All India Management Association (AIMA) 2007 M.B.A Marketing Management Business Law - II - Question Paper

32. C The Reserve Bank of India (RBI) acts as a banker to Government of India and all State Governments. The RBI transacts Government business by carrying out the functions of -
• Maintaining cash balances
• Receiving and making payments for Governments
• Managing public debt
• Providing ways and means advances to Government for 90 days.
• Advising Government on floating of loans and legislation affecting banking.
problem and regulation of currency is a function that is performed by Reserve Bank of India as the Central Bank of India. < TOP >
33. B The provisions of part 31 of the Reserve Bank of India Act, 1934 states that no other person other than the Reserve Bank of India or the Central Government, can draw, accept, make or problem any bill of exchange, hundi or promissory note payable to bearer on demand nor make or problem any promissory note payable to the bearer of the instrument. part 32 provides that a person is punishable with fine if he problems a bill or note payable to bearer on demand or a note payable to bearer. Hence, ‘B’ is accurate ans. < TOP >
34. E A writ petition filed by the aggrieved person, whether on behalf of the group or together with the group can be treated as Public Interest Litigation. However,
• The writ petition should involve a question, which affects public at large or group of people, and not a single individual.
• Only the affected/aggrieved person can file a writ petition.
• There should be a specific prayer, asking the Court to direct the State Authorities to take note of the complaint/allegation.
Hence, choice ‘E’ being the combination of Statements (I), (II) and (III) is accurate ans. < TOP >
35. D When a person is guilty of an illegal omission causing any common injury, danger or annoyance to the public or people in general who dwell or occupy property in the vicinity, or which necessarily causes injury, obstruction, danger or annoyance to persons who has occasions to use public right, it amounts to public nuisance.
Hence, choice ‘D’ is accurate ans. < TOP >
36. D During the pendency of conciliation proceedings, a party is debarred from initiating arbitral or judicial proceedings on the identical dispute, other than such proceedings as are necessary for preserving his rights. By implication, there is no bar for continuing any judicial or arbitral proceedings, which were initiated already pending settlement in the conciliation proceedings.
Therefore, in the provided instance, the dispute can be taken to the Court only if such proceedings are necessary for preserving the rights of Ramnath & Co. Hence, choice ‘D’ is accurate ans. < TOP >

Earning:   Approval pending.