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The banks shall not approve proposals of foreign law firms for opening branch office in India

The banks shall not approve proposals of foreign law firms for opening branch office in India

The banks shall not approve proposals of foreign law firms for opening branch office in India: The Reserve Bank of India

The Reserve Bank of India had asked the banks not to approve any proposal of foreign law companies towards opening any branch office, or a project office, or any liaison office in the nation under the FEMA for practicing the legal profession.

In October 2015 the Reserve Bank of India had directed the banks not to allow new authorizations or recommence the permissions that are already been granted to any foreign law companies for the opening of the liaison office in India till the policy relating to this is revised based on, amongst others, final disposal of the matter through the Apex Court.

The Reserve Bank of India had issued a circular relating to this stating that the Supreme Court order in which the Court had stated that the lawyers who are enrolled under the Advocates Act, 1961 alone are permitted towards practicing law in India and the foreign law firms/corporations or any foreign advocates shall not be allowed to practice the profession of law in India.

Furthermore, the Reserve Bank of India had added that they must bring to the notice of the Reserve Bank in the event any such breach of the provisions of the Advocates Act comes to their notice.

Conclusion:

Thus, as per the said circular any foreign law firms/corporations or foreign lawyers or any other individual resident out of India, "are not permitted" towards establishing any branch office, project office, liaison office, or other places of business in India for the purpose of carrying out or practicing the legal profession.

Author:

eStartIndia Team



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