SME financing products by banks and NBFIs

SME financing products by banks and NBFIs

It was not until 2010 that the government and policymakers recognised the importance of providing extensive credit facilities to small and medium sector entrepreneurs to promote various initiatives, especially start-up enterprises as well as ones looking to scale up. The banks and other financial institutions, however, have been providing loans to such enterprises for long, though not in the nomenclature of SME Financing.

Now, almost all banks and non-bank financial institutions (NBFI) in the country are providing loans to the sector, under different governmental schemes as well as through their own product portfolios. New Age provides a list of some of the major products available in the market, from some of the leading banks and financial institutions, for the benefit of potential entrepreneurs and those looking for further investment.

Apurbo is a loan facility for small and medium entrepreneurs, which offers minimum Tk10 lakh to maximum Tk 50 lakh in loan. To meet import-export related expenses, post import expenses, duty payment, local bill purchase and working capital, Shomriddhi loan offers Tk 1 lakh to Tk 1 crore. Shompod loan provides from Tk 10 lakh to Tk 3.5 crore while Shokti loan offers businesses Tk10 lakh to Tk 70 lakh in loan. All these products are offered against registered mortgages and the enterprises are required to have at least three years of experience. The bank also offers deposit products for SME entrepreneurs.

Brac Bank Limited
Being the youngest bank, BRAC Bank in the last ten years served 3.75 lakh customers and released around Tk 14,000 crore as loans to SME entrepreneurs. The bank at present offers a range of SME loan products. Anonno is a small scale business loan ranging between Tk 3 to Tk 10 lakh while Prothoma is a term loan of maximum Tk 10 lakh for small scale businesses operated by women entrepreneurs. These loans can be availed by a business having a valid trade license and do not require a security. These loan schemes have been operating for more than two years.

The package called Durjoy is offering Tk 3 lakh to Tk 25 lakh loan also without any security.

Dhaka Bank Limited
Recognising quite early the SME segment’s value addition and employment generation capabilities, Dhaka Bank has pioneered SME financing in Bangladesh since 2003, focusing on stimulating the manufacturing sector and actively promoting trading and service businesses.

The bank offers different revolving and renewable lines of credit against mortgage of collateral for SMEs with two years experience in the line of business and satisfactory credit report. In a range of such loan products – overdraft work order, overdraft pay order, overdraft share, secured overdraft and overdraft SME – small business can take maximum Tk 50 lakh and medium enterprises Tk 1 crore. The interest rate for male entrepreneurs in small enterprises varies from 13 to 17 per cent while for women it is 10 per cent. For medium enterprises the rate is 13 per cent, for both men and women entrepreneurs.

In the scheme of business loans under SME, Dhaka Bank offers long, mid and short term products, festival short term products, SME lease etc. While all these financial products are non-revolving and non-renewable, the maximum amount of loan and corresponding interest rates are the same as credit line products of the bank.

Eastern Bank Limited
Established in 1992 out of former BCCI Bank, EBL is now focusing more on the SME sector. It has separate, dedicated centres and desks for SMEs and also special desks for SME women entrepreneurs. It has introduced different types of specialised loan products (on equated monthly instalment basis) and also liability products for SMEs.

At present EBL has about 6,000 SME clients and approximately disburses around Tk 1,000 crore per year. The bank has collateral free loan products for small segment clients and partial secured loans for small and mid segment clients, with a repayment period up to 60 months. EBL offers a wide range of products covering small and medium enterprises, women entrepreneurs and import oriented customers.

EBL Agrim is a special product of EBL, which offers seasonal or festival loan products with single shot repayment within 1 to 6 months. Entrepreneurs who need extra finance during any business season or festival, can take loans of minimum Tk 200,000 to maximum Tk 950,000, without any collateral. Furthermore, farmers who are directly engaged in cultivation can take loans ranging from Tk 10,000 to Tk 150,000 under the EBL Krishi Rin scheme without any collateral with zero processing fee. The repayment of this scheme depends on harvesting of the crops.

This year EBL has reviewed its existing loan products to match with market demand and launched EBL Krishi Rin and a deposit product called EBL Equity Builder for SME customers. It has a plan to launch another loan product, EBL Nobodoy, this year.

EXIM Bank Limited
Established in 1999, the Export Import Bank of Bangladesh Limited now offers two different schemes for entrepreneurs of small and medium enterprises. Exim Uddyog is an investment scheme facilitating projects with the aim to provide fixed and working capital for SMEs involved in poultry, dairy, fisheries and agro-based industries etc. Loans are disbursed across Bangladesh through its branches and SME Service Centres. EXIM Abalamban loan covers general business, workshop and light engineering.

The bank disburses loans in single or multiple phases according to the nature and requirement of businesses and also offers single or multiple repayment installments as per the returns of the business. Having a record of successful business operation for two years, small entrepreneurs can borrow Tk 2 lakh to Tk 10 lakh while the medium entrepreneurs can take Tk 10 lakh minimum and Tk 50 lakh maximum, against proper collateral depending on whether it is located on the proprietor’s own land or on a leased property. On the basis of satisfactory business transaction and business requirement, the bank also offers the opportunity of enhanced investment.

IDLC
IDLC introduced lease financing in the country in 1985, and started working in small and medium enterprises in 2006. It is now by far the largest recipient of Bangladesh Bank’s SME refinancing scheme, as claimed by its chief executive officer and managing director, Selim RF Hussain. Almost 20 per cent of customer lending of IDLC group is in SME sector.

To finance small-scale trading, manufacturing and service ventures to help SMEs meet short-term cash flow needs and bridge the fund-flow gaps IDLC offers lease financing, term loan financing, working capital financing, project financing and refinancing facilities, with different terms and conditions. It also has more products such as supplier finance, women entrepreneur loan and commercial vehicle loan.

The small businesses which are a growing concern with minimum operational experience of 2 years can get minimum Tk 3 lakh to maximum Tk 75 lakh. IDLC offers loans without any collateral for up to Tk 15 lakh and partial cash-secured loans of up to Tk 35 lakh. For repayment, it offers both equal monthly installments and customized schedules. Borrowers having loan facilities with other financial institutions can also avail IDLC’s facilities.

IIDFC
Industrial and Infrastructure Development Finance Company Limited offers different SME financing schemes to potential clients taking into consideration the enterprises’ credentials, management strength, sales growth, technical soundness, cost efficiency, future prospects and their transaction behaviour with other lenders and associates, if any. Mode of repayment of IIDFC’s SME loans is equal monthly or quarterly instalment.

Among a range of products, IIDFC provides term loans for capital expenditure. The longer maturity of loans can reduce the size of instalment payments and help improve the cash flow of the enterprises. IIDFC also provides loan facilities to meet working capital requirements.

The company provides women entrepreneurs with loans as per the guidelines and regulations of Bangladesh Bank and with some favourable terms for women. It promotes such loan schemes with a dedicated desk in a bid to assure service-friendly attitude towards women entrepreneurs and treats all type of applications submitted by small and medium sector women entrepreneurs with highest priority.

The milestone of SME department in 2010 was the MoU with National Small Industries Corporation (NSIC), India, on March 30, covering various points of cooperation including development of joint ventures, demonstration and hands-on technology training for start-up entrepreneurs, installation and commissioning of SME projects and development of SME-IT Technological Park.

Islami Bank Bangladesh Limited
One of the pioneers in financing SMEs, IBBL is now providing Tk 50,000 to Tk 10 crore as credit in various manufacturing, trading and service craftsmanship. Since its inception, IBBL has introduced several investment schemes to cater to the needs of SMEs keeping in view the requirement of different sectors and various sections of people to improve their quality of life. With some 80 thousand SME partners coming under its net, the total SME investment of the bank is more than Tk 7,400crore.

Gender equity remains yet another conceptual basis of IBBL’s SME and micro-finance initiatives. Under the Women Entrepreneurs’ Investment Scheme IBBL provides upto Tk 30 lakh to women-run enterprises, and upto Tk 5 lakh without any collateral.

IBBL prioritises beneficial ideas with potential of bringing about welfare to the society in small manufacturing, cottage industries and self-employment activities. These include various light engineering sectors like iron or wooden furniture processing, agribusiness, specialist farming, seeds production and distribution, leather making or leather goods, backward linkage industries of garments and poultry sectors, in service sectors like laundry, hotel and restaurant, healthcare, diagnostic centres and educational services and small trading sectors of confectionery, book stall, drug and medicines shops, stalls of shoe, cloth, food, vegetable and different consumer items, among others.

Prime Bank Limited
Prime Bank provides small and medium enterprises with easy access to loan to help them grow further. A minimum of Tk 2 lakh to a maximum of Tk 6 lakh can be borrowed without any collateral. The bank also offers capital loan, working capital loan, seasonal loan, double loan and women entrepreneur’s loan schemes under different terms and conditions.

Capital loan is offered to the businesses opting to augment capital base for business expansion, purchase of new business space, expansion of existing outlets and capital machineries and also to purchase light or heavy vehicles for business use. Working capital loan offers businesses the loan facility to increase the working capital base by financing day to day business. The bank offers seasonal loans to grab the additional opportunities in various festivals and seasonal events by organizing special business arrangements to increase sales and profit for SME businesses. In these schemes, small enterprises can have Tk 2 lakh to Tk 50 lakh as loan while medium enterprise from Tk 2 lakh to Tk 3 crore.

