- The Reserve Bank of India Act, 1934 - This act established the Reserve Bank of India as the central bank of India and gave it the power to regulate and control the monetary policy of the country.
- The Companies Act, 2013 - This act regulates the incorporation, management, and winding up of companies in India.
- The Securities and Exchange Board of India Act, 1992 - This act established the Securities and Exchange Board of India as the regulator for the securities market in India and gave it the power to regulate and supervise the functioning of stock exchanges, intermediaries, and other market participants.
- The Foreign Exchange Management Act, 1999 - This act regulates foreign exchange transactions in India and empowers the Reserve Bank of India to manage foreign exchange reserves and regulate capital flows.
- The Competition Act, 2002 - This act regulates competition in the market and prohibits anti-competitive practices such as abuse of dominance, price fixing, and cartelization.
- The Industrial Disputes Act, 1947 - This act governs the settlement of industrial disputes between employers and employees and provides for measures such as conciliation, arbitration, and adjudication.
- The Minimum Wages Act, 1948 - This act provides for the fixation and enforcement of minimum wages for workers in different sectors and industries.
- The Consumer Protection Act, 2019 - This act provides for the protection of consumer rights and interests and establishes mechanisms for the redressal of consumer complaints and grievances.
- The Goods and Services Tax Act, 2017 - This act replaced the complex system of multiple indirect taxes with a unified goods and services tax (GST) regime and established a single market for goods and services across India.
- The Fiscal Responsibility and Budget Management Act, 2003 - This act provides a legal framework for fiscal discipline and aims to reduce the fiscal deficit and ensure the sustainability of public finances.
- The Prevention of Money Laundering Act, 2002 - This act aims to prevent money laundering and the financing of terrorism and provides for the confiscation of proceeds of crime.
- The Negotiable Instruments Act, 1881 - This act governs the use and transfer of negotiable instruments such as promissory notes, bills of exchange, and cheques.
- The Income Tax Act, 1961 - This act governs the levy and collection of income tax in India and provides for the assessment, computation, and collection of income tax.
- The Banking Regulation Act, 1949 - This act regulates the functioning of banks in India and provides for the licensing, supervision, and regulation of banks by the Reserve Bank of India.
- The Insurance Regulatory and Development Authority Act, 1999 - This act establishes the Insurance Regulatory and Development Authority (IRDA) as the regulator for the insurance sector in India and provides for the regulation and development of the insurance market in India.
- The Payment and Settlement Systems Act, 2007 - This act provides for the regulation and supervision of payment and settlement systems in India and aims to ensure the safety and efficiency of such systems.
The Special Economic Zones (SEZ) Act, 2005 is an important act related to the Indian economy that provides for the establishment, development, and management of Special Economic Zones in India. SEZs are designated geographical regions that offer special incentives and benefits to businesses, such as tax exemptions, duty-free import of capital goods and raw materials, and simplified procedures for regulatory compliance.
The SEZ Act, 2005 was enacted to create a favorable environment for export-oriented industries and to attract foreign investment in India. Some of the key features of the act include:
- Setting up of a Special Economic Zone Authority to govern and regulate the functioning of SEZs.
- Provision for tax exemptions and other benefits to businesses operating in SEZs.
- Simplified procedures for setting up and operating businesses in SEZs.
- Provision for single-window clearance for all regulatory and administrative approvals.
- Provision for establishment of Offshore Banking Units (OBUs) in SEZs to facilitate foreign trade.
