BO, LO & PO by foreign law firms - RBI issues fresh instruction - Taxindiainternational.com

INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI

NEWS FLASH

DTAA - As per settled legal position, where the DTAA is silent on intra- head adjustments, the beneficial provisions of the domestic law must prevail: ITAT (See Breaking News)

TP - Benefit test cannot be applied in case of intragroup services, if it was project specific services: ITAT (See Breaking News)

TP - If impact of credit period was factored in Working Capital Adjustment while determining Arm's Length Price, then no further adjustment was required for interest on receivables: ITAT (See Breaking News)

TP- Condition of make available is not satisfied for services when provided by assessee did not enabled AEs to apply technology independently, on conclusion of yearly contract: ITAT (See Breaking News)

DTAA - Simply booking of freight as agent does not imply that it is empowered to conclude any contracts, and hence, it cannot be treated as dependent agent PE: ITAT (See Breaking News)

OECD unemployment rate remains stable at 4.9% in March (See Brief)

I-T - Receipt from passenger services can't be treated as FTS, since no technology is made available to National Aviation Company and services are rendered using software supported by data centre of assessee in USA: ITAT (See Breaking News)

I-T- Additions framed u/s 68 r/w Section 69C not tenable when there is no direct nexus between assessee & alleged manipulation of stock entries: ITAT (See Breaking News)

INTL -Re-assessment is invalid where basis therefor is factually incorrect and is based on erroneous assumption of facts: ITAT (See Breaking News)

Real household income grew in 2024: OECD (See Brief)

I-T - If Central Government has entered into agreement with foreign country for avoidance of double taxation, then in relation to Assessee to whom such agreement applies, provisions of Act shall apply to extent they are more beneficial: HC (See Breaking News)

DTAA - Conducting background checks & verification of testimonials do not involve use of technical knowledge or skill as required to be considered royalty: ITAT (See Breaking News)

Export curbs on critical raw materials sharply rising: OECD (See Brief)

I-T- Notice u/s 148, unsustainable where it was issued 8 days before expiry of extended limitation period, which leaves assessee with very little time to file reply thereto: ITAT (See Breaking News)

TII SEARCH

Home >>


BO, LO & PO by foreign law firms - RBI issues fresh instruction By TII News Services Nov 23, 2020 , New Delhi
A.P. (DIR Series) CIRCULAR NO 07/RBI, Dated: November 23, 2020 To, All Category - I Authorized Dealer Banks Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms Attention of the Authorised Dealer (AD - Category I) banks is invited to AP (DIR Series) Circular No. 23 dated October 29, 2015, on the above issue advising that no fresh permissions/ renewal of permission shall be granted by the Reserve Bank/AD Category-I banks to any foreign law firm for opening of Liaison Office in India, till the policy is reviewed based on, among others, final disposal of the matter by the Hon'ble Supreme Court. 2. The Hon'ble Supreme Court has while disposing of the case, held that advocates enrolled under the Advocates Act, 1961 alone are entitled to practice law in India and that foreign law firms/companies or foreign lawyers cannot practice profession of law in India. As such, foreign law firms/companies or foreign lawyers or any other person resident outside India, are not permitted to establish any branch office, project office, liaison office or other place of business in India for the purpose of practicing legal profession. Accordingly, AD Category - I banks are directed not to grant any approval to any branch office, project office, liaison office or other place of business in India under FEMA for the purpose of practicing legal profession in India. Further, they shall bring to the notice of the Reserve Bank in case any such violation of the provisions of the Advocates Act comes to their notice. 3. All other provisions of the BO/LO/PO policy shall remain unchanged. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers. 4. The Master Direction No. 10 dated January 1, 2016 is being updated simultaneously to reflect the changes. 5. The directions contained in this circular have been issued under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. [RBI/2020-21/69] (Ravinder Singh Amar) Chief General Manager

INTL TAXATION	INTL MISC	TP	FDI	LIBRARY	VISA	BIPA	NRI	TII
DTAA Circulars (I-T Act, 1922) Limited Treaties Other Treaties TIEAs Notifications Circulars Relevant Sections of I-T Rules,1962 Instructions Administrative Orders DRP Panel I-T Act, 1961 MLI Relevant Portion of I-T Act,1922 GAAR MAP	OECD Conventions Draft Guidelines DTC Bill Committee Reports FATCA Intl-Taxation Finance Acts Manual on EoI UN Model Taxation Miscellaneous Cost Inflation Index Union Budget Information Security Guidelines	APA Annual Report APA Rules Miscellaneous Relevant Sections of Act Instructions Circulars Notifications Draft Notifications Forms TP Rules APA FAQ UN Manual on TP Safe Harbour Rules US Transfer Pricing	FEMA Act Exchange Manual Fema Notifications Master Circulars Press Notes Rules FDI Circulars RBI Circulars Reports FDI Approved RBI Other Notifications FIPB Review FEO Act	INTELLECTUAL PROPERTY CBR Act NBFC Report Black Money Act PMLA Instruction PMLA Bill FM Budget Speeches Multimodal Transportation Vienna Convention EXIM Bank LoC Manufacturing Policy FTDR Act, 1992 White Paper on Black Money Posting Policy PMLA Cases Transfer of Property MCA Circular Limitation Act	Type of Visa SSAs EPFO Acts FAQs Rules Guidelines Tourist Visa Notifications	Arbitration Model Text Agreements	Relevant Portion of I-T Act I-T Rules, 1962 Circulars MISC Notification	About Us Contact Us


A Taxindiaonline Website. Copyright © 2010-2025 \| Privacy Policy \| Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.

TIOL GROUP WEBSITES