The disadvantages of Government company:
(i) Board of directors packed with 'Yes-Men':
On the Board of Directors of a government company, there are Government appointed directors (Government being the major shareholder); who are 'yes-men' of the Government. They are unable to run the company, in a business like manner.
(ii) Autonomy only in name:
Independent character of a Government company exists only in name. In reality, politicians, ministers, Government officials, interfere excessively in the day-to-day working of the government company.
(iii) A Fraud on companies act and constitutions:
A Government company is criticised as being a 'fraud on the companies act and on the constitution. This criticism is valid on the ground that the Government can exempt a Government company, from application of several provisions of the companies act. Again, the Parliament is not taken into' confidence, while creating a Government company.
(iv) Fear of exposure:
The annual report of the government company is placed before the Parliament/ State Legislature. The working of the company is exposed to press criticism: Therefore, management of the Government company often gets demoralized and may not take initiative to come out with and implement something innovative.
(v) Lack of expertise in deputationists:
The key personnel of a Government company are often deputed from Government departments. These deputationists generally lack expertise and commitment; leading to lower operational efficiency of the government company.
(vi) Selfish functioning:
The Government company works neither for the government nor for the public at large. It serves the personal interests of people who work in the company and who dictate policies of the company

Commercial Banks:
Most of the commercial banks extend foreign currency loans for promoting business opportunities. The loans and services of various types, provided by banks differ from country to country
International Agencies and. Development Banks:
International agencies and Development banks play an important role to promote international trade and business. They provide term loans and grants. to promote the development of economically backward areas in the world. International Finance Corporation (IFC), EXIM Bank and Asian Development Bank are the agencies operating at International level to meet the needs of the international finance.
International Capital Markets:
Modern organisations including multinational companies depend upon sizeable borrowings in rupees as well as in foreign currencies. Prominent financial instruments used for this purpose are Depository Receipts.

First step we ask his registered phone number in the bank. If he has given phone number, we can get one-time password through the registered phone number and get new password easily. Second step, he can get the password with the mobile in the ATM also. He has to insert the debit card in ATM machine. It will ask the password. If he has forgotten the password, it will ask the phone number. If he types the phone number, he can get new password from the bank through his mobile number.
Third step: He can ask the branch manager, who will guide him properly and help him get the new password.

Tata Group is the best example for the corporate social responsibility in India. The Tata Group conglomerate in India carries out various CSR projects, most of which are community improvement and poverty alleviation programs. Through self-help groups, it is engaged in women empowerment activities, income generation, rural community development, and other social welfare programs. In the field of education, the Tata Group provides scholarships and endowments for numerous institutions.

A tender, to be valid, must satisfy the following essential requirements.
i) It must be unconditional
ii) It must be for the whole obligation and must not be in instalments, if the contract requires in full.
iii) It must be by a person who is in a position .and willing to perform the promise.
iv) It must be at the proper time and place.
v) It must be in proper form.
vi) It must be made to a proper person i.e to the promisee or his authorized agent.
vii) In case of the tender of goods the promisee must be given a reasonable opportunity to inspect the goods.
viii) It maybe made to one of the several joint promisees.

The types of ltinerants are as follows:
a. Peddlers and Hawkers:
Peddlers are individuals who sell their goods by carrying on their head or shoulders moving from place to place on foot. Hawkers are petty retailers who sell their goods at various places such as. bus stop, railway station, Public Park and gardens, residential areas and other public places using a convenient vehicle to carry goods from place to place
b. Street Vendors:
The traders sit on the footpath of the road or at the end of the road (pavement) and sell their goods such as fruits, vegetables, books, etc. are called Street vendors.
c. Market Traders:
Small traders open their shops at different places on fixed days or dates such as every Sunday or alternative Wednesdays and so on (Varasandhai - weekly market). They deal in one particular line of merchandise and in low priced consumer items of daily use. Examples Pollachi, Manapparai, Ranipet, etc.
d. Cheap Jacks:
Those retailers who have independent shops of temporary nature in a business locality are depending upon the potentiality of the area. They deal in consumer goods and services such as shoes and chappals, plastic items, repair of watches, etc.

