페이지 정보작성자 까마 (121.♡.84.12) 댓글 0건 조회 36회 작성일 20-11-24 14:06
[INDIAN ECONOMIC NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important INDIAN economic news to share with you which is as mention under.
The RBI on Monday asked banks not to approve any proposal of foreign law firms to open a
branch office, project office or liaison office in the country under FEMA for the purpose of
practicing legal profession.
The RBI has issued a circular in this regard in view of a Supreme Court order wherein the
apex court held that advocates enrolled under the Advocates Act, 1961 alone are entitled to
practice law in India and foreign law firms or foreign lawyers cannot practice the profession
"... banks are directed not to grant any approval to any branch office, project office, liaison
office or other place of business in India under FEMA for the purpose of practicing legal
profession in India," the RBI said.
Further, "they shall bring to the notice of the Reserve Bank in case any such violation of the
provisions of the Advocates Act comes to their notice", it added.
The RBI in October 2015 had advised banks not to grant fresh permissions or renew
permissions already granted to any foreign law firm for opening of liaison office in India till
the policy in this regard is reviewed based on, among others, final disposal of the matter by
the Supreme Court.
The Supreme Court, it said, while disposing of the case, held that advocates enrolled under
the Advocates Act, 1961 alone are entitled to practice law in India and that foreign law
firms/companies or foreign lawyers cannot practice the profession of law in India.
As such, foreign law firms/companies or foreign lawyers or any other person resident outside
India, "are not permitted" to establish any branch office, project office, liaison office or other
place of business in India for the purpose of practicing legal profession, the circular said.
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Have a nice day
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