Zeebiz.com
New Delhi, Jul 04: The Supreme Court Wednesday restrained the Reserve Bank of India (RBI) from granting permission under the foreign exchange provisions to overseas law firms for setting up offices in India.
An apex court bench of Justice R.M. Lodha and Justice Anil R. Dave said that the foreign law firms could not practise in Indian courts.
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''.