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India, and Investment Potential
in India
for
The Center For American and InternationalLaw
By:Gautam Mahajan
President - Inter-Link Services Pvt. Ltd.
June 13, 2006
Inter-Link Services Pvt. Ltd. Tel: 011-26922006, 26831226; Fax: 011-26929055; E-mail: inter_link@vsnl.com /
mahajan@interlinkindia.net Website: www.interlinkindia.net
mailto:inter_link@vsnl.commailto:mahajan@interlinkindia.netmailto:mahajan@interlinkindia.netmailto:inter_link@vsnl.com -
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1. General Business Tips
2. India, and Investment Potential inIndia
3. Foreign Lawyers and Legal Servicesin India: Frequently Asked Questions
DISCUSSION POINTS
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1. General Business Tips General Business Tips
American Companies in India
Legal Opportunities
2. India, and Investment Potential in
India
3. Foreign Lawyers and Legal Services inIndia: Frequently Asked Questions
DISCUSSION POINTS
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General Business Tips
From the American Business Experiencein India:Lessons from successfulAmerican companies:
Know the rules and the law and follow them Conduct rigid due diligence
Do not get guided by quick methods orshort-cuts
Avoid un-ethical practices
Hire a good knowledgeable consultant onIndia
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American Companies in India
Top 5 American employers in India 2 years ago:
General Electric: : 17,800 employeesHewlett-Packard : 11,000 employeesIBM : 6,000 employeesAmerican Express : 4,000 employeesDell : 3,800 employees (today 10,000, growing to 20,000)
General Electric (GE) with $80 Million invested in India employs 16,000 staff,1,600 R&D staff who are qualified with PhDs and Masters degrees.
The number of patents filed in USA by the Indian entities of some of the MNCs(upto September, 2002) are as follows: Texas Instruments - 225, Intel - 125,Cisco Systems - 120, IBM - 120, Phillips - 102, GE - 95.
Staff at the offices of Intel (India) has gone up from 10 to 1,000 in 4 years,
and will reach 2000 staff by 2006.
GE's R&D centre in Bangalore is the company's largest research outfit outsidethe United States. The centre also devotes 20% of its resources on 5 to 10 yearfundamental research in areas such as nanotechnology, hydrogen energy,photonics, and advanced propulsion.
It is estimated that there are 150,000 IT professionals in Bangalore as against120,000 in Silicon Valley.
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Legal Opportunities
Help Indian companies wishing to enterUSA, China etc.
Help Indian companies and lawyers incollaborative projects with American
companies outside India
Buy legal and paralegal services fromIndia at low rates.. Example is GE
Send lawyers to India acceptable to theIndian bar rules or willing to pass theIndian bar exam
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"There are lots of opportunities to use [foreign]lawyers in place of outside counsel or other
lawyers at a lower cost structure," saysSuzanne Hawkins, senior counsel at GeneralElectric Co. For two GE businesses -- GEPlastics and GE Consumer Finance -- savings
from those lower rates are adding up. GEbegan adding lawyers and paralegals to itsoffice in Gurgaon, India, in late 2001. It nowhas eight lawyers and nine paralegals thereand has saved more than $2 million in legalfees that would otherwise have been spent onoutside counsel, according to Hawkins.
Jennifer Fried
The RecorderAugust 25, 2004
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1. General Business Tips
2. India, and Investment Potential in
India
Foreign Direct Investment in India
An overview of Indian Economy
Investing in India Entry Routes
Foreign Direct Investment: Policy
Indias Competitive Advantage
Investment Opportunities
3. Foreign Lawyers and Legal Services
in India: Frequently Asked Questions
DISCUSSION POINTS
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Foreign Direct Investment in India
Largest democracy
political stability
& consensus on
reforms
Liberal &
transparent
investment
policiesLargest
reservoir of
skilled
manpower
Long-term
sustainable
Competitive
advantage
- High growth rate
economy
Fourth largest
Economy (PPP) - A
safe place
to do business
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An overview of Indian Economy
Economic Performance
Foreign Trade
Investment
Mature Capital Markets
A well developed banking system
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An overview of Indian Economy
Economic Performance
o Sustained economic growtho Average last 10 years 6.5%
o 2004-05 6.9%o Forecast up to 2006-07 >7.0%
o Forecast till 2050 Goldman Sachs 5 % p.a.
