LUCKNOW UNIVERSITY B.COM NOTES

UNIT-1     1. Which of the following is not the function of the RBI? (a) Banker’s Bank (b) Controller of credit (c) Custodian of Foreign Exchange Reserve (d) Allotting money directly to farmers for agricultural development                                                                                         2. Who issues one rupee notes in India? (a) RBI (b) Ministry of Finance (c) Ministry of Corporate Affairs (d) NABARD   3. When was RBI established? (a) 1935 (b) 1949 (c) 1929 (d) 1914   4. Whic...

FACTORY ACT 1948 Section 23 of the General Clauses Act, 1897 ,(10 of 1897.) shall be not less than 45 days from the date on which the draft of the proposed rules was published. No female adolescent or a male adolescent who has not attained the age of seventeen years but who has been granted a certificate of fitness to work in a factory as an adult, shall be required or allowed to work in any factory except between 6 A.M. and 7 P.M: Extra wages for overtime . (1) Where a worker works in a factory for more than nine hours in any day or for more than forty- eight hours in any week, he shall, in respect of overtime work, be entitled to wages at the rate of twice his ordinary rate of wages. Spreadover. The periods of work of an adult worker in a factory shall be so arranged that inclusive of his intervals for rest under section 55, they shall not spreadover more than ten and a half hours in any day: Daily hours. Subject to the provisions of section 51, no adult worker shall be r...

Annuity An  annuity  is a contract between you and an insurance company in which you make a lump-sum payment or series of payments and, in return, receive regular disbursements, beginning either immediately or at some point in the future. An annuity is a financial product that pays out a fixed stream of payments to an individual, and these financial products are primarily used as an income stream for retirees. Annuities are created and sold by financial institutions, which accept and invest funds from individuals. The goal of annuity is to provide a steady stream of income, typically during retirement. Annuities are appropriate financial products for individuals seeking stable, guaranteed retirement income.  Because the lump sum put into the annuity is illiquid and subject to withdrawal penalties, it is not recommended for younger individuals or for those with liquidity needs to use this financial product. Types of Annuity Ordinary annuity: An ordinary annuit...

MONEY AND BANKING   Introduction The word ‘money’ is derived from the Latin word ‘Moneta’ which was the surname of the Roman Goddess of Juno in whose temple at Rome, money was coined. The origin of money is lost in antiquity. Even the primitive man had some sort of money. The type of money in every age depended on the nature of its livelihood. In a hunting society, the skins of wild animals were used as money. The pastoral society used livestock, whereas the agricultural society used grains and foodstuffs as money. The Greeks used coins as money.   Stages in the evolution of money The evolution of money has passed through the following five stages depending upon the progress of human civilization at different times and places. 1. Commodity money Various types of commodities have been used as money from the beginning of human civilization. Stones, spears, skins, bows and arrows, and axes were used as money in the hunting society. The pastoral society used cattle...