RBI Directs Banks Not To Grant/Renew Permissions To Foreign Law Firms For Opening Liaison Offices In India
4 years, 1 month ago

RBI Directs Banks Not To Grant/Renew Permissions To Foreign Law Firms For Opening Liaison Offices In India

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The Reserve Bank of India has directed the banks not to grant fresh permissions/ renewal of permission to any foreign law firm for opening of Liaison Office in India.The RBI notification referred to a Supreme Court judgment which held that advocates enrolled under the Advocates Act alone are entitled to practice law in India and that foreign law firms/companies or foreign lawyers cannot. The Reserve Bank of India has directed the banks not to grant fresh permissions/ renewal of permission to any foreign law firm for opening of Liaison Office in India. The RBI notification referred to a Supreme Court judgment which held that advocates enrolled under the Advocates Act alone are entitled to practice law in India and that foreign law firms/companies or foreign lawyers cannot practice profession of law in India. The Foreign Exchange Management Regulations defines 'Liaison Office' means a place of business to act as a channel of communication between the Principal place of business or Head Office by whatever name called and entities in India but which does not undertake any commercial /trading/ industrial activity, directly or indirectly, and maintains itself out of inward remittances received from abroad through normal banking channel; The Supreme Court, in a judgment delivered in 2015 had held that foreign law firms cannot set up offices in India or practice in Indian Courts.

History of this topic

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