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The RBI is urging banks to disapprove of foreign law firms’ proposals to open a branch in India.

Mumbai: Monday’s RBI urged banks not to approve foreign law firms’ proposals to open branches, project offices, or liaison offices in the country under FEMA for the purpose of practicing legal profession. ..
The RBI has issued a Supreme Court order that only defenders registered under the Advocate Act of 1961 have the right to practice the law in India, and foreign law firms or foreign attorneys cannot practice the profession. In light of this, we have issued a notice on this point. law.
“… Banks are instructed not to give approval to Indian branches, project offices, liaison offices, or other establishments under FEMA for the purpose of practicing legal profession in India.” RBI said.
“If they are notified of such violations of the provisions of the Advocate Act, they shall notify the Reserve Bank,” he added.
The RBI in October 2015 issued a new permit or renewal permit already granted to foreign law firms to open a liaison office in India until the policy in this regard was reviewed, especially on the basis of final disposal. Was advised not to give to the bank. Supreme Court.
The Supreme Court has the right of only defenders registered under the Advocate Act of 1961 to practice the law in India while processing the case, and foreign law firms / companies or foreign attorneys He ruled that he could not practice the legal profession in India.
As such, foreign law firms / companies, foreign attorneys, or other persons residing outside India may have branch offices, project offices, liaison offices, or other offices in India for the purpose of practicing legal profession. It is “not allowed” to establish. Circular said.

The RBI is urging banks to disapprove of foreign law firms’ proposals to open a branch in India.

Source link The RBI is urging banks to disapprove of foreign law firms’ proposals to open a branch in India.

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