal Court
Gabe Whitley
 
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptx
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxNATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptx
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptx
anvithaav
 
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdfDonald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
ssuser5750e1
 
ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.
Daffodil International University
 
The Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptxThe Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptx
nehatalele22st
 
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdfDaftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
akbarrasyid3
 
How to Obtain Permanent Residency in the Netherlands
How to Obtain Permanent Residency in the NetherlandsHow to Obtain Permanent Residency in the Netherlands
How to Obtain Permanent Residency in the Netherlands
BridgeWest.eu
 
new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.
niputusriwidiasih
 
原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样
原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样
原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样
9ib5wiwt
 
Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....
Knowyourright
 

Recently uploaded (20)

Rokita Releases Soccer Stadium Legal Opinion
Rokita Releases Soccer Stadium Legal OpinionRokita Releases Soccer Stadium Legal Opinion
Rokita Releases Soccer Stadium Legal Opinion
 
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdfXYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
 
Military Commissions details LtCol Thomas Jasper as Detailed Defense Counsel
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselMilitary Commissions details LtCol Thomas Jasper as Detailed Defense Counsel
Military Commissions details LtCol Thomas Jasper as Detailed Defense Counsel
 
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW  AN OVERVIEW in Malawi.pptxEMPLOYMENT LAW  AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
 
ALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdfALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdf
 
Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...
 
Debt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debtDebt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debt
 
定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样
定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样
定制(nus毕业证书)新加坡国立大学毕业证学位证书实拍图原版一模一样
 
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
 
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
 
Abdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal CourtAbdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal Court
 
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptx
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxNATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptx
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptx
 
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdfDonald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
 
ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.
 
The Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptxThe Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptx
 
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdfDaftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
 
How to Obtain Permanent Residency in the Netherlands
How to Obtain Permanent Residency in the NetherlandsHow to Obtain Permanent Residency in the Netherlands
How to Obtain Permanent Residency in the Netherlands
 
new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.
 
原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样
原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样
原版仿制(aut毕业证书)新西兰奥克兰理工大学毕业证文凭毕业证雅思成绩单原版一模一样
 
Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....
 

