Answer:
Ans. Social responsibility of business towards government's regulatory bodies or agencies is quite sensitive from the license point of view. If permission is not granted or revoked abruptly, it can result in huge losses to an organization. Therefore, compliance in this regard is necessary. Furthermore, a business must also function within the demarcation of rules and policies as formulated from time to time by the government of state or nation. It should respect laws and abide by all established regulations while performing within the jurisdiction of state. Some examples of activities a business can do in this regard: (a) Paying fair taxes on time, (b) Following labor, environmental and other laws, etc. (c) Seeking permissions wherever necessary, (d) Licensing an organization, If laws are respected and followed, it creates goodwill of business in the eyes of authorities. Overall, if the government is satisfied it will make favorable commercial policies, which will ultimately open new opportunities and finally benefit the organization sooner or later.
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