Upon offering any encashable securities like FDR, both small and medium enterprises are also entitled to receive double the amount of the value of security provided. The loan amount should be ranging from minimum Tk 2 lakh to maximum Tk 50 lakh. Women entrepreneurs can get Tk 1 lakh to Tk fifty lakh in loan to expand and operate their businesses at their desired level, of which upto Tk 25 lakh can be loaned without any security.

Entrepreneurs having the experience of successfully managing the business for at least two years may apply for any of these schemes.

Standard Chartered Bank
Standard Chartered Bank provides SMEs with its wide range of business responsive products and services. To help expand the business and tackle all fund related constrains of SMEs, Standard Chartered offers business installment loans of up to Tk 70 lakh from a minimum of Tk 10 lakh. The loan requires a cash security of 30 to 50 per cent of the loan amount depending on existing repayment track record. This loan is repayable in three to five years at the interest rate of 19.5 per cent. Any business having at least three years of experience in the same business and a minimum turnover of Tk 120,00000 can apply for this loan.

Its loan scheme Orjon however has been crafted to support the business needs of women entrepreneurs and enables SMEs to obtain financing without any requirement of collateral. The features and eligibility requirements of this scheme are similar to the business installment loans, except for an interest rate of 18.5 per cent.

Standard Chartered also offers loan against property ranging from Tk 14 lakh to Tk 2.8 crore, to enterprises with annual turnover of Tk 70 lakh, at the interest rate of 16 per cent which is repayable over three to 10 years. The bank also offers trade and working capital financing and different SME transaction services, online based Straight 2 Bank service and Doorstep Banking (which allows secure banking transactions without leaving the doorstep).

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OFFENCE AGAINST THE PUBLIC TRANQUALITY

OFFENCE AGAINST THE PUBLIC TRANQUALITY:

Section; 141. An assembly of five or more persons is designated An Unlawful a sembly...If the common object of the person’s composing that assembly is-

First.-To overawe by criminal force, or show of criminal force, (i) the Central or any State Government or Parliament or the Legislature of any State or (ii) any public servant in the exercise of the lawful power of such public servant; or

Second.-To resist the execution of any law, or of any legal process; or Third.-To commit any mischief or criminal trespass, or other offence; or .

Fourth.-By means of criminal force, or show of criminal force, to any person to take or obtain possession of any property, or to deprive any person of the enjoyment of a right of way, or of the use of water or other incorporeal right of which he is in possession or -enjoyment, or to enforce any right or supposed right or

Fifth.-By means of criminal force, or show of criminal force, to compel~ any person to do what he is not legally bound to do, or to omit to do what he is legally entitled to do.

Explanation.-An assembly which was not unlawful when it assembled, may subsequently become an unlawful assembly.

Section; 142. Whoever, being aware of facts which render any assembly an unlawful assembly, intentionally joins that assembly, or continues in it, is said to be a member of an unlawful assembly.

Punishment. Section;143. Imprisonment of either description for a term which may extend to six months, or with fine, or with both.

Section; 144. Whoever, being armed with any deadly weapon, or with anything which, used as a weapon of offence, is likely to cause death, is a member of an unlawful assembly, shall be punished with imprisonment of either description for a term which may extend to two years) or with fine, or with both.

Section; 145. Whoever joins or continues in an unlawful assembly, knowing that such unlawful assembly has been commanded in the manner prescribed by law to disperse, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both. Rioting.

Section;146. Whenever force or violence is used by an unlawful assembly, or by any member thereof, in prosecution of the common object of such assembly, every member of such assembly is guilty of the offence of rioting.

Punishment Section; 147. Whoever is guilty of rioting, shall be punished with imprisonment of either description for a term which may extend to two years. or with fine, or with both.

Section; 148. Whoever is guilty of rioting, being armed with a deadly weapon or with anything which, used as a weapon of offence, is likely to cause death, shall be punished with imprisonment of either description for a term which may extend to three years, or with fine, or with both.

Section; 149. If an offence is committed by any member of an unlawful assembly in prosecution of the common object of that assembly, or such as the members of that assembly knew to be likely to be committed in prosecution of that object, every person who, at the time of the committing of that offence, is a member of the same assembly, is guilty of that offence

Section; 154. Whenever any unlawful assembly or riot takes -place, the owner or occupier of the land upon which such unlawful assembly is held, or such riot is committed, and any person having or claming an interest in such land, shall be punishable with fine not exceeding one thousand rupees, if he or his agent or manager, knowing that such offence is being or has been committed, or having reason to behave~ it is likely to be committed, do not give the earliest notice thereof in his. or their power to the principal officer at the nearest police -station, and do not, in the case of his or their having re,).

on" to believe that it was about to be committed, use all lawful means in his or their power to prevent it and, in the event of its taking place, do not use all lawful means in his or their power to disperse or: suppress the riot or unlawful assembly.

Section; 155. Whenever a riot is committed for the benefit or on behalf of person for whose benefit any person w 0 IS t e owner or Occupier 0 any an respecting Itch rift is com- such riot takes place or who claims any interest in such land, or in used any Dispute gave nose to not, rowed has accepted or derived any benefit there from, such person shall be punishable with fine, if he or his agent or manager, having reason 1;0 believe that such riot was likely to be committed or that the unlawful assembly by which such riot was committed was likely to be held,

shall not respectively use all lawful means in his or their power to prevent such assembly or riot from taking place, and for suppressing and dispersing the same.

Section; 156. Whenever a riot is committed for the benefit or on behalf owner or any person who is the owner or occupier of any land respecting which occupier for such riot takes Place, or who claims an y interest in such land. or. benefit trio in the subject of any dispute which gave rise to the riot, or who has, is committed. accepted or derived any benefit there from,

Owner or occupier of land on which an unlawful assembly is held. the agent or manager of such person shall be punishable with fine, if such agent or manager, having reason to believe that such riot was likely to be committed, or that the unlawful assembly by which such riot was committed was likely to be held, shall not use all lawful means in his power to prevent such riot or assembly from taking place and for suppressing and dispersing the same.

Harboring
Section; 157. Whoever harbors, receives or assembles, in any house or Persons hoi oared premises in his occupation or charge, or under his control an y persons, an un awful assembly. knowing that such persons have been hired, engaged or employed,

or are about to be hired, engaged or employed, to join or become members of an unlawful assembly, shall be punished with imprisonment of either description for a term which may extend to six months, or with fine, or with both.

Section; 158. Whoever is engaged, or hired, or offers or attempts to be Begird hide hoi to take part Ire or engage, or assist m omega any t e acts specie section 141, shall be punished with imprisonment of either description un lawful assembly Ion or a term w IC may extend to SIX month s, or WI new, or riot; with both, and whoever, being so engaged or hired as aforesaid, goes armed, or to go or engages or offers to go armed, with any deadly weapon or with armed, anything which used as a weapon of offence is likely to cause death, be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.

Section; 159. When two or more persons, by fighting in a public place, Affray. disturb the public peace, they are said to" commit an affray".

Section; 160. Whoever commits an affray, shall be punished with imprison- Punishment of either description for a term which may extend to one month or with fine which may extend to one hundred rupee with both.

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Marriage in ancient Rome

Marriage in ancient Rome

Had my the precedents, starting with the as abduct, which may reflect the archaic custom of and his band of male immigrants were rejected conubium, the legal right to intermarriage, from the. According to and his men abducted the Sabine maidens, but promised them an honorable marriage, in which they would enjoy the benefits of property, citizenship, and children. These three benefits seem to define the purpose of marriage in ancient Rome.

The word matrimonium, the root for the English word defines the institution's main function. Involving the mater, it carries with it the implication of the man taking to woman in marriage to have children. It is the idea conventionally shared by Romans as to the purpose of marriage, which would be to produce citizens producing new citizens.

a word used for the sharing of property, usually used in a technical sense for the property held by heirs, but could also be used in the context of marriage. Such usage was commonly seen in writings. However, the sharing of water and fire (aquae et ignis communiciatio) was symbolically more important. It refers to the sharing of natural resources. Worldly possessions transferred automatically from the wife to the husband in archaic times, whereas the classical marriage kept the wife's property separate.

In order for the union of a man and woman to be legitimate, there needed to be consent legally and morally. Both parties had to be willing and intend to marry, and both needed their fathers' consent. If all other legal conditions were met, a marriage was made.

1. Introduction
A question we often receive is "What is marriage?" In order to define marriage, you need to look at not only the historical period, but also on the geographical location and the cultural traditions of the individuals involved in the marriage relationship.

2. Roman Marriage
By all accounts Roman marriages appeared mostly a rather cold affair. Love had nothing to do with it. Nor did fidelity in the modern sense of the word. Procreation was what counted. Meanwhile Roman men would go to all kind of lengths to prove that they weren't hen-pecked, while their wives hungered for the slightest bit of affection.Living together, prenuptial agreements, divorce, religious wedding ceremonies, and legal commitments all had a place in ancient Rome. Judith Evans-Grubbs says that the Romans were unlike other Mediterranean people in making marriage a union between social equals and not valuing submissiveness in the women.

3. True Meaning of Marriage
The true meaning of marriage is love. By love, I mean not just what we feel but what we do. Love just as a feeling is very flimsy, an up and down roller coaster. Love is an action! In order for it to become the ultimate force and for us to rediscover the true meaning of marriage, love has to be unconditional. You are not looking for acceptance or validation. You are giving of yourself to another not because of them, but because of your values. A death to ones self so that another may live and benefit from your sacrifice.

