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The Requirements of International Financial Disciplinary Jurisprudence


This article if considered fit for circulation on social media or print media handles for the benefit of the readers across the Globe may be taken on file. As per my opinion, the captioned concept is the need of the hour concerning the democracies in the universe, especially when different political parties announce “freebies” for vote baiting.

What is jurisprudence and how many legal clauses do we come across in routine life?

Jurisprudence is a science or philosophy of law. It is of two types: "General Jurisprudence” and “Special Jurisprudence or Purposeful Jurisprudence.” It is imminent to see how jurisprudence necessitates financial discipline in today’s global economic or financial affairs of each democracy. It is also a proven fact, that financial affairs without a set of disciplines will crumble down that would affect the subjects of a badly managed country. Of course, for no displeasure, I am not naming a particular country.

Understanding the meaning of Finance

According to my opinion, finance is a kind of source that would enable an individual, family, society, political party, the federal government, etc., to exist or survive and continue to survive. Therefore, strict discipline is very much essential for handling financial affairs. In my opinion, finance encompasses both income and expenditure, resulting in either positive or negative outcomes based on effective or poorly managed techniques. Finance serves as a crucial source of stability and growth. Income, a universal aspect, is vital for expenditure. For governance, a state relies on revenue derived mainly from direct and indirect taxes. The present era witnesses personal income taxes and Goods and Services Tax (GST). However, the limited financial sources necessitate borrowing to meet increasing governance needs. Repayment involves offering state properties and securities. The challenge lies in balancing financial demands with available resources in the ever-expanding landscape of governance.

If one makes an introspection, it would be a matter of categorical and clear vision that the so-called “freebies” declared or announced by political parties attract the voters before the elections and such declarations are manifested in election manifestoes. As an experienced person and professional, genuine freebies in several or different forms would ultimately drive towards laziness turning to unproductive days and such a situation is dangerous to human life, to the growth of the economy, and finally to the survival of the State. The new approach of depositing funds for freebie schemes lacks effective monitoring. The absence of oversight raises concerns about the actual impact on society's well-being and survival.

Some contacts across society with the beneficiaries of the freebies is that the Government is giving and we are taking, we never asked for, still, the political parties to garner votes to come into power by themselves as its policy declared these schemes. It is very much surprising to note that nowadays some political parties claim that properties are developed by borrowing money which does not stand to the test of any economic or financial prudence. Be that as it may, the borrowings and the cost of freebies are all indisputably to the account of the people only. I am afraid a day may come when the subjects would have to come necessarily and voluntarily to contribute money for repayment of the loans which will be suicide for democracy demonstrating the ill-managed financial affairs.

Given the above-mentioned scenario, there is a need for setting up a high-level empowered authority with teeth to examine the need for freebies, the extent to which they are required, and ultimately the indispensable need for post-monitoring or overseeing system as to what exact productivity or development on account of the benefit extended. Therefore, it is suggested that a “Court of Audit” is also needed of the hour as to the practical, reasonable, and fair implementation of the program for the benefit of the people and whether the freebies are necessary or required to continue. While I suggest a court of audit, expression of the concern now and then by the Apex Court of the Land or its helplessness to monitor the situation or for that matter the election commission of India often stating it is not their duty as their duty is confined to conduct of fair and peaceful elections. International collaboration is needed for effective oversight of freebies, ensuring benefits reach intended recipients to eradicate poverty without creating a below-poverty-line category.

Still, the whole endeavor is to see that the people are grown to a logical system that would generate full-time employment which would in turn generate revenue for them but not under any circumstances, the freebies cannot develop laziness amongst the people.

By: Dr. M.V.K. Moorthy, Supreme Court Advocate & National Past President-AIFTP

 

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