Commerce Optional (UPSC-IAS)

Study Target for 06/12 to 07/12. Join 🔜 @commerceoptional

Study Target

DEFINITION OF FINANCIAL MANAGEMENT Financial management is an integral part of overall management. It is concerned with the duties of the financial managers in the business firm. The term financial management has been defined by Solomon, “It is concerned with the efficient use of an important economic resource namely, capital funds”. The most popular and acceptable definition of financial management as given by S.C. Kuchal is that “Financial Management deals with procurement of funds and their effective utilization in the business”. Howard and Upton : Financial management “as an application of general managerial principles to the area of financial decision-making. Weston and Brigham : Financial management “is an area of financial decision-making, harmonizing individual motives and enterprise goals”. Joshep and Massie : Financial management “is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations. Thus, Financial Management is mainly concerned with the effective funds management in the business. In simple words, Financial Management as practiced by business firms can be called as Corporation Finance or Business Finance.

We are happy to announce that we are starting batch No 17 for Commerce Optional 2020 from tomorrow. For schedule of guidance program,Contact @cadhananjay With best regards Civil Service Gurukul

👆🏻Industrial relations current affairs

Industrial Relations Code Bill, 2019 Context: The bill has been introduced in Lok Sabha. Key facts: The code proposes to amalgamate The Trade Unions Act, 1926, The Industrial Employment (Standing Orders) Act, 1946, and The Industrial Disputes Act, 1947. It is the third out of four labour codes that have got approval from the cabinet. The Bill: Seeks to allow companies to hire workers on fixed-term contract of any duration. Has retained the threshold on the worker count at 100 for prior government approval before retrenchment, but it has a provision for changing ‘such number of employees’ through notification. Provides setting up of a two-member tribunal (in place of one member) wherein important cases will be adjudicated jointly and the rest by a single member, resulting speedier disposal of cases. Has vested powers with the government officers for adjudication of disputes involving penalty as fines. Introduces a feature of ‘recognition of negotiating union’ under which a trade union will be recognized as sole ‘negotiating union’ if it has the support of 75% or more of the workers on the rolls of an establishment. As several trade unions are active in companies, it will be tough for any one group to manage 75% support, hence taking away their negotiating rights. In such a case, a negotiating council will be constituted for negotiation. Underlines that fixed-term employees will get all statutory benefits on a par with the regular employees who are doing work of the same or similar nature. Under the code, termination of service of a worker on completion of tenure in a fixed-term employment will not be considered as retrenchment. Proposes setting up of a “re-skilling fund” for training of retrenched employees. The retrenched employee would be paid 15 days’ wages from the fund within 45 days of retrenchment. Significance: The Indian economy grew at 5% in the June quarter, a six-year low, while the country’s factory output shrank for the second straight month at 4.3% in September, recording its worst show since the present series was launched in April 2012. The ease of compliance of labour laws will promote the setting up of more enterprises, thus catalysing the creation of employment opportunities in the country. Join 🔜@commerceoptional Sources: the Hindu.