This is not an easy road to walk. But it is the most rewarding road however. An old Buddhist saying goes like this, 'I want peace.' If you take your ego (I) and your desires (want) out of the equation, i.e., the self, you will have only peace left. The true meaning of marriage is expressing love unconditionally to another. It is an unstoppable force that can endure anything. How do you find it? Within yourself. You have to draw strength from you. Neither seeking validation nor acceptance, just seeking the opportunity to show love.

4. History of marriage by culture
Although the institution of marriage pre-dates reliable many cultures have legends concerning the origins of marriage. The way in which a marriage is conducted and its rules and ramifications has changed over time, as has the institution itself, depending on the culture or demographic of the time. Various cultures have had their own theories on the origin of marriage. One example may lie in a man's need for assurance as to paternity of his children. He might therefore be willing to pay a bride price or provide for a woman in exchange for exclusive sexual access. is the consequence of this transaction rather than its motivation. In society, married women work harder, lose sexual freedom, and do not seem to obtain any benefit from marriage. But women are a source of jealousy and strife in the tribe, so they are given little choice other than to get married. "In almost all societies, access to women is institutionalized in some way so as to moderate the intensity of this competition Forms of which involve more than one member of each sex, and therefore are not either or have existed in history. However, these forms of marriage are extremely rare. Of the 250 societies reported by the American anthropologist George P. Murdock in 1949, only the of Brazil had any group marriages at all.

Various have existed throughout the world. In some societies an individual is limited to being in one such couple at a time, while other cultures allow a male to have more than one or, less commonly, a female to have more than one. Some societies also allow marriage between two males or two females. Societies frequently have other restrictions on marriage based on the ages of the participants, pre-existing kinship, and membership in religious or other social groups.

5. WOMEN AND MARRIAGE IN ANCIENT ROME
Roman weddings were the source for many of our own marriage traditions. A ring on the third finger of a girl's left hand symbolized engagement. At the wedding ceremony the bride was dressed in white, wore a veil and was accompanied by a bridesmaid.

A Roman girl was considered ready for marriage at the age of 14. Her father would choose a husband and conduct the required arrangements, including the size of the dowry, with the groom's family. Economic considerations and inter-family relations were far more important than love.

Care was taken in choosing a lucky day that would avoid any ill omens; June was an especially favored month. A ceremony involving religious elements and the signing of the marriage contract was followed by a feast for all of the friends, relatives and business associates of the two families.

Throughout most of the history of the Roman Republic marriage transferred a woman from the authority of her father to the authority of her husband or her husband's father or grandfather, if he were alive. The senior father was the pater familias who had total control over all members of his family. In theory that control extended even to life and death, but in reality it was limited to economic matters. The pater familias owned and controlled all of the family's wealth. Any money or property a woman possessed at the time of her marriage passed to the control of the pater familias of her new husband's family.

6. Roman society, Roman life:
In the beginning was the census.
Every five years, each male Roman citizen had to register in Rome for the census. In this he had to declare his family, wife, children, slaves and riches. Should he fail to do this, his possessions would be confiscated and he would be sold into slavery.
But registration meant freedom. A master wishing to free his slave needed only to enter him in the censor's list as a citizen (manumissio censu).

Throughout the entire republican era, registration in the census was the only way that a Roman could ensure that his identity and status as a citizen were recognized. Fathers registered their sons, employers their freedmen.

Primarily the census served to count the number of citizens and to assess the potential military strength and future tax revenue. Most important, the census transformed the city into a political and military community.

But the census performed a highly symbolical function. To the Romans the census made them more than a mere crowd, or barbarian rabble. It made them a populus, a people, capable of collective action.

7. Ancient Roman Family and Marriage
Early Years
600 BC to about 1 AD - Before the Imperial Age, in very earlyn Roman times, families were organized rather like mini Greek city-states. Everybody in one family lived in one home, including the great grandparents, grandparents, parents and children. The head of the family was the oldest male. That could be the father, the grandfather, or perhaps even an uncle.

Each family had slightly different customs and rules, because the head of the family had the power to decide what those rules were for his family. He owned the property, and had total authority, the power of life and death, over every member of his household. Even when his children became adults, he was still the boss.

But, he was also responsible for the actions of any member of his household. He could order a kid or a grown-up out of his house, but if they committed a crime, he might be punished for something his family did.

In poor families, the head of the house might decide to put a sick baby out to die or to sell grown-ups in his family into slavery, because there wasn't enough food to feed everyone.

A women had no authority. Her job was to take care of the house and to have children.

8. The Imperial Age: Late 1st century AD to about 500 AD
Things changed very rapidly towards the end of 1st century AD. Although families still lived in one home, during the Imperial Age, women could own land, run businesses, free slaves, make wills, be heirs themselves, and get a job in some professions.

The ancient Romans tried to help their family grow through marriage, divorce, adoption, and re-marriage.

After a divorce, ex-in-laws were still important, as were their children. Adopted children had the same rights as any of the other children, rights based on their sex and age. In addition to wives and children, wealthy ancient Roman homes supported slaves.

9. The Legal Status of Marriage
Marriage was not a state affair -- at least until Augustus made it his business. It was private, between husband and wife, their families, and between parents and their children. Nonetheless there were legal requirements. It wasn't automatic. People getting married had to have the right to marry, the connubial.

10. Dowry
One of the most important aspects of the practical and business-like arrangement of Roman marriage was the The dowry was a contribution made by the wife’s family to the husband to cover the expenses of the household. It was more customary than compulsory. Ancient texts show that dowries typically included land and slaves but could also include (used to make women more attractive, such as), and clothing. These items were connected with legacy and if the wife died early in the marriage, the dowry could be returned to her family and buried

with her to give a more elaborate burial than was typical for the time, however that was not always the case.

The dowry was also how Roman families maintained their social status relative to each other. It was important to ensure that upon the end of a marriage, the dowry was returned to either the wife or her family. This was done in order to improve her chances of remarriage as well as to maintain the family resources. In ancient Rome, the dowry became the husband’s full legal property. In actuality, however, the purpose of the dowry often affected the husband’s freedom to use the dowry. For example, if the dowry was given to help in the maintenance of the wife, or if a legal provision was made for the wife or her family to reclaim the dowry should the marriage dissolve, the husband was restricted as to how he could make use of the dowry.

The fate of the dowry at the end of a marriage depended on its original source. A dowry of dos recepticia was one in which agreements were made in advance about its disposal. The agreement made beforehand determined how this dowry would be recovered. One of dos profecticia was a dowry given by the father of the bride. This type of dowry could be recovered by the donor or by a divorced daughter if her died. A dowry of dos adventicia was given by the daughter herself, though it came from her pater. This dowry usually came in non-traditional forms, for example, in lieu of a debt settlement, instead of being given as a direct charge on the pater’s estate. The wife usually recovered this dowry. However, if she died, the husband retained this dowry.

11. Kinds of marriage with manus (how manus was created):
Manus was acquired in ancient law by one or other of the following modes of marriage recognized as justiae nuptiae :-
(1) Confarreatio:- It was a religious ceremony performed in the presence of the chief priests of the state religion and accompanied by usages which were of great antiquity. Originally only patricians could avail themselves of this form of marriage.
(2) Coempto:- It was the civil marriage. This form of marriage was meant for the plebeians and existing side with the confarreatio form of marriage.
(3) Usus:- The third form in which manus was created was usus, that is a sort of usucapio or prescription. Usus was the acquisition of a wife by possession and bore the same relation to coemptio as usucapio to a mancipatio.If she was delivered to the husband without proper forms, she did not fall under his manus until the usual period of usucapio or prescription had passed.

12. Marriage in ancient Rome
had starting with the which may reflect the archaic custom of and his band of male immigrants were rejected conubium, the legal right to intermarriage, from the According to, and his men abducted the Sabine maidens, but promised them an honorable marriage, in which they would enjoy the benefits of property, citizenship, and children. These three benefits seem to define the purpose of marriage in ancient Rome.

The word matrimonium, the root for the English word defines the institution's main function. Involving the mater , it carries with it the implication of the man taking to woman in marriage to have children. It is the idea conventionally shared by Romans as to the purpose of marriage, which would be to produce; citizens producing new citizens.

a word used for the sharing of property, usually used in a technical sense for the property held by heirs, but could also be used in the context of marriage. Such usage was commonly seen in writings. However, the sharing of water and fire (aquae et ignis communiciatio) was symbolically more important. It refers to the sharing of natural resources. Worldly possessions transferred automatically from the wife to the husband in archaic times, whereas the classical marriage kept the wife's property separate.

In order for the union of a man and woman to be legitimate, there needed to be consent legally and morally. Both parties had to be willing and intend to marry, and both needed their fathers' consent. If all other legal conditions were met, a marriage was made.

13. Conventions of Roman marriage
The lives of elite Roman women were essentially determined by their marriages. We are best informed about families with both wealth and political standing, whose largely inherited money would follow both their sons and their daughters. In the earliest periods of Roman history, meant that a married woman would be subjugated by her husband, but that custom had died out by the 1st century BCE, in favor of Free Marriage which did not grant a husband any rights over his wife or have any changing effect on a woman's status.

