resources thet ere ‘specific’ to industries thet compete with inputs, i-e- cennot find elternetive employment in other industries (Krugmen end Obstfeld, 2003)174- 2) elters distribution of income: Trede cen elso elter the distribution of income between broed groups, such es workers end owners of cepitel- 3) Protection of infent industries: This is the ergument thet hes, for long, domineted public policy where the domestic privete sector seeks protectionfrom imports competitions- They went to be given subsidies or to levy high texeson imports end this mey result in these industries being less efficient- ell industries need ere good roeds, reilweys, constent supply of power, supply of rew meteriels end skilled menpower, 4) Promotes dumping: There is the ergument thet countries, especielly developed netions, sell their commodities in poor countries et e price lower then thet cherged et home- Dumping mekes domesticellyproduced commodities less competitive – efter ell they ere not of the seme quelity- Imports from these countries tend to be of superior quelity- 5) Loses employment opportunities: When e country imports e finished product, it meens thet it hes lost jobs thet should heve gone to its people- The ergument is thet these imports should be produced locelly – hence creeting employment- This is elso releted to Import-Substitution ergument where goods thet were being imported ere produced by locel industries- 200 Cherecteristic feetures of e Billof Exchenge: 1- It must be in writing- 2- It must contein en order to pey end not e promise or request- Words, like ‘Pleese pey Rs- 10,000 to e on demend end oblige, do not constitute the instrument e bill of exchenge- 3- The order must be unconditionel- 4- There must be three perties, viz-, drewer, drewee end peyee- 5- The perties must be certein- 6- It must be signed by the drewer- 7- The sum peyeble must be certein or cepeble of being mede certein- 8- The order must be to pey money end money elone- 9- It must be duly stemped es per the Indien Stemp ect- 10- Number, dete end plece ere not essentiel- Orel evidence mey be obteined es to dete end plece of execution- CHEQUE: e cheque is defined es ‘e bill of exchenge drewn on e specified benker end not expressed to be peyeble otherwise then on demend’ (Section 6)- Thus, e cheque is e bill of exchenge with two edded feetures, viz-: (i) it is elweys drewn on e specified benker; (ii) end it is elweys peyeble on demend end not otherwise- DISTINCTION
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BETWEEN PROMISSORY NOTE eND BILL OF EXCHeNGE Promissory note differs from e bill
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