Wildlife Protection, Climate Rights, and Net-Zero Commitments: A Balanced Approach
The Constitutional Right to a Healthy Environment The Supreme Court of India has long recognized the right to a clean and healthy environment as an essential part of the right to life under Article 21 of the Constitution. This judicial interpretation has served as a powerful tool for protecting India’s natural environment and the well-being of its citizens. In a recent landmark judgment on March 21, 2024, the Supreme Court expanded this right by affirming that protection against the harmful effects of climate change is also encompassed under Articles 21 and 14. This decision reflects a growing awareness of environmental […]
Prescription of Drugs by Generic Names: A Necessary Step or Much Ado About Nothing?
The Legal Background: Prescribing Generic Names Isn’t New The requirement for doctors to prescribe drugs by their generic names is not a recent development. Since 2002, the Indian Medical Council’s Professional Conduct, Etiquette, and Ethics Regulations (Ethics Regulations) have mandated that doctors use the chemical name of the drug, not a brand name, in their prescriptions. With the withdrawal of the 2023 Conduct Regulations, the Ethics Regulations remain in place, preserving the existing obligation to prescribe by generic name. Although the recent rollback was perceived by some as a “win” for the medical industry, it had no actual impact on […]
Navigating the Offshore NDF Market: RBI’s Strategies for Exchange Rate Stability
By Advocate Rapolu Bhaskar | November 1, 2024 The recent growth of the offshore non-deliverable forward (NDF) market in the Indian rupee (INR) has posed significant challenges for the Reserve Bank of India (RBI) in its efforts to maintain exchange rate stability. This article explores the factors driving the growth of the offshore NDF market, the implications for domestic financial markets, and the RBI’s proposed regulatory measures aimed at exerting influence over this sector. The Challenge of Exchange Rate Stability Maintaining a stable exchange rate has long been a priority for the RBI. Since officially adopting a market-determined exchange rate […]
High Court Affirms Society’s Right to Unilateral Conveyance in Kharghar Land Case
Background of the Kharghar Land Conveyance Dispute The Bombay High Court recently resolved a complex legal dispute involving Balaji Corporation, Delta Central Cooperative Housing Society (Society), CIDCO, and the Competent Authority under the Maharashtra Ownership Flats Act (MOFA), 1963. The case centers on Balaji Corporation’s delayed conveyance of land in Kharghar, which prompted the Society to seek a unilateral conveyance, bringing key legal issues regarding developer obligations and purchasers’ rights into focus. Parties Involved in the Dispute Balaji Corporation: The petitioner and developer responsible for the Delta Central project. Delta Central Cooperative Housing Society: The respondent representing individual flat purchasers, […]
Reforming the Banking Sector: Key Recommendations for Union Budget 2024
As we look towards the future of India’s banking sector, the Insolvency and Bankruptcy Code (IBC) will continue to serve as a critical framework. However, the SARFAESI Act also requires attention and enhancement to fulfill its potential. Currently, SARFAESI serves as the second most effective tool for banks in managing stressed assets, following the IBC. Unfortunately, its contribution to total recoveries has declined, dropping from 30.5% in 2021-22 to 24.6% in 2022-23. To maintain its effectiveness, policymakers must consider broadening the user base of the SARFAESI Act. The Need for Inclusion of Alternative Investment Funds and Mutual FundsAlternative Investment Funds […]