The VARs receive the products from the manufacturers, incorporate them as if their own products by adding value enhanced service and sell them to customers. VARs provide highly skilled technical support so that the customer can have world class satisfaction. Microsoft India has appointed Avnet and Redington as VARs in India. A solar panel producer may. have builders as VARs and the builders offer solar panel as additional facility to the buyers of flats, etc

Section 14 of Income Tax Act 1961 provides for the computation of total income of an assesse which is divided under five heads of income. Each head of income has its own method of computation. These five heads are;
Income from 'Salaries' [Sections 15- 17]
Income from 'House Property' [Sections 22-27]
Income from 'Profits and Gains of Business or Profession' [Sections 28- 44]
Income from 'Capital Gains' [Sections 45-55] and
Income from 'Other Sources' [Sections 56-59]

Meaning of Prospectus:
According to Section 2(36) of the Companies Act, any document inviting the public to buy its shares or debentures comes under the definition of prospectus. It also applies to advertisements inviting deposits from the public.
Contents of Prospectus:
A prospectus is "the only window through which a prospective investor can look into the soundness of a company's venture". Hence it must specify at least the following matters as per Schedule II:
1. The prospectus contains the main objectives of the company, the name and addresses of the signatories of the Memorandum of Association and the number of shares held by them.
2. The name, addresses and occupation of directors and managing directors.
3. The number and classes of shares and debentures issued.
4. The qualification share of directors and the interest of directors for the promotion of company.
5. The number, description and the document of shares or debentures which within the two preceding years have been agreed to be issued other than cash.
6. The name and addresses of the vendors of any property acquired by the company and the amount paid or to be paid.
7. Particulars about the directors, secretaries and the treasurers and their remuneration.
8. The amount for the minimum subscription.
9. If the company carrying on business, the length of time of such businesses.
10. The estimated amount of preliminary expenses.
11. Name and address of the auditors, bankers and solicitors of the company.
12. Time and place where copies of balance sheets, profits and loss account and the auditor's report may be inspected.
13. The auditor's report so submitted must deal with the profit and loss of the company for each year of five financial years immediately preceding the issue of prospectus.
14. If any profit or reserve has been capitalized, the particulars of such capitalization will be stated in the prospectus.

(i) Speculative Risks:
(1) Speculative risks are the kind of risks which have the possibility of gain as well as the possibility of loss. Such risks are the result of market conditions.
(2) Favourable market conditions result in gains whereas unfavourable market conditions result in losses.
Example: Use of better technology helps to produce better quality products at cheaper prices. This may increase the demand and thus result in higher profits.
(ii) Pure Risks:
Pure risks are the type of risks where business suffers loss only if the risk occurs. Non-occurrence of such risks leads to absence of loss.
(iii) Insurable Risks:
(1) Insurable risks are the type of risks where business can insure the probable losses by paying a predetermined premium to an insurance company.
(2) At the time of loss the insurance company pays compensation on the basis of agreed terms and conditions.
(3) Loss arising due to natural and physical risks can be insured as the probability of risk can be determined.
For Example:  Company can insure its stock against fire or theft and if it loses its stock due to fire or theft in office, the insurance company pays compensation for the value lost.
(iv) Uninsurable Risk:
(1) Losses arising from unforeseen natural events, political changes or trade cycles are called uninsurable risks.
(2) Loss due to earthquake or flood or cyclone cannot be estimated and their probability cannot be calculated. Government directly takes care of the affected persons.
(3) Losses to businesses due to policy decisions of ruling political parties in a country, or due to economic depression cannot be insured.
(4) These uninsurable risk events are called uncertainties. The concept of risk is different from uncertainty. During uncertain events decisions cannot be taken.

The following are the characteristics of Commerce.
(i) Economic activities:
(1) All economic activities are undertaken to earn Profit. commerce deals with all economic activities undertaken for profit.
(2) So, commerce is concerned with all economic activities directed towards earning profit.
(ii) Exchange of goods and services :
(1) Commerce involves an exchange of goods and services for profit.
(2) Goods may be produced for the purpose of resale to the consumers.
 (iii) Earning motive :
(1) Profit is an incentive for undertaking all commercial activities.
(2) Any activity, which does not have the incentive of profit, will not be a part of commerce.
For Example: If a trader gives some goods as Charity.
(iv) Creation of Utility:
Commerce creates form, place and time utility in goods.
(v) Regularity of transaction:
The transaction should be regular. No isolated transaction will be a part of commerce.

