Finance is something which is an important need for the entire life as finance is a root for each and every essential necessity of life and therefore, for the purpose of maintaining your proper finance in every segment of your life one need to understand various laws and acts related to finance. So that they never face any sort of misleading life which can result in finance issues and get you stuck in legal matters.
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Various acts related to finance:-
- Deposit insurance & credit guarantee corporation act 2021: This act has been designed and works for the area of all the insurance department and credit guarantee and therefore finance related to these matters are regulated under this law.
- Banning of unregulated deposit schemes act, 2019: This act has been introduced in order to ban the mechanism related to unregulated deposits therefore any deposits which have been taken into consideration that is other than the ordinary course of business.
- Payment and settlement systems act, 2007: This act is there for maintaining the regulations and provisions regarding the finances and payment in india. This act also made the Reserve bank of india as the authority for looking into all the payments and settlement things.
- Chit funds act, 1982: This act has been introduced to look after all the matters related to chit funds. Chit funds matters are usually where two or more people get into agreement by putting a sum of amount which needs to be paid by them at equal intervals.
- Negotiable instrument act,1881: This act is there to regulate all the negotiable instruments used in the finance segment. Further, this act works for the welfare of the negotiable instrument and also tells us the effectiveness of negotiable instruments. Furthermore, a person using negotiable instruments needs to procure their finances and payments.
The other acts related to finance are as follows:-
- Prize chits and money circulation schemes act,1961.
- Factoring regulation act, 2011
The above mentioned list is as per the ministry and department of finance, india. Therefore, one needs to upgrade and understand their knowledge with respect to the above laws for understanding the finance sector better and also their applicability.
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