Q1. Which department issues the Internet Service Provider License in India?
A. The Department of Telecommunications (DoT) issues the Internet Service Provider License to businesses in India.
Q2. What is the validity period of the ISP Registration?
A. The ISP registration remains valid for a period of 20 years.
Q3. What are the different types of Internet Service Provider Licenses?
A. The different types of ISP Licenses issued by DoT are Category A ISP License, Category B ISP License and Category C ISP License.
Q4. Which ISP Certificate must be secured for providing nationwide internet services?
A. ISP Certificate - Category A must be secured by a business to provide internet services at a national level.
Q5. Which Internet Service Provider Certificate must be secured for providing internet services at a state level?
A. ISP Certificate - Category B must be secured for providing internet services at a state level.
Q6. Which Telecom License authorizes a business to provide internet services in a Secondary Switching Area (SSA)?
A. ISP License - Category C allows a business to provide internet services in a Secondary Switching Area (SSA).
Q1. Who is a Stock Broker?
A. A stock broker is an intermediary registered with the Securities and Exchange Board of India (SEBI) and a member of a stock exchange. They are authorized by SEBI to trade on the stock exchange platforms.
Q2. Who issues the Stock Broker License in India?
A. The Securities and Exchange Board of India (SEBI) issues the stockbroker license in India.
Q3. What are the Securities and Exchange Board of India (SEBI) (Stock Brokers) (Amendment) Regulations, 2024?
A. The SEBI (Stock Brokers) (Amendment) Regulations, 2024, are a set of regulations that require stockbrokers to establish systems to prevent fraud and market abuse. These regulations became effective from June 28, 2024 onwards.
Q4. What is the minimum age requirement to become a Stock Broker in India?
A. The minimum age to become a stockbroker in India is 21 years old.
Q5. Which form must be filed with SEBI to secure a Stock Broker license?
A. To secure a stock broker license from the Securities and Exchange Board of India (SEBI), you need to file Form A of Schedule I.
Q1. What is the role of the Registrar of Companies (ROC) in India?
A. The ROC administers the Companies Act, 2013, the LLP Act, 2008, the Company Secretaries Act, 1980, and the Chartered Accountants Act, 1949 under the Ministry of Corporate Affairs.
Q2. Which Act introduced the concept of One Person Company (OPC) in India?
A. The concept of One Person Company (OPC) was introduced in India under the Companies Act, 2013.
Q3. What documents are required to register a business with the Registrar of Companies (ROC)?
A. Documents required for company registration include Memorandum of Association, Articles of Association, pre-incorporation agreement, declaration of compliance, Director Identification Number, Digital Signature Certificate, address proof, identity proof of directors, proof of registered office, and an approved company name.
Q4. Which forms are required for registering a company in India with the ROC?
A. Forms required for registering a company include INC-1 (company name), DIR-12 (appointment of directors), Form 32 (director status changes), INC-25 (name change certification), and LLP Form 8 (LLP annual statement).
Q5. How many directors are required for registering a Private Limited Company?
A. A minimum of two directors are required for incorporation of a Private Limited Company.
Q6. How many directors are required for Public Limited Company incorporation?
A. A minimum of three directors are required for incorporation of a Public Limited Company.
Q1. What is NBFC License?
A. NBFC License is a legal permit granted by the Reserve Bank of India (RBI) to a business to operate as a Non Banking Financial Company. A company with an NBFC License can provide financial services such as personal loans, microfinance, home loans, vehicle loans, gold loans, leasing and hire-purchase services, credit card services and insurance services.
Q2. Which Act governs the NBFCs in India?
A. The Reserve Bank of India Act 1934, through Chapter III-B, governs the NBFCs in India.
Q3. Who can apply for FFMC License?
A. A business entity that is registered under the Companies Act 2013 can apply for a Full Fledged Money Changer (FFMC) License.
Q4. What is the minimum net owned funds requirement for an FFMC License?
A. To obtain a Full Fledged Money Changer (FFMC) License in India, the minimum Net Owned Funds (NOF) required are: (i) Rs. 25 lakhs for a single-branch operation. (ii) Rs. 50 lakhs for multiple-branch operations.
Q5. What is Payment Gateway License?
A. A Payment Gateway License is a legal permit issued by the RBI. It allows a company to establish and operate a payment gateway system that securely processes online transactions between customers and merchants.
Q6. What is P2P Lending License?
A. A P2P Lending License refers to the Certificate of Registration (CoR) issued to Non-Banking Financial Companies (NBFCs) to operate a Peer-to-Peer (P2P) lending platform. This certification is granted under the guidelines laid out in the NBFC-Peer to Peer Lending Platform Directions, 2017. Once an NBFC secures this certificate, it is officially recognized as an “NBFC-P2P Lending Platform”.
Q1. What is the FSS Act 2006?
A. The Food Safety and Standards (FSS) Act 2006 is the primary law for regulating the food industry in India. It mandates the food businesses to handle food safely. FSS Act defines Food Safety as an "assurance that food is acceptable for human consumption according to its intended use.
Q2. Who needs to obtain a FSSAI license?
A. FSSAI license needs to be obtained by food businesses engaged in manufacturing, storing, transporting and distributing food. This includes temporary stall holders, vegetable oil processing units, restaurants and wholesalers.
Q3. What does MPEDA do?
A. MPEDA’s full form is Marine Products Export Development Authority (MPEDA). It is a statutory body established in 1972, under the Ministry of Commerce and Industry to promote the export of marine products from India. It regulates and supports the country’s seafood sector to produce and process the quality seafood.
