, || Can FM Tell 'Shanker' Act Of God! ||
The Covid-19 pandemic and the lockdown imposed across the globe to contain the spread of the virus has resulted in major disruptions in economic activity. Businesses are looking towards a legal provision the force majeure or Act of God clause that has its origins in the Napoleonic Code to cut losses.
This week, attributing the shortfall in GST collections to disruptions due to Covid-19, Finance Minister Nirmala Sitharaman said the economy is facing an Act-of-God-like situation.
On February 19, The Finance Ministry had issued an office memorandum inviting attention to the force majeure clause (FMC) in the 2017 Manual for Procurement of Goods issued by the Department of Expenditure clarifying that the pandemic should be considered a case of natural calamity and FMC may be invoked, wherever considered appropriate.
https://indianexpress.com/article/explained/act-of-god-covid-19-lockdown-economy-impact-6583530/
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, || Can FM Tell 'Shanker' Act Of God! || The Covid-19 pandemic and the lockdown imposed across the globe to contain the spread of the virus has resulted in major disruptions in economic activity. Businesses are looking towards a legal provision the force majeure or Act of God clause that has its origins in the Napoleonic Code to cut losses. This week, attributing the shortfall in GST collections to disruptions due to Covid-19, Finance Minister Nirmala Sitharaman said the economy is facing an Act-of-God-like situation. On February 19, The Finance Ministry had issued an office memorandum inviting attention to the force majeure clause (FMC) in the 2017 Manual for Procurement of Goods issued by the Department of Expenditure clarifying that the pandemic should be considered a case of natural calamity and FMC may be invoked, wherever considered appropriate. https://indianexpress.com/article/explained/act-of-god-covid-19-lockdown-economy-impact-6583530/
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