IB0017 –International Business Environment and International Law

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ASSIGNMENT

 

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Q.1 Discuss the salient features of FEMA and elaborate on the difference between FERA and FEMA.

 

Ans : Features of FEMA:

 

Upon review of the Foreign Exchange Regulation Act, 1973 (FERA) in 1993, it was realised that significant changes had taken place since the promulgation of FERA.

 

• Activities such as payments made to any person outside India or receipts from them, along with the deals in gender exchange and foreign security is restricted. It is FEMA that gives the central government the power to impose the

 

 

Q.2 Explain the various incoterms involved in international contract.

 

Ans : Incoterms:

 

Incoterms are UNCITRAL recognized as global standards for interpretation of terms in foreign trade that provides internationally accepted rules specifying standards and definitions of performance for most common trading terms. INCOTERMS rules specify:

 

• Establishment of seller and buyer
•  

 

 

Q.3 What is memorandum of Association? How is it different from Articles of Association?

 

Ans : MoA:

 

A document that regulates a company’s external activities and must be drawn up on the formation of a registered or incorporated company. As the company’s charter it (together with the company’s articles of association) forms the company’s constitution.

The memorandum of association gives the

 

 

 

Q.4 Write short notes on:

 

a) WTO

b) IMF

 

Ans : a) Meaning and objectives of WTO:

 

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and

 

 

 

b) meaning and role of IMF:

 

The International Monetary Fund (IMF) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF’s stated goal was to assist in the reconstruction of the world’s international payment system post–World War II. Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily.

 

 

 

 

 

Q. 5 Discuss the rights of an unpaid seller. What are the remedies available to the buyer against seller for breach of contract?

 

Ans : Rights of unpaid seller:

 

1. Right of Lien :-

 

For the recovery of price an unpaid seller has a right to keep the goods in his own possession.

 

2. Right of Stopping :-

 

 

 

Q. 6 What is technology transfer? Discuss the methods of international technology transfer.

 

Ans : International technology transfer:

 

Technology Transfer, also called Transfer of Technology (TOT) and Technology Commercialisation, is the process of transferring skills, knowledge, technologies, methods of manufacturing, samples of manufacturing and facilities among governments or universities and other institutions to ensure that scientific and technological developments are accessible to a wider range of users who can then further develop and exploit the technology into new

 

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