English: Reading Comprehension Practise Paper Set 2 for Banking and Competitive Exams

Reading Comprehension Practise Paper Set 2

Directions: Read the passage and choose the best answers for Questions

The internet has promoted the concept of electronic commerce. In principle, electronic commerce is no different from actual world commerce. The only difference is that electronic commerce uses the electronic medium, but the basic rules of commerce remain the same. It is true that the electronic environment has certain distinct requirement but they are merely procedural in nature and do not in any case impact the specific character of commercial transactions over the internet. Just as immovable property can be bought and sold in the actual world, so can immovable property be sold over the internet. This is evident from numerous examples that are available on the internet.

     Recently there were attempts to sell a town in California over the internet. The auction site e-Bay ended a month-long auction of the 150 acre Mojave desert town called Amboy. This town has seven residents and has a post office, motel, church, gas station, cafe, gift shop and two landing strips. The owners of the town - the celebrity photographer, Timothy White and his business partner Wilson - had put the town to action on e-Bay.Com. It is a different matter altogether that none of the bids could match the reserve selling price of the town. This example once again shows that immovable property can be bought and sold over the internet. However, this is the international position. 

     In India, we realize that the situation is dramatically different. In India, the Information Technology Act 2000 makes it clear that it does not apply to any contract for the sale or conveyance of immovable property or any interest in such property. This really means that no legal recognition is accorded to electronic transactions relating to the sale or conveyance of immovable property or any interest in such property.

Thus, legally speaking in India, you cannot bur or sell immovable property over the internet. The restriction is because of the inadequacy of the existing Indian law. The legislature may have excluded any contract for the sale or conveyance of immovable property from the ambit of the IT Act 2000 because it felt that the situation wasn't ripe for its inclusion as yet.

However, things are likely to change since India is in the process of coming up with laws relating to electronic fund transfer, etc, to further facilitate e-commerce and that includes sale of immovable property over the internet as well.

Questions:

1) The passage says that this has benefited from the growth of internet.

1. Photography
2. Commerce
3. Law
4. Education

2) The IT Act 2000

1. is the first act related to business.
2. has stopped all illegal internet transactions.
3. has legalized the property transactions over internet.
4. does not give legal recognition to electronic transactions of immovable property.

3) The word 'ambit' as used in the passage means

1. provision
2. territory
3. focus
4. scope

4) What is the notable difference between Indian and the US cyber law ?

1. The Indian cyber law is through unlike the US cyber low.
2. The US cyber law is fool proof unlike the Indian one.
3. Transaction related to immovable property are not legalized by Indian cyber law.
4. American cyber law was framed two decades ago whereas Indian cyber law was framed a few years ago.

5) The author's hope regarding e-commerce is that.

1. things are not likely to change in India.
2. the laws relating to fund transfer will be formulated in due course of time.
3. the internet laws will become more severe to tackle cyber crimes.
4. it will over take the real commerce in a few years