Elite young men would usually marry in their mid-twenties, after a year or more of service and some initial experience attending cases and even pleading in the criminal or civil courts. Their brides, however, would be markedly younger women, between fifteen and twenty years of age. This was in part because the family felt no need to retain the daughter at home in order to give her a full education, and partly from fear that once into the flush of adolescence the girl might throw away her virginity or lose the reputation for chastity, which was a prerequisite for marriage. The higher the social position of the girl, the sooner betrothal tended to follow puberty, since marriage were arranged for political reasons. The actual marriage, however, was usually postponed until she was physically mature enough to carry a healthy pregnancy or survive the high risks of childbirth. The young wife would learn some of the complexities of running a large household by observing her mother, and her training would be supplemented by the of her new household.

The more prominent her family, the less it was likely that the girl would have much choice in the age, appearance or character of her first husband. Through high status marriages (even imperial ones), women were able to gain associative power from their husbands' prominent positions in society. Women who gained power in this way could even then legitimize the power positions of their sons (such as with) and as their symbolic status influenced Roman society.

While upper class girls married very young, there is evidence that lower class women –, freedwomen etc. – often married in their late teens or early twenties. Women were not seen as likely to marry after thirty. Marriage for them was not about economic or political gain, so it was not as urgent.

In a sense, the lives of all women in were defined around their expectation and achievement of marriage: first as young girls, then as wives and, if all went well, as mothers. In their later years, it was statistically probable that they would survive their husbands and live as From day to day, on a larger scale, their obligations and opportunities depended on the man or men to whom they were married.

14. Patria Potestas
Fathers of legitimate children alone had over their children. Patria potestas was the lifelong subjugation of a child to his or her father's will and, to the horror of the Greeks and other outside observers of the time, applied to sons as much as daughters.

A man or woman whose legitimate father was still alive required his consent for marriage. No paternal consent was required for illegitimate children or those whose fathers had died. This gave the father of legitimate children a very substantial say in at least the first marriage of his children. He had no right to prevent a divorce by one of his children. Though a father could deny the right to marriage by refusing a prospective son- or daughter-in-law, he could not legally force his children into marriage.

15. Engagement and ceremony
The nuptiae was often begun with a celebration, combining legal, religious, and social features. It brings the two households together, new property is introduced, and there is the underlying promise of children. The wedding ceremony no doubt included various customs and religious rites, but it cannot be assumed such rituals were static or widespread throughout the centuries.

The typical upperclass wedding in the classical period tended to be a lavish affair. The expense of the wedding was normally the bride's family's responsibility. The day was carefully chosen, with all sorts of religious reasons as to why certain days should be avoided.During engagement ceremonies, which typically took place before the wedding ceremonies, the groom would often hand his future wife an iron ring. During wedding ceremonies the bride and groom often sacrificed an animal and asked the gods for a blessing. Gifts were given to family and friends, and sometimes the and exchanged presents of money before the wedding. On the wedding day, the bride went with a procession to her new home, while the bridegroom went ahead of the bride to receive her. With her, the bride brought a torch lit from her family's hearth, and was offered another torch and water, symbolizing the aquae et ignis communicatio. She was then carried over the threshold by her attendants, not her husband. The words "Ubi tu Gaius, ego Gaia" may have been exchanged at this point. The actual consummation of the marriage took place in the bedroom, supposedly in the dark. The day after the wedding, the groom would hold a dinner party at his house, and it was at this time that the bride made an offering to the gods of her new home. All of this was part of publicizing the marriage.

The verbal consent between the bride and groom fulfilled the legal expectations, the sharing of the water and fire and, perhaps, the clasping of their right hands (dextrarum iunctio), the religious, and the actual ceremony and celebration fulfilled the social.

conventions of Roman marriage
The lives of elite Roman women were essentially determined by their marriages. We are best informed about families with both wealth and political standing, whose largely inherited money would follow both their sons and their daughters. In the earliest periods of Roman history, meant that a married woman would be subjugated by her husband, but that custom had died out by the 1st century BCE, in favor of Free Marriage which did not grant a husband any rights over his wife or have any changing effect on a woman's status.

Elite young men would usually marry in their mid-twenties, after a year or more of service and some initial experience attending cases and even pleading in the criminal or civil courts. Their brides, however, would be markedly younger women, between fifteen and twenty years of age. This was in part because the family felt no need to retain the daughter at home in order to give her a full education, and partly from fear that once into the flush of adolescence the girl might throw away her virginity or lose the reputation for chastity, which was a prerequisite for marriage. The higher the social position of the girl, the sooner betrothal tended to follow puberty, since marriage were arranged for political reasons. The actual marriage, however, was usually postponed until she was physically mature enough to carry a healthy pregnancy or survive the high risks of childbirth. The young wife would learn some of the complexities of running a large household by observing her mother, and her training would be supplemented by the of her new household.

The more prominent her family, the less it was likely that the girl would have much choice in the age, appearance or character of her first husband Through high status marriages (even imperial ones), women were able to gain associative power from their husbands' prominent positions in society. Women who gained power in this way could even then legitimize the power positions of their sons (such as with and as their symbolic status influenced Roman society.

While upper class girls married very young, there is evidence that lower class women, freedwomen etc. – often married in their late teens or early twenties. Women were not seen as likely to marry after thirty. Marriage for them was not about economic or political gain, so it was not as urgent.

In a sense, the lives of all women in were defined around their expectation and achievement of marriage: first as young girls, then as wives and, if all went well, as mothers. In their later years, it was statistically probable that they would survive their husbands and live as. From day to day, on a larger scale, their obligations and opportunities depended on the man or men to whom they were married.

Patria Potestas
Fathers of legitimate children alone had over their children. Patria potestas was the lifelong subjugation of a child to his or her father's will and, to the horror of the Greeks and other outside observers of the time, applied to sons as much as daughters.

A man or woman whose legitimate father was still alive required his consent for marriage. No paternal consent was required for illegitimate children or those whose fathers had died. This gave the father of legitimate children a very substantial say in at least the first marriage of his children. He had no right to prevent a divorce by one of his children. Though a father could deny the right to marriage by refusing a prospective son- or daughter-in-law, he could not legally force his children into marriage.

Engagement and ceremony
The nuptiae was often begun with a celebration, combining legal, religious, and social features. It brings the two households together, new property is introduced, and there is the underlying promise of children. The wedding ceremony no doubt included various customs and religious rites, but it cannot be assumed such rituals were static or widespread throughout the centuries.

The typical upperclass wedding in the classical period tended to be a lavish affair. The expense of the wedding was normally the bride's family's responsibility. The day was carefully chosen, with all sorts of religious reasons as to why certain days should be avoided.During engagement ceremonies, which typically took place before the wedding ceremonies, the groom would often hand his future wife an iron ring. During wedding ceremonies the bride and groom often sacrificed an animal and asked the gods for a blessing Gifts were given to family and friends, and sometimes the and exchanged presents of money before the wedding. On the wedding day, the bride went with a procession to her new home, while the bridegroom went ahead of the bride to receive her. With her, the bride brought a torch lit from her family's hearth, and was offered another torch and water, symbolizing the aquae et ignis communicatio. She was then carried over the threshold by her attendants, not her husband. The words "Ubi tu Gaius, ego Gaia" may have been exchanged at this point. The actual consummation of the marriage took place in the bedroom, supposedly in the dark. The day after the wedding, the groom would hold a dinner party at his house, and it was at this time that the bride made an offering to the gods of her new home. All of this was part of publicizing the marriage.

The verbal consent between the bride and groom fulfilled the legal expectations, the sharing of the water and fire and, perhaps, the clasping of their right hands (dextrarum iunctio), the religious, and the actual ceremony and celebration fulfilled the social.

Dowry
One of the most important aspects of the practical and business-like arrangement of Roman marriage was the. The dowry was a contribution made by the wife’s family to the husband to cover the expenses of the household. It was more customary than compulsory. Ancient texts show that dowries typically included land and slaves but could also include (used to make women more attractive, such as, and clothing. These items were connected with legacy and if the wife died early in the marriage, the dowry could be returned to her family and buried with her to give a more elaborate burial than was typical for the time, however that was not always the case.

The dowry was also how Roman families maintained their social status relative to each other. It was important to ensure that upon the end of a marriage, the dowry was returned to either the wife or her family. This was done in order to improve her chances of remarriage as well as to maintain the family resources. In ancient Rome, the dowry became the husband’s full legal property. In actuality, however, the purpose of the dowry often affected the husband’s freedom to use the dowry. For example, if the dowry was given to help in the maintenance of the wife, or if a legal provision was made for the wife or her family to reclaim the dowry should the marriage dissolve, the husband was restricted as to how he could make use of the dowry.

The fate of the dowry at the end of a marriage depended on its original source. A dowry of dos recepticia was one in which agreements were made in advance about its disposal. The agreement made beforehand determined how this dowry would be recovered. One of dos profecticia was a dowry given by the father of the bride. This type of dowry could be recovered by the donor or by a divorced daughter if her died. A dowry of dos adventicia was given by the daughter herself, though it came from her pater. This dowry usually came in non-traditional forms, for example, in lieu of a debt settlement, instead of being given as a direct charge on the pater’s estate. The wife usually recovered this dowry. However, if she died, the husband retained this dowry.