Q4. What is APEDA?
A. APEDA’s full form is Agricultural and Processed Food Products Export Development Authority (APEDA). It was established in 1986 to promote and regulate the export and development of agricultural and processed food products. APEDA works under the Ministry of Commerce and Industry.
Q5. What is an NPOP certificate? Which authority issues it?
A. NPOP certificate is a document issued by Agricultural and Processed Food Products Export Development Authority (APEDA) for organic products. It ensures that organic products meet the required Indian standards for quality, safety, and traceability.
Q6. How can I export basmati rice from India?
A. To export basmati rice from India, you need to register with Agricultural and Processed Food Products Export Development Authority (APEDA). Additionally, you need to obtain an Import Export Code from the Directorate General of Foreign Trade (DGFT).
Q1. What does Extended Producer Responsibility mean?
A. Extended Producer Responsibility is an environmental policy that holds the manufacturer/producer of a product accountable for its environmental impact throughout its entire lifecycle. It includes collection, recycling and disposal of the product after it is no longer of use to the consumer.
Q2. Which laws govern Extended Producer Responsibility in India?
A. Plastic Waste Management (PWM) Rules, E-Waste (Management) Rules, Hazardous and Other Wastes (Management and Transboundary Movement) Amendment Rules and Battery Waste Management Rules govern the Extended Producer Responsibility in India.
Q3. Who issues an EPR certificate?
A. The Central Pollution Control Board (CPCB) issues the EPR certificate.
Q4. How many types of EPR registration are there in India?
A. There are five types of EPR registration in India: EPR registration for plastic waste management, e-waste management, battery waste management, used oil management, and tire waste management.
Q5. Who needs to secure EPR registration for plastic waste?
A. As per the Plastic Waste Management Rules, the producers, importers and brand owners (PIBOs) of plastic packaging need to secure EPR registration for plastic waste management.
Q6. Who needs to secure EPR registration for battery waste?
A. All the manufacturers and importers of batteries need to secure EPR registration for responsible management of battery waste.
Q1. What is Legal Metrology?
A. Legal metrology refers to the application of laws and regulations to measuring instruments and measurements.
Q2. Who is responsible for issuing the Legal Metrology Certificates to businesses?
A. The Legal Metrology Department (LMD) is responsible for issuing the Legal Metrology Certificates to individuals and businesses.
Q3. What are the different types of Legal Metrology Licenses?
A. The different types of Legal Metrology Licenses are: Legal Metrology Dealer License, Legal Metrology Packing License, Legal Metrology Certificate for Import, Legal Metrology Manufacturer License and Legal Metrology Repairer License.
Q4. Who needs to secure the Repairer License?
A. Repairer License must be obtained by anyone involved in cleaning, lubricating, adjusting, or painting weights and measures.
Q5. What is the LMPC License?
A. LMPC’s full form is Legal Metrology Packaged Commodity. LMPC License is a type of license issued by the Legal Metrology Department to importers, authorizing them to import pre-packaged goods.
Q1. What is an intellectual property right?
A. Intellectual property right is a legal right that protects creations of the human mind.
Q2. What are the different types of intellectual property rights?
A. The different types of intellectual property rights are trademarks, copyrights, patents, geographical indications (GIs), trade secrets, industrial design rights and plant variety rights.
Q3. What is a patent?
A. A patent is a type of intellectual property right that grants an inventor exclusive rights to their invention for a limited time.
Q4. What is the validity of a patent?
A. Once a patent has been granted, it remains valid for a period of 20 years.
Q5. What is a trademark?
A. A trademark is a type of intellectual property right that grants an individual or business entity exclusive rights to use a word, phrase, symbol, or design to identify its products or services.
Q6. Is it mandatory to obtain copyright registration?
A. Copyright protection is granted to a work as soon as it’s created. So, it is not mandatory to obtain copyright registration. However, it is recommended that you obtain copyright registration as it serves as strong proof of work during a legal dispute or infringement case.
Q7. Who registers trademarks in India?
A. The Trade Marks Registry (TMR) registers trademarks in India.
Q8. Can a trade secret be registered in India?
A. No, a trade secret cannot be registered in India. To protect confidential information considered trade secrets, companies use non-disclosure agreements.
Q1. Who is exempt from paying income tax in India after the 2025 budget announcement?
A. In the Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs. 12 lakh will be exempt from income tax.
Q2. Is it necessary to file an Income Tax Return (ITR) if you don’t owe any income tax?
A. Filing an Income Tax Return (ITR) is mandatory if your total income exceeds the basic exemption limit. If your income is below this limit, certain types of income, such as capital gains or income from foreign assets, may still require you to file an ITR.
Q3. What is GST registration?
A. GST registration is the process through which a business obtains a unique identification number. It allows the business to comply with Goods and Services Tax (GST) obligations.
Q4. Who is required to register their business under the GST system?
A. A business must register as a regular taxable entity under GST if its annual turnover exceeds Rs. 40 lakh. Registration is also compulsory if the business engages in inter-state taxable supplies, is a casual taxable person, or is required to pay tax under the reverse charge mechanism, regardless of turnover.
Q5. What is the annual threshold for TDS on rent?
A. The annual threshold for Tax Deducted at Source (TDS) on rent is Rs. 2.40 lakh. However, it has been proposed to increase this limit to Rs. 6 lakh.
Q6. How much tax benefit will be received by individuals earning up to Rs. 18 lakh?
A. Individuals with an annual income of Rs. 18 lakh will receive a tax benefit of Rs. 70,000, according to Finance Minister Sitharaman.