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<ul><li>In order to meet the objectives, the <keyword id="6364876" type="General" weightage="50" keywordseo="bar-council-of-india" source="Orion">Bar Council of India</keyword> Rules for registration of foreign lawyers and foreign Law Firms in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has been framed.</li><li>The Bar Council of India stated that the standards of Indian lawyers in proficiency in law are comparable with international standards.</li><li>Hence, the legal fraternity in India is not likely to suffer any disadvantage in case law practice in India is opened up to foreign lawyers.</li></ul> The Bar Council of India(BCI) has allowed foreign lawyers and law firms to practice foreign law and diverse international law and international arbitration matters in India. The council said, "Taking an all-inclusive view, the Bar Council of India resolves to implement rules enabling the foreign lawyers and Foreign Law Firms to practice foreign law and diverse international law and international arbitration matters in India on the principle of reciprocity in a well defined, regulated and controlled manner." In order to meet the objectives, the Bar Council of India has framed the Bar Council of India Rules for registration of foreign lawyers and foreign Law Firms in India, 2021 under its rule-making powers under clauses (d), (e), (ic), (1) and (m) of sub-section (1) of section 7 and clauses (ah), (ag), (c), (e) and (h) of sub-section (1) of section 49 read with sections 24, 29 and 47 of the Advocates Act, 1961 and under all other enabling provisions. Bar Council of India is of the view that opening up a law practice in India to foreign lawyers in the field of practice of foreign law; diverse international legal issues in non-litigious matters and in international arbitration cases would go a long way in helping the legal profession/ domain grow in India to the benefit of lawyers in India too, the council said. Bar Council of India stated that the standards of Indian lawyers in proficiency in law are comparable with the international standards and the legal fraternity in India is not likely to suffer any disadvantage in case law practice in India is opened up to foreign lawyers in a restricted and well-controlled and regulated manner on the principle of reciprocity as it would be mutually beneficial for lawyers from India and abroad and these Rules are an attempt by the Bar Council of India in this direction. These rules will also help to address the concerns expressed about the flow of Foreign Direct Investment in the country and making India a hub of <keyword id="4446295" type="General" weightage="50" keywordseo="international-commercial-arbitration" source="Orion">International Commercial Arbitration</keyword>. In case, we sleep over the matter, the legal fraternity of India may be left behind in providing legal/professional expertise in accordance with the rule of law in a manner consistent with the best interests of this fast-growing class of clients in India, it said. Let us ensure that an opportunity for creating development and growth for the legal profession and in the legal sphere in India is not lost, stated BCI. Many countries have already allowed foreign lawyers to practice foreign law and diverse international legal issues and arbitration matters in their countries in restricted fields with specific and prescribed conditions, BCI notification said. Further, the notification stated, "It is also to be noted that the Bar Council of India is keen to progress on the idea of an MoU between the Bar Council of India, the Government of India (through Ministry of Law and Justice ) on one part and the Law Society of England and Wales, Government of U.K., Bar Council of England and Wales, on the other." "The U.K. Delegates have also assured the Bar Council of India that the Authorities in the U.K. are also keen and interested in the means of collaboration, cooperation and joint practice between Indian advocates and UK lawyers," added the notification. Moreover, having regard to the aim and object of the International Commercial Arbitration introduced in the Arbitration and Conciliation Act, 1996, foreign lawyers cannot be debarred to come to India and conduct arbitration proceedings in respect of disputes arising out of a contract relating to international commercial arbitration, stated BCI. The opinion of the Bar Council of India the legal profession in India has to rise to the occasion to meet the global changes in the Legal Arena caused by the migration of people from one country to another on such a large scale that had not been witnessed in earlier days. The world is becoming a global village. International trade and commerce are advancing at a great pace. The demand for an open, responsive and receptive legal professional dispensation mechanism in India from clients/public who operate in international and cross-country business is becoming severe day by day. Growth in the international legal work sphere and globalization of legal practice and internationalization of the law is increasingly becoming relevant to the growth of the legal profession and practices in India. On this development, <keyword id="254179" type="General" weightage="50" keywordseo="rajesh-narain-gupta" source="Orion">Rajesh Narain Gupta</keyword>, Managing Partner of SNG and Partners, said "Entry of foreign law firms will change the landscape for law firms in India. This would overall support in a big way the ambition of India to be more visible and valuable in a global context, especially in international trade and commerce." "This will be a game changer for mid-size firms and will also help the law firm in India to achieve more efficiency in talent management, International Arbitration technology, domain knowledge in a global context, and management," <keyword id="6356160" type="General" weightage="50" keywordseo="gupta" source="Orion">Gupta</keyword> added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/garment-producers-demand-200-crore-dues-from-kishore-biyanis-future-group/articleshow/98658896.cms">Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-govt-extends-ongoing-excise-policy-by-6-months/articleshow/98658915.cms">Delhi govt extends ongoing excise policy by 6 months</a>