o Services share in GDP over 50% (52.4% share in
GDP in 2004-05)
o Manufacturing sector grew at 8.8% in 2004-05 (17.4%share in GDP in 2004-05)
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An overview of Indian Economy
Foreign Tradeo Merchandise exports grew by 25% in 2004-05, now
US$80 billion
o Imports grew by 36%, now US$106 billion
Investmento Foreign Investment over US$14 billion in 2004-05
(FDI US$5.5 billion, FII US$8.9 billion)
Mature Capital Marketso NSE third largest, BSE fifth largest in terms of number
of trades
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Goldman Sachs Report of 1 October,2003"Dreaming with BRICs: The path to 2050"
India's GDP will reach $ 1 trillion by 2011,$ 2 trillion by 2020,$ 3 trillion by 2025,
$ 6 trillion by 2032,$ 10 trillion by 2038, and$ 27 trillion by 2050,becoming the 3rd largest economy after USA
and China.
In terms of GDP, India will overtake Italy by theyear 2016, France by 2019, UK by 2022,Germany by 2023, and Japan by 2032.
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Economic Reforms - Liberalisation ofInvestment & Trade Policies
Industrial Licensingo Progressive movement towards delicensing and deregulation
Licensing limited to only 5 sectors (security, public health & safetyconsiderations)
Foreign Investmento Progressive opening of economy to FDIo Portfolio investment regime liberalisedo Liberal policy on technology collaboration
Trade Policyo Most items on Open General License, Quantitative Restrictions
lifted
Foreign Trade Policy seeks to double Indiasshare in global merchandise trade in 5 years
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Economic Reforms - ExchangeControl & Taxation
Exchange Control
All investments are on repatriation basis
Original investment, profits and dividend can be freely
repatriated Foreign investor can acquire immovable property
incidental to or required for their activity
Rupee made fully convertible on current account
Taxation Companies incorporated in India treated as Indian
companies for taxation
Convention on Avoidance of Double Taxation with 65
countries
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Manufacturing CompetitivenessMade in India
Second most attractive destination for manufacturingo AT Kearneys FDI Confidence Index 2004
Indian industry globally competitive in a wide range ofmanufacturing skill-intensive products:
o Apparels, electrical and electronics components; specialitychemicals; pharmaceuticals; etc.
Automotive components: Major MNCs & their OEMssourcing high-quality components from India
o Volvo, GM, GE, Chrysler, Ford, Toyota, Unilever, Cliariant,Cummins, Delphi
Indian companies now having manufacturing presence inmany countries
o Over 55% of approved outward investment by India companies
in manufacturing activities
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Evolution of FDI Policy
FDI Policy Liberalization
Pre 1991
1991
1997
2000
2000-05
Allowed selectively up to40%
Up to 74/51/50% in 112 sectors under theAutomatic Route 100% in some sectors
Up to 100% under Automatic Route in all sectors except asmall negative list
More sectors opened ; Equity caps raised in many other sectorsProcedures simplified
FDI up to 51% allowed under theAutomatic route in 35 Priority sectors
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Investing in India Entry Routes
Automatic RoutePrior Permission
(FIPB)
Investing in India
General RuleNo prior permission
requiredInform Reserve Bankwithin 30 days ofinflow/issue of shares
By ExceptionPrior Government
Approval needed.Decision generallywithin 4-6 weeks
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FDI Policy Initiatives : 2000-2004
New sectors opened to FDIo to 26% divestment in 5 years Defence production, Insurance,
print media - up to 26%o Development of integrated townships up to 100%o e-commerce, ISP with out gateway, voice mail, electronic mail,
tea plantation -100% subject
FDI equity limits raisedo Private sector banks raised from 49% to 74%o Drugs and pharmaceuticals from 74% to 100%o Advertising from 74% to 100%o Private sector refineries, Petroleum product marketing,
exploration , petroleum product pipelines 74% to 100%
Procedural simplificationo Issue of shares against royalty payable allowed
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Recent Initiatives : June 2004 onward
FDI in domestic airlines increased from 40% to 49%.Automatic route allowed
FDI up to 100% allowed under the automatic route indevelopment of townships, housing, built upinfrastructure and construction development projects
Foreign investment limit in Telecom services increased
to 74% FDI and portfolio investment up to 20% allowed in FM
Broadcasting. Hitherto only Portfolio investment wasallowed.