Universal Legal- Ley Boletin- Nov 2016

  • 1. Edn: November 2016 Our India O cesffi AHMEDABAD | BANGALORE | CHANDIGARH | CHENNAI | DELHI | MUMBAI A liated To The CHUGH LLP Having O ces Inffi ffi ATLANTA | MACON | NEW JERSEY | NEWYORK | NORT H CALIFORNIA | SOUTH CALIFORNIA | VIRGINIA | LEON, MEXICO LEY BOLETÍN www.universal-legal.com
  • 2. CURRENCY DEMONETISATION & ITS EFFECTS On November 8, 2016, Narendra Modi, the Hon ble Prime Minister of India, addressed the Nation‟ and informed that at the stroke of midnight currency notes of Rs. 500 and Rs. 1000 will no longer be considered as legal tender. Due to this move of demonitisation, India lost 86% of its monetary base. According to the Hon ble Prime Minister, the said move was taken in an effort‟ to stop the counterfeiting of the current banknotes alleged to be used for funding terrorism and for cracking down on black money in the country. The move is also aimed at reducing corruption, drug menace and smuggling. It is not the first time in the history of India or globally that demonetization has happened. In India, it occurred 1 ½ years before independence in 1946, and again in 1978. The drive could not be successful earlier as people anticipated the move. Thus, they had ample time to park their black money in safe zones. Also, the circulation of higher denomination notes was not as high then as the current 86%. The Government has asked banks and post offices to report to the Income Tax Department all deposits above Rs. 2,50,000/- in savings accounts and more than Rs. 12,50,000/- in current accounts made during the 50 day window provided to tender the scrapped 500 and 1000 rupee notes. Cont.
  • 3. Cont. Effects: Interest Rates & Deflation: First, people who have a lot of cash, legally earned, will deposit it in the bank. This will increase bank s deposits by a huge margin. This will also increase the‟ lending activity because banks have a CRR (Cash Reserve Ratio) to maintain and with more deposits they can do more lending. Credit (Loans) will become easier and interest rates may come down. More loans given out increases broad money supply and creates inflation. But this will happen slowly, not over-night. Real Estate: It would crash quickly and recover slowly. That is because, in real estate, there is no index price like gold and it is fixed by the market in a demand-supply balance. Resale transactions in the real estate sector often have a significant cash component as it reduces incidence of capital gain tax. Black money was responsible for sharp appreciation of properties in metros; real estate prices may now see a sharp drop. Increase in National Security: It has been a well-known fact that counterfeit currency is being used by the terrorist organizations to lure people into carrying anti-national activities. Due to such bold step by the Government to demonetize the currency, the terrorists are left with nothing but to remain silent with the lack of funds. In addition, individuals who earn money through wrongdoings will be the worst hit as they will not have the option to convert the illegally earned money to legal money without inviting official crackdown from the government. Cont.
  • 4. Cont.  Increase in number of tax payers: At present approximately 3% of the Indian population pays taxes. Some just don t make enough and the others who do, siphon off the money. If this plan‟ works, the ramifications of the currency demonetization can touch all parts of the Indian economy. Official data from the Reserve Bank India shows that the concentration of Rs. 500 and Rs. 1000 notes are higher in the Indian market than Rs. 100 and other smaller denomination currency notes. Hence, with the order to exchange Rs. 500 and Rs. 1000 notes through the banks, the Government is actually increasing its surveillance on individuals to bring out tax-payers.  Political parties in crisis ahead of polls: With nearly five state elections in 2017, demonetization has stunned political parties. Especially, in large states like Punjab and Uttar Pradesh, cash donations are a huge part of „election management . In one stroke, big parties will find‟ themselves hamstrung as cash hoards are often undeclared money. Parties will have to completely rein campaign strategies in light of expected cash crunch. Initiative: A major action taken by the Government to tackle the black money revealed from demonetization is the introduction of the Taxation Laws (Second Amendment) Bill, 2016 (“Bill”) and the scheme of „Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (“‟ PMGKY”) thereunder in Lok Sabha with the objective to utilise the additional revenue for undertaking schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood for the poor. For specifics visit: http://www.prsindia.org/uploads/media/Taxation%20Laws/Bill%20Summary%20-%20Taxation%20Laws %20Second%20Amendment%20Bill%202016.pdf
  • 5. REJECTION OF PATENT TO XTANDIs: A BOON OR BANE “The Patent system added the fuel of interest to the fire of genius –Anonymous”In a recent decision the Patent Office in India, rejected a Pfizer application for grant of patent to Xtandi drugs, developed by Mr. Zakir Thomas at the University of California Los Angles (UCLA), which is considered as a wonder drug to cure prostate. This decision, of the Indian Patent Office, is wrangled by pharmaceutical giants, whereas the same is revered in the country as its speculated that the rejection of this said patent application will not only pave way for generic medicine producers of the drug, but is expected to reduce the price of the drug to 60% - 70% aiming welfare of the public at large. If we analyse the scenario of the pharmaceutical markets from 1999 to 2005, we will observe sweeping changes have been deliberated by the legislators, especially with reference to patenting of pharmaceutical products. In countries other than USA, the price of the medicine is subject to government regulations and are controlled by government. However in India, until 2005 there were no such stringent price regulations and a lot of exploitation was witnessed at the end of huge pharmaceutical industries, which exploited the customers by charging an exorbitant price for life saving drugs. However, in 2005, there was a sense of satisfaction as the Indian Patent Act, 1970 (“Act”) was amended with an introduction of sub clause (d) Section 3 of the Act as it absolved a lot of problems arising in the pharmaceutical industries. Read as under: “the mere discovery of a new form of a known substance which does not result in the enhancement of the known efficacy of that substance or the mere discovery of any new property or new use for a known substance or of the mere use of a known process, machine or apparatus unless such known process results in a new product or employs at least one new reactant.” Cont.
  • 6. Cont. The said provision of the Act incorporated restriction on the patenting of the pharmaceutical products. The law explicitly states that the pharmaceutical products are not subject to be patented if: First, unless a new form of an existing substance depicted increased effectiveness, it shall not be patentable. If it does demonstrate increased effectiveness, then it is treated as an altogether novel substance. Second, the “mere new use” of a known compound cannot be patented. Patent to Xtandi medicine was rejected on the following grounds: The subject matter of the Application was not novel; It lacked inventive steps; It did not constitute an invention. The Patent officers held that the Xtandi medicines did not hold any inventive step over US Patent 981 and 257. Therefore the application was rejected on the grounds of being not novel as per Section 2(1) (l). Further, the invention lacked an inventive step and did not entail any material improvement in its efficacy, and thus was contrary to Section 3(d) of the Act. The Amendment in the Act has brought down the pricing of drugs and made it accessible to the common masses at affordable prices. Thus, refusing the grant of patent to Xtandi drugs is a much favorable development for the Indian pharmaceutical sector, as it will not only end the monopoly of pharmaceutical giants, but shall also promote innovation and growth amongst the indigenous pharmaceutical companies and shall be a boon for maintaining and enhancing the health standards in the country.
  • 7. LEX REVISERS NO COPYRIGHT OVER JUDGMENTS DELIVERED BY COURT The Supreme Court, in it s recent decision ruled that no one could have copyright over judgments‟ delivered by the Apex Court. The Court held that „it could be reproduced in its raw form by anyone without the risk of being accused of infringing copyright,‟ RUBIK'S CUBE LOSES EUROPEAN UNION TRADEMARK FIGHT OVER ITS SHAPE Rubik's Cube, which was registered as a three-dimensional in the year 1999 recently lost a trademark battle after the German toy manufacturer Simba Toys challenged the trademark protection, claiming the cube's rotating capability can be protected by a patent but not a trademark. Europe's top court held that its shape was not sufficient to grant it protection under the Trademarks Act.
  • 8. To reach any of our offices: Ahmedabad | Shivalik High Street | +91 79 4800 0060 Bangalore | Ulsoor Road | +91 80 6761 6000 Chandigarh | Panchkula | +91 98 1121 3234 Chennai | Nungumbakkam | +91 44 42187857 Delhi | East of Kailash | +91 11 4658 1691 Mumbai | Mahalaxmi | +91 22 4004 6647 DISCLAIMER This document is intended as a news update and is not legal advice to any person or entity. Before acting on the basis of information in this document please obtain specific legal advice that may vary per the facts and circumstances presented. UNIVERSAL LEGAL, Attorneys at Law does not accept any responsibility for losses or damages arising to any person using this information in a For any queries you can reach: Kavitha Vijay, Partner (kavitha.vijay@universal-legal.com) Sameena Chatrapathy, Partner (sameena.c@universal-legal.com)