Bar Council allows foreign law firms, lawyers to practice in India

Mumbai, Mar 25 () Taxation experts have welcomed the measures announced by the government, saying these steps will add up to 2-3 per cent of GDP but will go a long way in addressing the issue of liquidity and deferment of payment obligations.The government on Tuesday came out with a slew of relaxation in tax and payment compliances by reducing the quantum of penalties, extending the deadline to make clear the dues among others to help the public and corporates.Some of the key measures include extension of tax filing/returns and accordingly all tax due arising between March 20, 2020 and June 29, 2020 now stand extended to June 30, 2020. This is across income tax and GST, and would apply to all return filings, replies/appeal filings, and other compliance documents. For delayed payments, interest rates have been reduced to 9 per cent under both income tax and GST.Welcoming the measures, Deloitte said these measures will help ease the compliance pressure on businesses and individuals and provide necessary relief to critical sectors in view of the Covid outbreak. Many analysts have said the lockdowns will shave off as much as Rs 9 lakh crore of the GDP.Gokul Chaudhri of Deloitte India said, "These steps will certainly give a lot of confidence to corporates and different sectors of the economy. The relief measures and easing of compliance deadlines will enable businesses to sustain themselves in the current atmosphere and is likely to have a positive impact on economic activities and more importantly remove uncertainty in the system."From the tax point of view, the reliefs like tax breaks, accelerated depreciation, reliefs on payrolls, payments-weighted deduction, relief on contribution to PF will add up to 2-3 percent of GDP, which is much needed to help address the issue of liquidity and deferment of payment obligations," he said.The move to ensure 24/7 trade facilitation at ports through the customs will not only promote ease of doing business but also ensure smooth flow of trade, he added.Jiger Saiya, partner and leader for tax and regulatory services at BDO India, said the extension to the Vivad Se Vishwas scheme will go a long way in making the entire scheme a success as in the original form it was an impossibility to attain the objective."With the extension, taxmen will now have time to clarify more aspects and taxpayers will have reasonable time to evaluate and seek settlement of tax disputes, under the scheme," Saiya said.Veena Sivaramakrishnan of Shardul Amarchand Mangaldas &amp; Co said the tax measures are a step in the right direction and indicate more such practical measures to come in the future.KPMG India's Rajeev Dimri said the various tax reliefs announced by the finance minister would provide the much needed succor to all in these unprecedented times.Naveen Aggarwal of KPMG said extension of the deadline under Vivad Se Vishwas from March 31 to June 30 without paying additional tax of 10 per cent is a welcome move and is in line with the representations made by taxpayers and industry forums. This would help companies save for possible financial difficulties faced by companies in this crises.On the IBC changes, Manish Aggarwal of KPMG said changing the operative sections of the IBC will help avoid large scale insolvencies.The government also needs to consider sector specific measures to address the cash flow &amp; liquidity enhancement measures to help businesses withstand this period. Stopping the process towards insolvency is necessary but not a sufficient condition to address fundamental issues facing the businesses now.Rajesh Narain Gupta, managing partner of SNG &amp; Partners the measures announced will lead to a positive direction and will give a boost to trade and commerce. BEN MR

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Bar Council allows foreign law firms, lawyers to practice in India

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