Mnemonics: Indian Regulatory Framework | Business Laws for CA Foundation PDF Download

This document provides relatable mnemonics tailored for CA Foundation students to help them memorise key concepts from the "Introduction to Law" and "Indian Legal System" chapters. These aids enhance recall for exams or quizzes.

Utilise these mnemonics as part of your study routine to enhance retention. Happy learning!

Introduction

Mnemonic: LAW (Learn-Advise-Welfare)

• L - Learn (Have you ever considered why you are studying the subject of law? Is it solely because it is part of the syllabus, or is it because this knowledge will be necessary as a member of the Institute of Chartered Accountants of India?)
• A - Advise (Understanding the law is crucial for becoming a competent Chartered Accountant, as they often serve as the initial point of contact for various legal matters. Thus, possessing legal knowledge is essential for advising management and clients on legal issues at a fundamental level.)
• W - Welfare (Law consists of obligations and responsibilities established by the government to ensure societal welfare and deliver justice.)

Mnemonic Explanation: Think of "LAW" like a career path—Learn (why you study it), Advise (helping clients), and Welfare (serving society), relatable to your journey as a future CA ensuring justice and guidance.

What is Law?

Mnemonic: RULE (Rights-Uniform-Living-Evolution)

• R - Rights (The legal system in India mirrors the social, political, economic, and cultural dimensions of our diverse nation, safeguarding certain Fundamental Rights of citizens.)
• U - Uniform (The Constitution of India, adopted in 1950, is the supreme law defining the framework of the democratic system and the law-making process, ensuring laws are created for the people, by the people.)
• L - Living (Law consists of obligations and responsibilities established by the government to ensure societal welfare and deliver justice.)
• E - Evolution (Historically, humanity has transitioned from a hunter-gatherer society to an agricultural and then industrial society, ultimately resulting in a complex social structure, with the need for laws and regulations to guide behaviour.)

Mnemonic Explanation: Imagine "RULE" like governing life—Rights (protecting citizens), Uniform (consistent laws), Living (for societal good), and Evolution (adapting over time), relatable to how laws shape our daily lives.

Sources of Law

Mnemonic: CASH (Constitution-Acts-Statutes-History)

• C - Constitution (India operates as a parliamentary democracy, governed by a constitution that serves as the foundation and source for all laws.)
• A - Acts (The primary sources of law in India include... statutes or laws enacted by Parliament and State Assemblies... Laws passed by Parliament may apply nationwide or to specific regions.)
• S - Statutes (Representatives are elected to both Parliament and the legislative assemblies of the states. These representatives create laws at the parliamentary or state level, making Parliament the ultimate law-making authority.)
• H - History (The Government of India Act, of 1935, enacted by the Parliament of the United Kingdom, served as a precursor to the Constitution of India. The Federal Court was established in 1937... before being replaced by the current Supreme Court of India.)

Mnemonic Explanation: Think of "CASH" like legal funds—Constitution (the base), Acts (parliamentary laws), Statutes (state laws), and History (past influences), relatable to building wealth through legal foundations.

The Process of Making a Law

Mnemonic: BILL (Bill-Input-Lok Sabha-Launch)

• B - Bill (When a law is introduced in parliament, it is referred to as a Bill.)
• I - Input (Following discussion and debate, the law is approved in the Lok Sabha. It must then be approved in the Rajya Sabha.)
• L - Lok Sabha (Afterwards, it requires the President of India's assent.)
• L - Launch (Ultimately, the law is published by the Government in the Official Gazette of India. It will take effect from the date specified in the notification.)

Mnemonic Explanation: Think of "BILL" like a restaurant order—Bill (starts as a proposal), Input (debated and refined), Lok Sabha (approved with assent), and Launch (published and active), relatable to serving a finalised law.

Types of Laws in the Indian Legal System

Mnemonic: CRIME (Criminal-Resolution-Interpretation-Morality-Ethics)

• C - Criminal (Criminal law is concerned with laws about violations of the rule of law or public wrongs and punishment of the same.)
• R - Resolution (Disputes between people or organisations are handled under Civil Law. The main goal of civil law is to resolve disputes, not to punish individuals.)
• I - Interpretation (A judicial precedent or case law forms part of common law. A decision made by the Supreme Court is mandatory for all courts in India, as stated in Article 141 of the Indian Constitution.)
• M - Morality (Natural justice, commonly referred to as Jus Natural, encompasses fundamental principles of justice that transcend written law.)
• E - Ethics (The key tenets include Nemo judex in causa sua (meaning “No one should serve as a judge in their case,” which acts as a rule against bias), audi alteram partem (meaning “hear the other party” or ensure a fair hearing for all parties involved), and reasoned decision as components of Natural Justice.)

Mnemonic Explanation: Think of "CRIME" like a legal drama—Criminal (punishing wrongs), Resolution (settling disputes), Interpretation (court rulings), Morality (natural justice), and Ethics (fairness principles), relatable to a story of justice unfolding.

Enforcing the Law

Mnemonic: TEAM (Task-Executive-Agencies-Ministries)

• T - Task (After a law is enacted in parliament, it must be enforced.)
• E - Executive (Monitoring compliance with the law is the responsibility of the executive branch.)
• A - Agencies (Depending on whether the law is a Central or State law, the respective Central or State Government acts as the enforcing authority.)
• M - Ministries (Governmental functions are divided among various ministries... Some notable ministries include the Ministry of Finance, the Ministry of Corporate Affairs, the Ministry of Home Affairs, and the Ministry of Law and Justice.)

Mnemonic Explanation: Imagine "TEAM" like a work group—Task (enforcing laws), Executive (overseeing), Agencies (governments), and Ministries (divided roles), relatable to a collaborative effort to maintain order.

Structure of the Indian Judicial System

Mnemonic: COURT (Chief-Oversees-Regional-Trials)

• C - Chief (The Supreme Court serves as the highest judicial authority. The Chief Justice of India holds the top position as outlined in Article 126.)
• O - Oversees (In the court hierarchy, the Supreme Court is the highest, followed by High Courts and District Courts. High Court decisions are binding within their respective states but only persuasive in others.)
• R - Regional (The highest court of appeal in every state and union territory is the High Court. India has twenty-five High Courts, corresponding to each state and union territory, with six states sharing a single High Court.)
• T - Trials (Below the High Courts are the District Courts. The Courts of District Judges handle Civil law matters, such as contractual disputes and claims for damages. The Courts of Session address Criminal matters.)

Mnemonic Explanation: Think of "COURT" like a legal arena—Chief (Supreme Court leader), Oversees (hierarchy), Regional (High Courts), and Trials (District Courts), relatable to a courtroom drama with escalating stakes.