Old age and marriage
The evidence for rules of age in Augustus’ marriage legislation will be applied to the information we have in regard to the age of in women in and similarly the age up to which males were considered capable of fathering children. Under the terms of the lex Iulia, unmarried persons, caelibes (unmarried as defined by laws), were incapable of taking either inheritances or legacies. Married persons who had no children, orbi, could take no more than one-half of either inheritances or legacies. Originally, this basic principle seems to have applied only to those of a certain age, namely to men between the ages of 25 and 59 years, and to women of 20 to 49 years of age. Apart from questions of age, others were also exempted from the limitations imposed on the capacity to inherit, namely relatives, cognati, to the sixth (and in certain cases to the seventh) degree, as well as those in the manus or of such relatives. Under the Augustan legislation a husband and wife could enjoy complete capacity to inherit if, apart from the rules of age, they were otherwise related to within the sixth degree, or the husband was absent for a certain period of time (a temporary privilege), or the couple had a living communis child or a certain number of children who had survived to certain ages, or they had otherwise been granted the ius liberorum. If the married couple could not claim under any of these conditions, then they were normally capable of taking only one-tenth of the estate of the other.

Ancient Roman Family and Marriage
Early Years
600 BC to about 1 AD - Before the Imperial Age, in very earlyn Roman times, families were organized rather like mini Greek city-states. Everybody in one family lived in one home, including the great grandparents, grandparents, parents and children. The head of the family was the oldest male. That could be the father, the grandfather, or perhaps even an uncle.

Each family had slightly different customs and rules, because the head of the family had the power to decide what those rules were for his family. He owned the property, and had total authority, the power of life and death, over every member of his household. Even when his children became adults, he was still the boss.

But, he was also responsible for the actions of any member of his household. He could order a kid or a grown-up out of his house, but if they committed a crime, he might be punished for something his family did.

In poor families, the head of the house might decide to put a sick baby out to die or to sell grown-ups in his family into slavery, because there wasn't enough food to feed everyone.

A women had no authority. Her job was to take care of the house and to have children.

The Imperial Age: Late 1st century AD to about 500 AD
Things changed very rapidly towards the end of 1st century AD. Although families still lived in one home, during the Imperial Age, women could own land, run businesses, free slaves, make wills, be heirs themselves, and get a job in some professions.

The ancient Romans tried to help their family grow through marriage, divorce, adoption, and re-marriage.

After a divorce, ex-in-laws were still important, as were their children. Adopted children had the same rights as any of the other children, rights based on their sex and age. In addition to wives and children, wealthy ancient Roman homes supported slaves.

Old Age
The ancient Romans greatly respected and cared for their elderly. When the older members of a family became too tired for other activities, they could always play with their grandchildren and great grandchildren, all of whom had all been born under their roof, and would one day be honoring them at the Parentalia, the festival of the dead. 

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COST OF CAPITAL

COST OF CAPITAL

Managerial Finance
Costs involved in obtaining fund are called cost of capital.
Capital is the or used to generate either by in or a different
Capital can be classified into two major types:

1. Dept: It is provided by the creditor of the organization to receive the predetermined rate of interest.

2. Equity: It is provided by the owner of the organization to receive the dividend.

Cost of long term dept
The cost of long term dept is the after tax cost today of raising long term funds through borrowing
Before tax cost of dept and after tax cost of dept
EBIT –interest = EBT – tax = EAT
Calculation of cost of capital is implemented to reduce the available earnings for distribution

Cost of long term dept can be calculated in following three ways
-Quotation:
1. When the net proceeds from sale of a bond equal its per value, the before tax cost is just equal to the coupon interest rate.

2. Yield to Maturity (YTM) can be considered as before tax cost of dept in case of similar risk bond.

-Calculation:
In this technique before tax cost of capital is determined by calculating internal rate of return. The cost of maturity can be calculated using a financial calculator, an electronic spreadsheet or a trial and error technique. It represents the annual before tax cost of the dept.
-Approximation:


After tax cost of dept ki = kd (1-T)

Cost of preferred stock
Preferred Stock: A class of ownership in a corporation that has a higher claim on the assets and earnings than common stock. Preferred stock generally has a dividend that must be paid out before dividends to common stockholders and the shares usually do not have voting rights. The precise details as to the structure of preferred stock are specific to each corporation. However, the best way to think of preferred stock is as a financial instrument that has characteristics of both debt (fixed dividends) and equity (potential appreciation). Also known as "preferred shares".
Kp = Dp / Np



Cost of Common Stock
Common Stock: A security that represents ownership in a corporation. Holders of common stock exercise control by electing a board of directors and voting on corporate policy. Common stockholders are on the bottom of the priority ladder for ownership structure. In the event of liquidation, common shareholders have rights to a company's assets only after bondholders, preferred shareholders and other debt holders have been paid in full.

CAPM (Capital Asset Pricing Model)




Constant Growth Valuation Model
1. Po = D1/rs-g

2. rs = D1/Po + g

Here,
Po =value of the common stock

D1 =per share dividend expected in the end of the year 1

g = constant growth of the dividend

rs =required return on common stock

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After Fifteen Amendment, The Nature and Features of the Constitution of Bangladesh.

After Fifteen Amendment, The Nature and Features of the Constitution of Bangladesh.

Definition of Constitution:
Constitution is a body of rules written or unwritten which determine the organization of the state, the distribution of powers within the principle organs of the government and the relation between government and governed.

According to C.F Strong- A constitution may be said to be a collection of principles according to which the powers of the government, the rights of the governed and the relation between the two are adjusted.

Austin say’s that- The way of life the state has chosen for itself.
According to Lord Bryce- Constitution is the aggregate of laws and customs under which the life of the state goes on.

Classification of Constitution
Constitutions are widely classified into two categories, firstly written and unwritten, and secondly, rigid and flexible.

Written Constitution
A Written constitution is one in which the fundamental principles concerning state administration are embodied and which has, as a specific document been passed by a specific boy. So a written constitution can be produced and shown as a single document the us constitution. Indian constitution, Bangladesh constitution provide examples of written constitution.

Unwritten constitution:
The constitution has not been passed formally as a specific document by a Specific body and the fundamental principles concerning state administration exist in political customs. Judicial decisions and in some scattered document the constitution is an unwritten one. The British constitution Provides the glaring example of unwritten constitution.

Rigid:
The constitution which cannot be amended by ordinary law making procedure but a special procedure like two thirds or three fourths majority is needed, it is called a right constitution. For example Bangladesh constitution.

Flexible Constitution:
The constitution which can be amended by ordinary law making procedure is called a flexible constitution. For example. British constitution is a flexible.

Nature of the Bangladesh Constitution
Bangladesh constitution is the written constitution. It is the adopt by constituted committee. The commute chairmen was Dr. Kamal hosen and there hast 34 member of that committee. There have one preamble. Pour schedule and 153 Articles. There are 15amesdment of the constitution. If any law is contradictory with constitution that time constitution is acceptable and law is voidable. Constitutional supremacy is possible only where the constitution is written and rigid. This constitutional supremacy is also called judiciary the height court of the land is supreme over the legislature

Article 7 states “All powers in the Republic belong to the people, and their exercise on behalf of the people shall be effected only under, and by the authority of, this Constitution. This constitution is, as the solemn expression of the will of the people, the supreme law of the Republic, and if any other law is inconsistent with this Constitution that other law shall, to the extent of the inconsistency, be void.”

Article 26 states that “All existing law inconsistent with the provisions of this part (i.e. fundamental rights) shall, to the extent of such inconsistency, become void on the commencement with the provisions of this part, and any law so made shall to the extent of such inconsistency be void.

Article 65 states that the legislative powers of the Republic shall, subject to the provisions of this Constitution, be vested to the parliament.

Salient Features of the Constitution of Bangladesh
1. Written Constitution: The Constitution of the Peoples’ Republic of Bangladesh is a written document. It was formally adopted by a Constituent Assembly on a specific day (4th Nov. 1972). It contains 153 articles, 1 preamble and 4 Schedules. Members in course of their deliberations. (See page 1 of the Report). I asked Dr. Kamal Hossain if any of them were accepted. He told it was impossible for him to recollect after 26 years if any of them were accepted. He advised me to examine those 98 memorandas. I left no stone unturned to find those memorandas but nobody could give me the trace of those. Though a trace was found in the Record Book of the Constituent Assembly, those memorandas could not found, for parliament building was transferred to the present one and a huge number of documents of the erstwhile East Pakistan Assembly and of the Constituent Assembly of Bangladesh particularly those documents which were not tabled in the Assembly or House have been all heaped up in a store room of parliament and these are yet to be ordered and arranged.

2. Rigid Constitution: The Constitution of Bangladesh is a rigid one since on provision of it can be amended by ordinary lawmaking procedure; an amendment can be passed only by votes of not less than two thirds of the total number of members of parliament.

3. Preamble: The Constitution of Bangladesh starts with a preamble which is described as the guiding star of the Constitution. This very preamble contains the legal as well as the moral basis of the Constitution; it also identifies the objectives and aims of the state.1

4. Supremacy of the Constitution: Constitutional supremacy has been ensured in the Constitution of Bangladesh. Because article 7 (2) provides that “This Constitution is the supreme law of the Republic and if any other law is inconsistent with this Constitution that other law shall, to the extent of the inconsistency, be void.

