Thursday, July 5, 2012

SC restrains RBI on approval to foreign law firms

....The court said "it is clarified that the Reserve Bank of India shall not grant any permission to the foreign law firms to open liaison offices in India under Section 29 of the Foreign Exchange Regulation Act, 1973". The expression "to practice the profession of law" under Section 29 of the Advocates Act, 1961 covered "the persons practicing litigious matters as well as non-litigious matters other than contemplated in para 63(ii) of the impugned order...", the court said........

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