(i) Liberalised exchange Rate Management System (LERMS) was introduced in the 1992-93.
(ii) Under LERMS, Exporters of goods and services and those who are recipients of remittances from abroad could sell the bulk of their foreign exchange receipts at market determined rates.
(iii) Similarly, those who need to import goods and services or undertake travel abroad could buy foreign exchange to meet such needs, at market-determined rates from the authorised dealers, subject to their transactions being eligible under the liberalised exchange control system.
(iv) However, in respect of certain specified priority imports and transactions, provisions were made in the scheme for making available foreign exchange at the official rate by the Reserve Bank of India.

There are four types of damages which can be claimed by the aggrieved party.
(i) Ordinary damages
(ii) Special damages
(iii) Vindictive or Exemplary damages and
(iv) Nominal damages
(i) Ordinary or General damages:
(1) Damages that arise in the ordinary course of events from the breach of contract are called ordinary or general damages.
(2) These include damages, which are the natural and probable consequences of the breach of the contract.
(3) For Example A contracted to sell and deliver B 50 bags of rice at Rs 1400 per bag and price to be paid at the time of delivery.
(4) The price is raised to Rs1500 per bag and A refused to sell the rice. B can claim damages at the rate of Rs100 per bag.
(ii) Special damages:
(1) Special damages are those damages that are payable for the loss arising on account of some special or unusual circumstances.
(2) That is, they are not due to the natural and probable consequences of the breach of the contract.
(3) For Example A entered into a contract with B, to supply B 500 tons of iron at Rs 100 a ton, to be delivered at a stated time, and at the same time contracted with C for the purchase of 500 tons of iron at Rs 80 a ton; telling C that he does so far the purpose of performing his contract with B.
(4) C failed to perform his contract with A, who cannot procure the iron and B, in consequence, rescinded the contract.
(5) C must pay to A Rs10,000 being the profit which A would have made by the performance of his contract with B.
(iii) Vindictive or Exemplary damages:
(1) These damages are awarded against the party who has committed a breach of the contract with the object of punishing the erring as defaulting party and compensating the aggrieved party.
(2) Generally these damages are awarded in case of action on loss or breach of promise.
(3) Example breach of contract to marry, dishonour of customers' cheque by the bank without any proper reason.
(iv) Nominal damages:
(1) Nominal damages are awarded to the aggrieved party when there is an only technical violation of the legal rights.
(2) Here no substantial loss is caused. These damages are very small in amount.

(i) Ocean transport has been playing a significant role in development of economic, social and cultural relations among countries of the world. International trade owes its growth to ocean transport.
(ii) Ocean transport enjoys a pride of place in aiding international trade. Cheapness is its great virtue. In the transportation of lowgrade, bulky goods among the countries, ocean transport role is commendable.
Types of Ocean Transport:
Ocean Transport may be divided into two categories
(i) Coastal Shipping
(ii) Overseas Shipping
(i) Coastal shipping:
(1) Coastal shipping constitutes an important means of transport in all countries having a long coastline. It is a cheap means of transport for the movement of bulky cargoes like coal, iron ore etc. to domestic ports of country.
(2) Usually, coastal shipping trade of a country is reserved for national shipping. In India, Coastal shipping trade is now exclusively reserved for Indian ships.
(ii) Overseas shipping:
(1) It means the passengers and goods have to cross ocean.
(2) Overseas shipping has an important role in India's International trade. Ocean going ships may further classified as follows:
Liners and Tramps

(i) Achieving Rapid Industrialisation :
Developing countries can achieve rapid industrialisation by importing advanced technology, scarce raw materials, capital goods like machinery, equipment etc. and talents from other countries.
(ii) Upgrading the Standard of living of the People:
Consumers are able to use a wide variety of goods like cell phone, car laptops, television, audio system, washing machine, perfume, soaps, etc. manufactured in foreign countries and enhance their standard of living through import trade.
(iii) Meeting Consumer Demand :
(1) Certain goods are either not available or cannot be manufactured/produced adequately to meet the growing demand in home country.
(2) Hence, import is necessary to meet the short supply of those goods.
(iv) Meeting shortage situation:
During famine, earthquake, flood, drought, tsunami, abnormal price-increase situations and so on food grains, vegetables and other essential commodities are imported from foreign countries and bad situations arising from the above natural calamities and thus overcome.
(v) Strengthening defence:
(1) Many countries around the world import defence equipments for its armed force.
(2) Such imports enable the country to ensure its sovereignty and territorial integrity.

