“Rule and Law must run close to Rule of life and it cannot remain divorced from socio-economic realities of the country. It must respond to just and egalitarian society. - Pandit Jawaharlal Nehru The economic provisions of legislation require constant updating to effectively serve the purpose for which they are intended. Otherwise, with the passage of time and with the consequential change of circumstances and depreciation of currency, the continued operation of such unaltered law may become unreasonable, sometime ridiculous. The classic example of such kind can be noticed in the Section 54 and 59 of Transfer of Property Act, 1882 and Section 17 and 18 of Indian Registration Act, 1908 wherein the provisions of “the value of one hundered rupees or upward” and “value less than one hundered rupees” have remained the same even after lapse of more than hundred years! Thereby, the otherwise well intended provisions of law, with the pas ....