| Date: |
29-10-2015
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| Notification No: |
RBI/2015-16/215 A. P. (DIR Series) Circular No. 23
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2015-16/215 |
| Subject: |
No fresh permission/ renewal of permission to LOs of foreign law firms- Supreme Court’s directions
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RBI/2015-16/215
A. P. (DIR Series) Circular No. 23
October 29, 2015
To,
All Category - I Authorised Dealer Banks
Madam / Sir,
No fresh permission/ renewal of permission to LOs of foreign law firms-
Supreme Court’s directions
The Hon’ble Supreme Court vide its interim orders dated July 4, 2012 and
September 14, 2015, passed in the case of the Bar Council of India vs A.K.
Balaji & Ors., has directed RBI not to grant any permission to any foreign law
firm, on or after the date of the said interim order, for opening of Liaison
Office (LO) in India. Hence, no foreign law firm shall be permitted to open any
LO in India till further orders/notification in this regard. However, foreign
law firms which have been granted permission prior to the date of interim order
for opening LOs in India may be allowed to continue provided such permission is
still in force. No fresh permission/ renewal of permission shall be granted by
RBI/AD banks respectively till the policy is reviewed based on, among others,
final disposal of the matter by the Hon’ble Supreme Court.
- AD Category - I banks may bring the contents of this circular to the
notice of their constituents and customers concerned.
- The directions contained in this Circular have been issued under Section 10
(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(A. K. Pandey)
Chief General Manager
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