1. A Minor can become the member of Joint Hindu Family Business.
2. The membership of the family can be acquired only by birth.
3. As soon as a child is born in the family, that child becomes a member.
4. The business of the Joint Hindu Family is controlled and managed under the Hindu law.
5. Today Hindu Succession Act 2005 is applicable to all male and female members of a HUF.
6. As per the act of HUF by birth a minor can be admitted in the business.
7. In a Joint Hindu Family firm even a new born baby can be a Co-parcener.

1. Consumer cooperatives are organized by consumers that want to. achieve better prices or quality in the goods or services they purchase.
2. In contrast to traditional retail stores , or service providers, a consumer cooperative exists to deliver goods or services rather than to maximize profit from selling those goods or services.
3. Nationally, the most widely used cooperative form is the credit union, with some 90 million members.
4. Credit union assets have grown a hundred-fold in three decades.
5. Credit unions are essentially cooperatives of people that use banking services.
6. Students' cooperative stores, Cooperative provision stores, and supermarkets set up on cooperative societies of India are examples of this type.

Coastal Trade in Ancient Tamil Nadu:
1. Big cities like Poompuhar had the 'Maruvurappakam' (inland town) and 'Pattinapakkam' (coastal Town) had market and bazaars where many merchants met one another for the purpose of selling or buying different kinds of commodities and food stuff.
2. Port towns like Tondi, Korkai, Puhar and Muziri were always seen as busy with marts and markets with activities related to imports and exports.
3. In such a brisk trade, people of the coastal region, engaged themselves in coastal trade and developed their intercontinental trade contacts.
4. They were engaged in different kinds of fishing pearls, and conches and produced salts and built ships.
5. Boats like 'Padagu', 'Thimil', "Thoni', 'Ambu' 'Odampunai', etc... were used to cross rivers for domestic trade while Kalam, Marakalam, Vangam, Navai, etc.. were used for crossing oceans for foreign trade.

The barter system envisages mutual exchange of one's goods to other without the intervention of money as a medium of exchange. It imposes certain constraints in the smooth flow of trade as explained below.
Lack of Double Coincidence of Wants:
Unless two persons who have surplus have the demand for the goods possessed by each other, barter could not materialize. For instance 'A' is having a surplus of groundnut and 'B' is possessing rice in surplus. In this case A should be in need of rice possessed by B as the latter should desperately need groundnut possessed by A. If this "coincidence of wants" does not exist, Barter cannot take place.
Non - Existence of Common Measure of Value:
Barter system could not determine the value of commodities to be exchanged as they lacked commonly acceptable measures to evaluate each and every commodity. It was difficult to compare the values of all articles in the absence of an acceptable medium of exchange.
Lack of Direct Contact between Producer and Consumers:
It was not possible for buyers and sellers to meet face to face in many contexts for exchanging the commodities for commodities. This hindered the process of barter in all practical sense.
Lack of Surplus Stock:
Absence of surplus stock was one of the impediments in barter system. If the buyers and sellers do not have surplus then no barter was possible.

The following are the advantages of a Sole trader:
a) Easy Formation:
No legal formalities are required to initiate a sole trading concern. Any person capable of entering into a contract can start it, provided he has the necessary resources for it.
b) Incentive to Work hard:
There is a direct relationship between effort and reward. The fact that the entire profit can be taken by himself without sharing with anybody else induces him to work ceaselessly.
c) Small Capital:
Small capital is an important as well as the specific advantage of the sole proprietorship. The sole proprietor can start the business with small capital.
d) Credit Standing:
Since his private properties are held liable for satisfying business debts, he can get more financial assistance from others.
e) Personal Contact with the Customers:
Since sole proprietor knows each and every customer individually he can supply goods according to their taste and preferences. Thus he can cultivate personal relationship with the customers.
d) Flexibility:
The sole trader can easily adjust himself to the changing requirements of his business.