5. Unitary Governmental System: Article 1 of the Constitution provides that Bangladesh is a unitary peoples’ republic as opposed to federal republic. Governmental system is a unitary one since all power under the constitution has centralized to a unitary government; no division of power has been provided for in the Constitution unlike in federal constitutions.

6. Unicameral Legislature: Article 65 of the Constitution provides for a unicameral legislature for Bangladesh It is only one House to be known as the House of the Nation. Like Indian legislature it is not composed of upper House and lower House. Laws made by the parliament are equally applicable to the whole territory of Bangladesh.

7. Fundamental Principles of State Policy: Article 8 of the Constitution provides for four major fundamental principles of state policy. They are (i) Nationalism, (ii) Democracy, (iii) Socialism; and (iv) Seculatrism. All other principles derived from these four shall also constituted the fundamental principles of state policy.

8. Fundamental Rights: Part-III of the Constitution provides for 18 fundamental rights. The enjoyment and enforcement of these rights have been guaranteed in the Constitution. The Supreme Court has been invested with the task to protect these rights. No authority can make any law which is inconsistent with the provisions of fundamental rights and any law so made shall, to the extent of such inconsistency, be void.

9. Parliamentary form of Government: The Constitution of Bangladesh provides for a Westminster type of parliamentary system. This form of government, in other words, cabinet form of government is run by a cabinet of Ministers headed by the prime Minister and the cabinet as a whole has to be responsible to the parliament and can remain in power so long it enjoys the confidence of the majority members of the parliament. President becomes a titular head: the real executive power is exercised by the cabinet. The 1972’s Constitution of Bangladesh provided, more or less, all the trappings of parliamentary form of government.

10. Independence of Judiciary: The Constitution of 1972 ensured the independence of judiciary.

Firstly, provision was made that the Chief Justice would be appointed by the president and other justices of the Supreme Court would be appointed after consultation with the Chief Justice (Art. 95). Appointment of subordinate judges and magistrates was also to be exercised with consultation of the supreme Court.

Secondly, a judge could not be removed from his office except by an order of the President passed pursuant of a resolution of parliament supported by a majority of not less than two thirds of the total number of members of parliament. Again, the security of tenure of the subordinate judges was vested in the Supreme Court.

Thirdly, it was provided that the remuneration, privileges and other terms and conditions of service of judges could not be varied to their disadvantages and the salaries of the judges were charged upon the Consolidated Fund of the Republic. Again, the control (including the power of posting, promotion and grant of leave) and discipline of persons employed in the judicial service and magistrates exercising judicial functions was vested in the Supreme Court.

Thus the entire judiciary except some aspects of magistrate’s courts was made independent.

11. Ombudsman: Provisions for the establishment of an ombudsman were inserted in Article 77. To provide machinery to overview the activities of civil bureaucracy, to eradicate corruption in the administration and to ensure the responsibility of the government in a more specific way the role of an ombudsman like a citizen’s defender or watch dog has been successful in some countries. Though the office has not yet been implemented in Bangladesh, the incorporation in the Constitution of such an office reflected the desire of the Awami League to strengthen the functioning of democracy in the country.

12. Responsible Government was not ensured: Though the 1972’s Constitution of Bangladesh provided for the Westminster type of parliamentary form of government it could not ensure, due to some of its repressive provisions, the conditions of responsible government. A cabinet form of government is directly responsible to the parliament in the sense that the cabinet as a whole has to be accountable to the parliament and an individual minister has to be responsible in respect of his departmental administration. In the Constitution of Bangladesh, there is no provision for ensuring the individual responsibility of ministers. Though Article 55 (3) provides that ‘the cabinet shall be collectively responsible to the parliament’ this responsibility cannot be ensured in practice due to the barricade created by Article 70 of the Constitution.

Salient features of the 15th amendment of the Constitution passed by parliament.

1. Caretaker system abolished

2. Elections to be held under incumbent cabinet

3. Islam as State religion and ‘Bismillah-Ar-Rahman-Ar-Rahim’ retained

4. Revival of Article 12 to restore Secularism and freedom of religion

5. The people of Bangladesh shall be known as Bangalees as a nation and citizens of Bangladesh shall be known as Bangladeshis

6. Inserted articles 7A and 7B in the Constitution after Article 7 in a bid to end takeover of power through extra-constitutional means

7. Basic provisions of the constitution are not amendable

8. In the case of a dissolution Parliament by any reason, election should be held within 90 days of such dissolution

9. Increasing the number of women reserve seats to 50 from existing 45.

10. The Supreme Command of the defense services shall vest in the President and the exercise thereof shall be regulated by law.

11. The Chief Justice shall be appointed by the President, and the other judges shall be appointed by the President in consultation with the Chief Justice.

12. The portrait of the Father of the nation  shall be preserved and display at the offices of the President, the Prime Minister, the Speaker, and the Chief Justice and in head and branch offices of all government and semi-government offices, autonomous bodies, statutory public authorities, government and non-government educational institutions, embassies and missions of Bangladesh abroad.

13. Incorporation of historic speech of the Father of the Nation  on March 7, 1971, declaration of independence by after midnight of March 25, 1971 and the proclamation of Independence declared at on April 10, 1971. 

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Mughal Empire:

Mughal Empire:

Introduction:
From the 16th to the 18th centuries India was synonymous with the "Empire of the
Great Moghul". They reformed government, encouraged artistry, and tried to unite their subjects. The last Mughal emperors allowed the empire to break apart, however. As a result, the Mughal Empire came to an end, and India came under British control. The Mughals were a Muslim dynasty that lasted for seven generations. They were descended from the Turkic conqueror Timur Lenk and the Mongol ruler Genghis Khan. The empire was founded when a ruler from Turkestan, Baber, raided India, defeated the sultan of Delhi in 1526, and expanded his holdings. The next notable Mughal ruler perhaps the greatest of the dynasty was Baber's grandson Akbar, who reigned from 1556 to 1605. He made the Mughal throne more secure and greatly expanded the empire. India was difficult to rule because it was basically a Hindu culture governed by Muslims and because of the variety of languages and traditions of its people. Akbar succeeded because he reformed the government to make it fairer and allowed Muslims, Hindus, and Christians alike to practice their beliefs. He was also a great promoter of art and learning. To this day certain works dating from the empire are known by such names as Mughal painting, Mughal glass, and Mughal carpets. They were highly aware of the potential of architecture as a means of

self representation. To express their 'multiple identity' architecturally, they drew from many divers supra regional and regional traditions which they synthesised and 'imperialised' so successfully that they created with the Taj Mahal the universally most widely accepted building.




The Founder

The founder of the Mughal dynasty was Babur, "The Tiger," who ruled from 1483 to 1530. Babur was not fully a Mongol: his mother was descended from Genghis Khan, but his father was descended from Timur. Like his ancestors, he rose from comparatively little to become one of the great conquerors of his time. He ruled over a small kingdom in Turkestan; he expanded his kingdom by attacking Afghanistan and capturing Kabul in 1504. From there he crossed over the mountains into Hindustan and attacked the Dehli Sultanate. With an army of only twelve thousand men, he defeated the Sultan at Panipat, captured Agra and Dehli, and established himself as Sultan. He then attacked a confederation of Rajput states. When he died in 1530 he had conquered all of Hindustan and controlled an empire that extended from the Deccan to Turkestan. Besides his fierce military genius, his conquest of this vast territory was aided by technological superiority. He was the first Islamic conqueror to employ muskets and artillery, and even though these weapons were somewhat primitive, they were more than a match for the armies of the Hindustan.

India was no stranger to Islamic conquest. In the seventh century, just decades after the beginning of Islam, India was invaded by Muslims. In the tenth century, the Punjab was conquered by the Turkish chieftain, Mahmud. In the thirteenth century, the Turk Qutb-ud-din, invaded the Punjab and established the Dehli Sultanate which remained in power until Babur's invasion. Still, the Islamic Sultanate did not protect India from Muslim invasion. In 1398, Timur invaded from the west and utterly destroyed Dehli. Although the Sultanate survived, Timur's invasion left the entire area politically shattered.
At the same time that Babur was aggressively expanding his territory, however, Europeans began their slow and steady invasion of India. Initially begun by the Portugese, the process would be brought to completion by the British who, in the 1850's, annexed India into the British Empire. The history of the Mughal Empire is intimately tied to the history of European expansion and territorial invasions. In 1510, the Portugese conquered the island of Goa off the Indian Coast and a few years later occupied territory on the Indian subcontinent itself. Babur was still in Afghanistan; it would be fifteen more years before he crossed the mountain paths and attacked the Dehli sultanate.

Decline:
After Emperor Aurangzeb's death in 1707, the empire fell into succession crisis. Barring none of the Mughal emperors could hold on to power for a decade. In the 18th century, the Empire suffered the depredations of invaders like of Persia and of Afghanistan, who repeatedly sacked , the Mughal capital. Most of the empire's territories in India passed to the y c. 1750. The Mughal Emperors lost effective power in favor of the British after the 64.1804, the ineffective ormally accepted the protection of th The company had already begun to refer to the weakened emperor as "King of Delhi", rather than "Emperor of India". The once glorious and mighty Mughal army was disbanded in 1805 by the British; only the guards of thewere spared to serve with the King of Delhi, which avoided the uncomfortable implication that British sovereignty was outranked by the Indian monarch. Nonetheless, for a few decades afterward thontinued to rule the areas under its control as the nominal servants of the emperor and in his name. After th even these courtesies were disposed. The rebels declared their allegiance to Shah Alam's descendant,  which led to a protracted  after which the victorious British abolished the institution altogether with transfer of authority to the British crown. The last Mughal emperor was deposed and exiled t where he died in 1862.

