What do you understand by Law? Also, elaborate the procedure for making a law. (6 Marks)
CA Foundation · Business Laws · MTP · September 2026
What do you understand by Law? Also, elaborate the procedure for making a law. (6 Marks)
Suggested Answer and Working Notes:
Meaning of Law: Law is a set of obligations and duties imposed by the government for securing welfare and providing justice to society. India's legal framework reflects the social, political, economic, and cultural aspects of our vast and diversified country. The Process of Making a Law When a law is proposed in parliament, it is called a Bill. After discussion and debate, the law is passed in Lok Sabha. Thereafter, it has to be passed in Rajya Sabha. It then has to obtain the assent of the President of India. Finally, the law will be notified by the Government in the publication called the Official Gazette of India. The law will become applicable from the date mentioned in the notification as the effective date. Once it is notified and effective, it is called an Act of Parliament.
Topics: Indian Regulatory Framework
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