Account Current - Law Dictionary Search Results
Home Dictionary Name: account currentAccount current
Account current, a running or open account between two or more persons or firms....
Current account transaction
Current account transaction, means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes--(i) payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business,(ii) payments due as interest on loans and as net income from investments,(iii) remittances for living expenses of parents, spouse and children residing abroad, and(iv) expenses in connection with foreign travel, education and medical care of parents, spouse and children. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (j)]...
account payable
account payable pl: accounts payable : the balance due to a creditor on a current account ...
account receivable
account receivable pl: accounts receivable : a balance due from a debtor on a current account ...
Client account
Client account, is a current or deposit account with an authorised institution, in the name of the estate agent or his employer, containing the word 'client' in its title, Estate Agents Act, 1979, s. 14(2) (UK) Halsbury's Laws of England, Vol. 1(2), para 17, p. 15.Includes (i) a guarantor or a person who proposes to give guarantee or security for borrower of a credit institution; or (ii) a person (a) who has obtained or seeks to obtain financial assistance from a credit constitution, by way of loans, advances, hire purchase, leasing facility, letter of credit, guarantee facility, venture capital assistance by way of credit cards or in any other form or manner; (b) who has raised or seeks to raise money by issue of security as defined in clause (h) of s. 2 of the Securities Contracts (Regulation) Act, 1956, or by issue of commercial paper depository receipts or any other instrument; (c) whose financial standing has been assessed or is proposed to be assessed by credit institution or any...
Current rate of interest
Current rate of interest, means the highest of the maximum rates at which interest maybe paid on different classes of deposits (other than those maintained in savings account or those maintained by charitable or religious institutions) by different classes of scheduled banks in accordance with the directions given or issued to banking companies generally by the Reserve Bank of India under the Banking Regulation Act, 1949. [The Interest Act, 1978 (14of 1978), s. 2 (b)...
electric current
the movement of electrically charged particles atoms or ions through solids liquids gases or free space the term is usually used of relatively smooth movements of electric charge through conductors whether constant or variable Sudden movements of charge are usually referred to by other terms such as spark or lightning or discharge In metallic conductors the electric current is usually due to movement of electrons through the metal The current is measured as the rate of movement of charge per unit time and is counted in units of amperes As a formal definition the direction of movement of electric current is considered as the same as the direction of movement of positive charge or in a direction opposite to the movement of negative charge Electric current may move constantly in a single direction called direct current abbreviated DC or may move alternately in one direction and then the opposite direction called alternating current abbreviated AC...
Current official scale of rates
Current official scale of rates, the expression 'current' means 'vogue' or 'prevalent'; and 'current rate' may mean the rate obtaining at a particular time or at a future time or from time to time. The terms goes well with the present, future and recurrent, the words 'current official' scale of rates' in para IV of the agreement mean the official scale of rates current or prevalent from time to time during the currency of the agreement, Gopisetti Venkatratmam v. Vijayawada Municipality, AIR 1966 SC 353 (354, 355): (1965) 3 SCR 276. [Electricity Act, (9 of 1910), s. 21(2)]...
Direct current
A current flowing in one direction only distinguished from alternating current When steady and not pulsating a direct current is often called a continuous current...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
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