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Commerce is the large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price through various channels from the original producers to the final consumers within local, regional, national or international economies. The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges.
The Securities Act of 1933, also known as the 1933 Act, the Securities Act, the Truth in Securities Act, the Federal Securities Act, and the '33 Act, was enacted by the United States Congress on May 27, 1933, during the Great Depression and after the stock market crash of 1929. It is an integral part of United States securities regulation. It is legislated pursuant to the Interstate Commerce Clause of the Constitution.
The Central Bank of the Islamic Republic of Iran, also known as Bank Markazi, was established under the Iranian Banking and Monetary Act in 1960, it serves as the banker to the Iranian government and has the exclusive right of issuing banknote and coinage. CBI is tasked with maintaining the value of Iranian rial and supervision of banks and credit institutions. It acts as custodian of the National Jewels, as well as foreign exchange and gold reserves of Iran. It is also a founding member of the Asian Clearing Union, controls gold and capital flows overseas, represents Iran in the International Monetary Fund (IMF) and internationally concludes payment agreements between Iran and other countries.
Taxation in Iran is levied and collected by the Iranian National Tax Administration under the Ministry of Finance and Economic Affairs of the Government of Iran. In 2008, about 55% of the government's budget came from oil and natural gas revenues, the rest from taxes and fees. An estimated 50% of Iran's GDP was exempt from taxes in FY 2004. There are virtually millions of people who do not pay taxes in Iran and hence operate outside the formal economy. The fiscal year begins on March 21 and ends on March 20 of the next year.
Foreign direct investment in Iran (FDI) has been hindered by unfavorable or complex operating requirements and by international sanctions, although in the early 2000s the Iranian government liberalized investment regulations. Iran ranks 62nd in the World Economic Forum's 2011 analysis of the global competitiveness of 142 countries. In 2010, Iran ranked sixth globally in attracting foreign investments.
Following the Iranian Revolution, Iran's banking system was transformed to be run on an Islamic interest-free basis. As of 2010 there were seven large government-run commercial banks. As of March 2014, Iran's banking assets made up over a third of the estimated total of Islamic banking assets globally. They totaled 17,344 trillion rials, or US$523 billion at the free market exchange rate, using central bank data, according to Reuters.
Iranian labor law describes the rules of employment in Iran. As a still developing country, Iran is considerably behind by international standards. It has failed to ratify the two basic Conventions of the International Labour Organization on freedom of association and collective bargaining, and one on abolition of child labor. Countries such as the US and India have also failed to ratify many of these Conventions and a mere 14 other Conventions, only 2 since the Islamic Revolution.
Iran is a member of the WIPO since 2001 and has acceded to several WIPO intellectual property treaties. Iran joined the Convention for the Protection of Industrial Property in 1959. In December 2003 Iran became a party to the Madrid Agreement and the Madrid Protocol for the International Registration of Marks. In 2005 Iran joined the Lisbon Agreement for the Protection of Appellations of Origin and their International Registration, which ensures the protection of geographical names associated with products. As at February 2008 Iran had yet to accede to The Hague Agreement for the Protection of Industrial Designs.
The Ministry of Commerce of Iran was the main organ of the Government in charge of the regulation and implementation of policies applicable to domestic and foreign trade. This includes:
The Union List, also known as List-I, is a list of 97 numbered items given in Seventh Schedule in the Constitution of India on which Parliament has exclusive power to legislate. The legislative section is divided into three lists: the Union List, State List and Concurrent List. In India, residual powers remain with the Central Government. This makes the government of India similar to the Canadian federal government, and different from the governments of the United States, Switzerland, or Australia.
Shanghai Free-Trade Zone, officially China (Shanghai) Pilot Free-Trade Zone, is a free-trade zone in Shanghai, China. On 22 August 2013, the State Council approved the establishment of the zone. Officially launched on 29 September 2013 with the backing of Chinese Premier Li Keqiang, it is the first free-trade zone in mainland China and covers an area of 240.2 square kilometres (92.7 sq mi). Shanghai FTZ integrates four existing bonded zones in the district of Pudong—Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.
The constitutional provisions in India on the subject of distribution of legislative powers between the Union and the States are defined primarily under its articles 245 and 246. The Seventh Schedule to the Constitution of India specifies the allocation of powers and functions between the Union and the State legislatures. It embodies three lists; namely, the Union List, the State List, and the Concurrent List. The Union list enumerates a total of 97 subjects over which the power of the Union parliament extends. Similarly, the State list enumerates a total of 66 subjects for state legislation. The schedule also spells out a Concurrent list embodying a total of 47 subjects on which both the Union parliament and the state legislatures are empowered to legislate, though this is subject to the other provisions of the constitution that give precedence to the union legislation over that of the states.
References
- ↑ The Memorandum of THE FOREIGN TRADE REGIME OF THE ISLAMIC REPUBLIC OF IRAN Archived 2013-03-10 at the Wayback Machine (2009).