Schedule B: Fill & Download for Free

The license raj was introduced in the Indian industrial sector by “Industrial Policy Resolution,1956”.What exactly was License and Permit Raj?All the industries in India were classified into three schedules by the above mentioned Industrial Policy Resoultion of 1956.Schedule A:- It comprised 17 industrial areas with total monopoly of central government.Schedule B:- It comprised 12 industrial sectors with both the “state governments and private sector” could participate in these industries. In these industries neither state nor private sector had monopoly.Schedule C:- It comprised all the leftout industries which weren't covered in Schedule A and B. Private sector had the monopoly in these industries.To establish an industry under Schedule B and C it was compulsary to obtain the license from the government. This provision of licensing is known as “License-Quota-permit”.Why was the licensing system established?Checking concentration of economic powers into the hands of few industrialists.Controlling the Price of the goods produced by licensed industries.Channeling the investment into desired industrial sectors by introducing license permit.Results of licensing policy:The results were more in the opposite direction than what exactly the licensing policy was intending to establish.Powerful industrial houses created hurdles for new budding entrepreneurs to get the license thus killing the new entrepreneurial ambitions.The price regulation policy via licensing was intended to help poor by providing cheaper goods produced by the licensed industries, but it indirectly served the private industries.Thus in the wake of BOP crisis in 1991, with the intervention of IMF the reservation system established under the above Industrial Policy Resoultion,1956 was scrapped.Current situation:Only 5 industries have cumpolsary licensing regime now.Aerospace and defence related industriesGun powder, industrial explosives and detonating fuseDangerous chemicalsTobacco ,cigarette and related productsAlcoholic drinks.

There are many CLAT guides available in the market but since you have asked about my startegy, here it goes -Completed the Constitution section from my coaching bookletMade notesDid 1500 Qs from different online sites. I didn’t just do the questions but ‘researched’ them also. Eg. Q. Which schedule mentions Panchayati Raj? Things to research - a) Schedules b) Panchayati Raj (When? Where? How?)Kept revising the notesI hope this helps :)

Yes. Also, if you have a financial interest in, or signature authority over, an account in a foreign country, you must also file Schedule B and fill out part III of that form, even if the total interest is under $1500.