Bengal under the Mughals:

After the fall of the ower in 1576, Bengal was under the mughal rule. But the establishment of effective rule took some time. On 19th December, 1578, Khan-i-jahan died and Muzaffar Khan became the governor of Bengal.  brother Mirza Hakim declared himself independent in Kabul, and Muzaffar Khan was defeated by rebels sympathetic to him, and Bengal and Bihar was declared to be his. He sent a subedar (governor) to Bengal, but lots of Afghans took control of parts of Bengal and all of Orissa. In April 1582, Akbar sent Khan-i-Azam as the subedar of Bengal, who won partial victory; but parts of the region remained under Masum Kabuli and Isha Khan, even under the next subedar Shahbaz Khan. In June 1584, Kutlu Khan of Orissa, who had revolted and took over parts of Bengal, was defeated. In 1586, both Isha Khan and Masum Kabuli accepted mughal overlordship. A new administrative system headed by a sipahsalar (later called subedar) started: Wazib Khan was the first sipahsalar, but he died in August 1587. He was followed by Sayyid Khan (1587–1594).

Raja Mansingh (1594–1605) was the next governor of Bengal. He shifted the capital from Tanda to a new town of Akbarnagar. There were again revolts headed by Isha Khan and Raghudeva, cousin of Lakshminarayana, ruler of . porary retirement, and his eldest son Jagatsingh took over. When he died, the younger Mahasingh took over. Because of revolts, Mansingh had to return to Bengal and defeat them in February, 1601; though revolts continued till next year. He also defeated the Mags of Arakan. The mughal empire passed on to nur-ud-din Muhammad jahângîr (1605–1627) who replaced Mansingh by Qutb-ud-din Khan Koka (1605–1607). He and Sher Afghan Istalaju, a Turk Jaigirdar in Bengal, quarreled and both died in 1607. Sher Afghan's wife finally married Jehangir and was called Nur Jahan.

The next subedar was Quli Khan (1607–1608) and when he died, Islam Khan (June 1608–died August 1613). Even at this time large parts of Bengal, under the zamindars known as bAro bhuJA. Examples of zamindars who often revolted are Musa Khan, son of Isha Khan (controlled Dhaka, half of Maimansingh, Rangpur, and parts of Bagura and Pabna), Bahadur Gazi of Bhaoal, Suna Gazi of Sarail, Mirza Mumin (son of Masum Khan Kapuli) of Chatmohar, Madhu Ray of Khalsi, Binod Ray of Chandpratap, Mazlis Qutb of Fatehabad=Faridpur, and Paloan of Matanga. Satrajit of Bhusana and Raja Raghunath of Susanga sided with the Mughals. Raja Pratapaditya was the zamindar who ruled from Dhumghat and controlled Jessor, Khulna and Bakharganj; and was father in law to Ramchandra of Bakla. (Bakla or Bakherganj including modern Barisal was probably same as the old Ramchandra was son of Kandarpanarayan, one of the Barobhuyians who ruled from 1584 to 1598 and was the son of the daughter of Paramananda whose mother Kamaladevi was fifth generation frome married Bindumati, daughter of Pratapaditya, established his capital in Husainpur, and defeated Laksmanmanikya of Bhulua. He was succeeded by his son Kirtinarayan, who was succeeded by his halfbrother Pratapnarayan Ray.) There were also other zamindars like Anantamanikya, son of Laksmanmanikya, of Bhulua and many Pathans, mainly in Sylhet, main among whom was Bayazid Karrani and his associate Khaja Osman, nephew of Qutlu Khan, the last Pathan ruler of Orissa. Also, near Rajmahal, there were Vir Hambir of Mallabhuma and Bankura, Shams Khan in Panchet and Selim Khan in Hijli. Islam Khan, with his gunpowder, horses, and navy, overcame all these zamindars and also defeated Shatrudaman of Kachhar. In 1612, he moved the capital to Dhaka and called it Jehangirnagar. He then Kamrup which was then under Pariksit Narayan, an offshoot of the dynasty ruling Coochbehar which also came under Mughal rule. This was the beginning of true Mughal rule in Bengal, a fundamental change in the economic, religious, social, and political structure of Bengal: it was now one of twelve imperial provinces, ruled by outsiders who did not feel native to Bengal but who felt the borders of the empire as economic and cultural frontiers; and which now had sunni ashrafs that did not intermarry with othe Bengalis but rather claimed Iranian ancestry; and with the sufis that brought a pan-Indian religious outlook to the religion of the masses.

The next Subedar was Islam Khan's brother Qasim Khan (1614–7). He again saw revolts from different parts. The next subedar Ibrahim Khan Fatehjang (1617–24) reconquered parts of Bengal, but he was defeated by Prince khurram (shahabu-ud-din, later shah jahan), who had revolted against his father Jehangir. In April 1624, Khurram started ruling independently over Bengal and Orissa, and soon over Bihar and Oudh as well. He was defeated in October 1624, but when Jehangir died in 1627, after a confused period under dâwar bakhsh (1627–28), he started ruling over the Mughal empire as shahabu-ud-din shâh jahân khusraw (1628–deposed in 1657). He defeated thnd recovered hughli in 1632, and fought with Ahom. His son, murad baksh (1657) was defeated by subedar Shuja (1629? 1639?–58) was defeated by another of his sons, dara, who in turn was defeated by Mohy-ud-din Awrangzîb ´âlamgîr (1658–1707) on the Mughal throne. Shuja fled to Arakan and was assasinated.

Mir Jumla (June 1660–died March 1663) was the next subedar of Bengal. During his time,occupied Kamrup, and Ahom, Gauhati. Then Ahom took over Kamrup. Mir Jumla took over both, but both became independent when he died. The next subedar Shaesta Khan (March 1664–June 1688) was known for his economic oppression, but popularity amongst common man, in Bengal. He reconquered Coochbehar, defeated the Arakan and portugueseand conqueured chittagong.

After this, Khan-i-jahan Bahadur was subedar for a year, followed by Ibrahim Khan. Zamindar Shobhasingh and Rahim Singh revolted during his time. In response Aurengzeb sent his grandson Azim-ud-din, known as Azim-us-san (1697–1712), as the subedar. He suppressed the revolt. He let the europeans fortify their settlements and ushered in the era in the history of bengal

JUDICIAL & ADMINISTRATIVE SYSTEM DURING MUGHAL EMPIRES:
Judicial & Administrative system during Mughal empires was matchless, excellent and complete in all senses. Let us have a brief perusal of Mughal system as a whole. Though the Mughal Emperors had absolute powers, they appointed a number of officers in the different departments of the Government for the transaction of its multitudinous affairs. The chief departments of the State were: (a) the Imperial House-hold under the Khan-i-saman, (b) the Exchequer under the Deccan(c) the Military Pay & Accounts office under the Mir Bakshi (d) the Judiciary under the Chief Qazi, (e) Religious Endowments and charities under the Chief Sadr or Sadr-us-Sudur, and (f) the Censorship of Public Morals under the Muhtasib. The Diwan or wazir was usually the highest officer in the state, being sole incharge of revenues and finance, The Bakhshi discharged a variety of functions. While he was the Pay-master-General of all the officers of the State, who "theoretically belonged to the military department he was also responsible for the recruiting of the army, and for maintaining lists of mansabdars and other high officials, and when preparing, for a battle he has a complete muster-roll of the army before the Emperor. The Khan-i-Saman or the Lord High Steward had charge of the whole imperial house-hold "in reference to both great and small things". The Muhtamibs or Censors of Public Morals looked after the enforcement of the prophet's commands and the laws of

morality. The other officers, somewhat inferior in status to those mentioned above, the Mir Atish or Daroga-i-Topkhana (head of the artillery), the Daroga of Dak Chowki (the correspondence department). the Daroga of the Mint, the Mir Mai or the Lord Privy Seal, the Mustayfi or the Auditer- General air the Nazir~i-luyulat or the Superintendent of the Imperial workshop, the Mushriff or the Revenue Secretary, the Mir bahri or the Lord of the Admiralty, the Mir Barr or the Superintendent of forests, the or News Reporters the Mir arz or the charge of petitions presented to the Emperor, the Mir Manzil or the Quarter master General, and the Mir Tezak or the Master of Cerensnies. We shall discuss first police, then Judicial and revenue system. (l) The Police so far as the rural areas were concerned, Mughals introduced no new arrangement for the prevention and detection and crimes. These as from time immemorial under the headman of the village and his subordinate watchmen. The system, which afforded a fair degree of security in the local areas with only occasional disturbances in times of disorder, survived till the beginning of the nineteenth century. In the cities and towns, all police duties including the task of maintaining : order and decency, were entrusted to the, whose duties, as enumerated in the Ain-i AKbari, were multi farious (i) to detect thieves, (ii) to regulate prices and check weights measures, (iii) to keep watch at night and the City, (iv) to keep up registers of houses, frequented roads, and of citizens and watch the movements of strangers, (v) to employ spies from the vaga bands, gather information about the affairs of the neighbouring villages and the income expenditure of the various classes of people, (vi) To prepare aninventory of, and take charge of, the property of deceased or missing persons who left be heirs, (vii) to prevent the slaughter buffales, of oxen, bourses or camaels, and (viii) to prevent the burning of women Gainst their win,and circumcision below the age of twelve Sir J.N.Sarkar believes that this long list of the duties in the Ain represents " only the ideal the Kotwali" and not" the actual State But Mailed age gives from personal observation an exhaustive account of the Kotwals duties. It is, however, certain that the Xotwali's main business was to preserve peace and public security in the urba areas. In the districts or Sarkars, law and order were maintained usually by officers like the Faujddars "The faujddar, as his name suggests, was only the commander of a military force stationed in the country. He had to put down smaller rebellions, disperse or arrest robber gangs, take of all violent crimes, demonstrations of force to overawe, opposition to the revenue authorities, or the criminal judge, or the censor". The police arrangements were in some respects effective, though " the State of public security varied greatly from place to place and from time to time.

