Prime Minister Modi has taken a billion Indians by surprise after the recent demonetization of Rs. 500 and Rs. 1000 currency notes. As of midnight 8th November 2016, these notes have ceased to serve as legal tender in India. Why? According to the Indian Premier, this stern measure is intended as a fatal blow to the parasitic parallel economy in India. Additionally, it aims to cut the supply lines to the funding of terrorist activities, which primarily involve the use of high denomination currency bills. While the Indian public is taking their time to digest this bitter medicine, let’s take a moment to analyze the legal status of this historic decision and to trace the history of demonetization in India. Continue reading
Ritvik M. Kulkarni
The United States Chamber of Commerce (USCC) has yet again awarded a dismal rank to the Indian IP Regime in the 4th Global IP Index released on February 10, 2016. The Global Index, which is prepared annually by the Global IP Chamber of the USCC (GIPC), has set out a total of 30 indicators for assessing the effectiveness and strength of IP law and enforcement in 38 countries. The GIPC also released on February 5, 2016 its Special 301 Report as an evaluative precursor to its Global Index. The Special Report and the Global Index are available here and here respectively.
The Special Report purports to serve as a comprehensive guide to all the factors that make up a robust intellectual property and enforcement system. At the very outset it expresses the American apprehension towards a concerted effort across the world to change the public perception and debate on IP, often based on distorted and inaccurate claims and in contradiction to the careful balance already integrated into the system. It further observes that:
“Globally, there are increasing calls to limit how innovators are able to protect the property rights in their inventions and creations and even calls to limit the scope of what can be protected.”
Graphical representations of the Overall Economy Scores, as awarded in the Global Index, are reproduced herein below: