LEGAL AND REGULARITY COMPLIANCE
Table of Contents
Theoretical Questions
Brief Answer Questions
[2023 Fall Q. No. 7] | [2019 Spring Q. No. 10] Write any two duties of consumer protection council of Nepal.
Answer: The following are two responsibilities of the Consumer Protection Council of Nepal:
i. The council is tasked with preventing hazardous or unethical business practices, including misleading advertising and defective products.
ii. It plays a crucial role in maintaining a trustworthy market economy, ensuring that sellers operate honestly without the risk of unexpected issues.
[2022 Fall Q. No. 3] What is objective of Industrial Enterprise Act?
The Industrial Enterprise Act (IEA) of 2020 superseded the previous IEA of 2049 (1992). The IEA 2076 was enacted to foster a healthy, competitive, production-oriented economy, emphasizing export promotion and import management, with the aim of enhancing domestic production and creating employment opportunities while facilitating industrial growth and establishing an investment-friendly environment.
[2022 Fall Q. No. 10] What is meant by money laundering? Why KYC policy is taken as a measure to check it?
Money laundering refers to the process by which individuals or entities conceal the origins of illegally obtained assets, particularly those derived from tax evasion, terrorist activities, or investments in such illicit endeavors. This includes the acquisition, possession, or utilization of assets that have been generated from these activities, as well as any subsequent assets that may arise from the investment of such funds.
The Know Your Client (KYC) process is a critical regulatory measure designed to verify the identity and credentials of users of financial services. This procedure is essential in the fight against money laundering and the prevention of terrorist financing. Many countries mandate KYC to ensure that customers are accurately identified and that their claims regarding their identity are legitimate.
[2021 Spring Q. No. 5] Give the concept of dishonor of negotiable instrument.
The concept of dishonor of a negotiable instrument can arise from various circumstances, including:
When the maker, drawer, or acceptor takes deliberate actions to hinder the presentment of the instrument, such as intentionally avoiding the location, being absent, or retaining the instrument after returning (for instance, when the drawer is present but no one is available to make payment at the designated payment location).
When the drawee lacks the capacity to enter into a contract.
In situations that make presentment impossible, such as a declaration of war between the nations of the holder and the drawee.
[2018 Fall Q. No. 10] Write two misconduct of the worker as per labour Act.
According to the Labor Act 2074, two examples of worker misconduct include:
Interfering with the provision of essential services such as food, water, or utilities, or obstructing access to or movement within the workplace.
The act of stealing property belonging to the enterprise.
[2018 Spring Q. No. 10] | [2016 Spring Q. No. 8] What do you mean by negotiable instruments?
The term “negotiable instruments” refers to documents that are transferable or exchangeable through delivery. Specifically, it denotes a written document that can be legally assigned to another party in exchange for monetary value. This category encompasses instruments such as promissory notes and bills of exchange.
[2017 Fall Q. No. 17] Explain any two negotiable instruments with reference to Nepalese law.
According to Negotiable Instruments Act, 2034 Promissory Note and Bill of Exchange are two important negotiable instruments.
[2017 Spring Q. No. 9] Write about the appointment of a worker.
The appointment of a worker is governed by Sect 10 of the New Labor Act 2074, which offers various hiring options tailored to the needs of the organization:
- Regular Employment: This refers to ongoing employment without a predetermined end date.
- Work Based Employment: This type is designated for the completion of specific tasks or the provision of particular services.
- Time Bound Employment: This category involves employment for a fixed duration as specified in the agreement.
- Casual Employment: This pertains to employment that lasts for seven days or fewer within a month.
- Part Time Employment: This involves work that totals 35 hours or fewer in a week.
Short Answer Questions
[2022 Fall Q. No. 17] What are legal provisions of Consumer Protection Act, 2075. Click here for Answer
[2021 Spring Q. No. 16] Briefly discuss the major provisions of Labor Act-2074 of Nepal. Click here for Answer
[2020 Spring Q. No. 17] Recently enacted Labour Act, 2074 B.S. governs employment relationships in the private sector in Nepal. What kinds of employment benefits that an employer must provide to its employees as per the provisions of the Act. Discuss briefly. Click here for Answer
[2019 Spring Q. No. 14] | [2017 Spring Q. No. 15] What are the important provisions that employers and workers should know about labour Act, 2074? Discuss. Click here for Answer
[2018 Fall Q. No. 14] | [2016 Spring Q. No. 17] Mention the basic features of Industrial Enterprises Act. Also, mention its contributions in Nepalese industrial development. Click here for Answer
[2018 Spring Q. No. 15] | [2017 Fall Q. No. 15] What are the main provisions of Industrial Enterprise Act 2073. Click here for Answer
Write Short Notes:
[2019 Fall Q. No. 13b] | [2018 Spring Q. No. 12c] Anti-Money Laundering. Click here for Answer
[2019 Fall Q. No. 17c] Negotiable Instrument. Click here for Answer
[2018 Spring Q. No. 12a] Industrial Promotion Board. Click here for Answer