Judicial System Nothing like modern legislation, or a written code of laws, existed in the Mughal period. The only notable exceptions to this were the twelve ordinances of Jahagir

and the Fatawa-i-A Xat^ a digest of Muslim law prepared under supervision. The judges chiefly followed the Quranic injunctions or precepts, the Fatawas or previous interpretations of the Holy Law by eminent jurists, and the qanunus or ordinances of the Emperors. They did not ordinarily disregard customary laws and sometimes followed principles of equity. Above all the Emperor's interpretation prevailed, provided they did not run counter to theThe Mughul Sperors regarded speedy of justice as one of their important duties, and their officers did not enjoy special protection in thisrespect under anythlng like administrative Law. " If I were guilty of an unjust act, l would rise in judgement against myself" Peruschi writes on the authority of Menserrate that as to the administration of justice he is most zealous gpid watchful. The love of justice of the other Emperors like Jahasir, Shah Aurangzeb has been testified to by some travellers. Though

approach to the emperor through all kinds of offcials obstructions was not very easy, at least two Mughul Emperors, Akbar and Jahagir, granted to their subjects the right of direct petitioning ( which was only won in England after a hard fight). The latter allowed a chin with with is to be hung outside his palace to enable petitioners to bring their grievances to the notice of the Emperor. The Qazi-ul-Qazat or the Chief Qdri was the principle judicial officer in the realm. He Qazis in every provincial capital. The into,well as criminal cases of both the Hindus and the Muslims, the Muftis expounded Muslim Law, and the Mir Adls drew up and aronounced judgments. The Qazis were expected to be “Just, honest, impartial, to hold trials in the presence of the parties and at the Court-house and the seat of government, not to accept presents form the people where they served, no to attend entertainments given to anybody and everybody and they served, nor to attend entertainments given to anybody and everybody, and they were asked to know poverty to be their glory”. But in practice they abused their authority and as Sir J.N. Sarkar observes, “the Qazi’s department became a byword and reproach in Mughul times”. There were no primary courts below these of the Qazi’s department became a byword and reproach in Mughul times”. There were no primary courts below these of the Qazis and the villagers and the inhabitants of smaller towns, having no Qazing over them, settled their difference locally” by appeal to the caste courts or panchyats, the arbitration of a impartial umpire (salis), or by a resert to force”. The sadr_us_sudur or the chief Sadr exercised supervision over the lands granted by the emperors of princes to pious men, scholars and Mons and tried cases relating to these. Below him there was a local Sadr in every province. Above the urban and provincial courts was the Emperor himself, who as the “Khalif of the age”, was the fountain of justice and the final court of appeal. Sometimes he acted as a court of first instance too. Fines could be imposed and severe punishments, kike amputation, mutilation and whipping, could be inflicted by the courts without any reference to the Emperor, but his consent was necessary in inflicting caital punishment. There was no regular jail system, but the prisoner were confined in forts.

Crime and Punishment:
In every society crime and punishment are closely linked, for law demands that criminals should be punished so that they pay the price for violating the law or customs and traditions of society. Types of punishment vary from flogging, enslavement, paying fine and exile to execution and life imprisonment. However, in ancient and medieval times there were no systematic prison buildings. Prisoners were either kept under house arrest or remained confined in a place heavily guarded by authorities, so that the chances of breaking free or escape were minimal. In ancient Greece, we find such a reference of confinement in the case of Socrates who was imprisoned after his death sentence was pronounced. Though his friends planned his escape, he refused to comply and preferred to die as a law abiding citizen. There is also evidence of a system of prison in ancient Egypt. Edward M. Peters in his article ‘Prison before the Prison: The ancient and medieval world’ published in the Oxford History of the Prison: Practice of punishment in western society sheds light on the concept of prisons in the past. There were supervisors, scribes, and guards for the management. Escape was regarded a grave crime and there was severe punishment for it. In ancient Rome, in case of debt, the creditor had a right to imprison the debtor and as punishment he either sold the debtor as a slave or executed him. There was the tradition of domestic prisons where the master could confine his servants and slaves to maintain discipline. In England, King William (1060-86) built the Tower of London for royal prisoners. It was used for centuries to keep members of the royal family, prominent rebels, and high-profile personalities much as Walter Raleigh and Queen Ann Bolyn. There is an interesting story of the bishop of Durham who was imprisoned in the tower on charges of corruption. He spent a great term there because he bribed his guards, who in turn provided him all sorts of facilities. One day he invited them for dinner and offered delicious food and a lot of liquor. When they got drunk, he scaled down the tower by a rope and escaped. Henry II was the ruler who built royal prisons throughout the kingdom. According to rules, prisoners had to pay for their food, bedding and fuel. In case of poor prisoners, charity paid their expenses. It is said that the 18th century is regarded as a period of the birth of the modern prison system in Europe. In the case of medieval India, there was no system of prison. Convicts were flogged, asked to pay fine, executed or put in confinement at the kotwali for a limited period. During the Mughal period, nobles and members of the royal family were imprisoned at the fort of Gwalior. Jehangir writes in the Tuzuk that he sent Ahmad Sirhindi, a religious scholar and Sufi, to the fort in order to reform his religious views. Aurangzeb kept prince Murad there. Some other forts were also used as prisons for aristocrats.
It appears that in the case of rebels or important nobles, houses were used as prison. Prince Dara Shukoh was kept in a house where he was killed on the order of the king. Shivaji was house arrested after his meeting with Aurangzeb. He managed to escape by hiding in a large sweet basket. The other custom was that prisoners were given in custody of some trusted nobles to keep them. If they escaped, the custodian was responsible and faced the king’s wrath. Prince Khusro, who rebelled against Jehangir, was kept in confinement in the palace and would accompany the king everywhere. Later on he was handed over to Prince Khurram, who secretly poisoned him while going to Deccan on an expedition, as he regarded him his rival to the throne. The modern prison system in India, however, was introduced by the colonial government.

Economic system in Mughal Period:
Agriculture has been mainstay of economy in India since time immemorial. During Mughal time also it was not only the largest source of income to state but it was also the source of livelihood to the large majority of people in India. Main crops that were grown were cereals, millets, oilseeds, sugarcane, cotton, hemp, chilli, indigo and betel.

Tobacco and potato were introduced by Portuguese in India during Jahangir’s reign. Ajmer was famous for the best quality of sugar cane. Gujarat and Agra was famous for indigo cultivation.Babur introduced many central Asian fruits to India. During Akbar’s reign Firoz Shah’s Yamuna canal was repaired for the first time. In the reign of Shah Jahan,Nahr-i-Bihisht was built by opening the canal at Khizrabad for irrigation purposes.

The Muslim ruling class preferred to settle in the towns and cities. The artistic life style of Mughal ruling clan encouraged handicrafts, art and architecture and trade in India. The merchants and trader class was divided into big business magnates owing hundreds of ships, rich merchants and traders and petty shopkeepers. Hundi system was developed by shroffs for carrying out large transactions. Trade both intra country and outside India grew tremendously during the Mughal period particularly because of the following factors:

The political and economic unification of India under the Mughal rule and establishment of law and order over extensive areas created the favorable environment for trade and commerce. The improvement of transport and communications by the Mughals.Encouragement given by the Mughals to the monetization of economy. Arrival of European traders from the beginning of 17th century onwards and the growth of the European trade. Decca was the famous centre of muslin and textiles. Agra, Fatehpur Sikri and Lahore were the main centers of silk weaving. Surat, Cambay, Braoch in Gujarat was the main ports for foreign trade.

Education System of Mughal Period:
Under the Mughal rule special attention was given to education. During the Akbar’s reign important changes were introduced in the syllabus of education through the efforts of Shah Fathullah Shirazi.Islamic schools were attached to mosques, Khanqah of the Sufis and tombs. Special buildings were also constructed for imparting education. Their expenses were met from endowments.

During the Mughal period the principal centres of learning were at Lahore,Delhi,Ajmer,Sialkot,Multan,Ahmadabad,Allahabad,Lucknow,Murshidabad,Dacca.Many scholars were attracted to these institutions from Persia and Central Asia. Students received education free of cost. Famous scholars received fixed stipends from the royal treasury.

Provisions were made for the teaching of Persian; the official language of the government in the Maktabs.Nizamiyah system of education became popular during the later days of the Mughals. The aim of this system was to create such ability in the scholar so that he is able to acquire perfection in any branch of learning through self-study and personal efforts. While Muslims received education in Maktabs,Hindus had their pathsalas for imparting religious instructions.

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