Transfer of shares allowed on automatic route in most
cases Fresh guidelines for investment with previous joint
ventures
A WTO (TRIPs) IPR regime compliant in position since
2005 Patents Act amended to provide for productpatent in pharma and agro-chemicals also.
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Policy on FDI
FDI up to 100% allowed under the AutomaticRoute in all activities except for
o Sectors attracting compulsory licensing
o Transfer of shares to non-residents (foreign investors)
o In Financial Services, oro Where the SEBI Takeovers Regulation is attracted
o Investor having existing venture in same field
o Sector specific equity/route limit prescribed under
sectoral policy Investments made by foreign investors are given
treatment similar to domestic investors
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Main Sectors withFDI Equity/Route Limit
FDI equity limit-
Automatic route
Insurance 26%
Domestic airlines 49%
Telecom services- Foreignequity 74%
Private sector banks- 74%
Mining of diamonds andprecious stones- 74%
Exploration and mining of coaland lignite for captiveconsumption- 74%
FDI requiring prior
approval
Defence production 26%
FM Broadcasting - foreign
equity 20% News and current affairs- 26%
Broadcasting- cable, DTH, up-linking foreign equity 49%
Trading- wholesale cash andcarry, export trading, etc.,100%
Tea plantation 100%
Development of airports- 100%
Courier services- 100%
Corrected as of December 05
F i T h l
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Foreign TechnologyCollaboration Policy
Foreign technology agreements also allowedunder Automatic route:o Lump-sum fees not exceeding US$2 Milliono Royalty @ 5% on domestic sales and 8% on exports,
net of taxeso Royalty up to 2% on exports and 1% also permitted
for use of Trade Marks and Brand name, without anytechnology transfer
Wholly owned subsidiaries can also pay royaltyto their parent company
Payment of royalty without any restriction on theduration allowed.
I di FDI O l k
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India: FDI Outlook
2nd most attractive investment destination among
the Transnational Corporations (TNCs) -UNCTADs World Investment Report, 2005
3rd most attractive investment destination ATKearney Business Confidence Index, 2004
o Up from 6th most attractive destination in 2003 and 15th in 2002
o 2nd Most attractive destination for manufacturing
Among the top 3 investment hot spots for the
next 4 yearso UNCTAD & Corporate Location April 2004 Most preferred destination for services - AT
Kearneys 2005 Global Services Location Index
(previously Offshore Location Attractiveness Index)
I di C titi Ad t
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Indias Competitive AdvantageHuman Capital
Indias competitive edge - its highly-skilled manpower
and entrepreneurial expertiseo Over 380 universities (11,200 colleges)
o 1500 research institutions
o Over 200,000 engineering graduates
o Over 300,000 post graduates from non-engineering colleges
o 2,100,000 other graduates
o Around 9,000 PhDs
Knowledge workers in software industry increased from56,000 in 1990-91 to over 1 million by 2004-05;
54% of Indias population under 25 years of age
India would continue to be surplus in working populationfor a long-time
o Would contribute 25% to the additional working population globally over
the next 5 years.
I di C titi St th
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Indias Competitive StrengthsHRD Contd.
Rank out of 102 countries
Availability of scientist and engineers 3
Quality of management schools 8
Quality of scientific research institutions 20
Quality of educational system 36
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IT Advantages
ITITES Industryo Exports US$17.2 billion in 2004-
05, growth of 34% over previousyear
o 2008 exports target : US$60billion, to be 35% of Indias totalexports
High quality standardso 76 SEI/CMM level 5 companies,
two third of worlds total, areIndian
o Over 250 of the Fortune 500companies are clients of Indianfirms
o R&D base of over 100 FORTUNE
500 companies
Investment Opportunitieso Collaborative ICT researcho Joint Software development in a
variety of applications
IT- ITES Exports
In US $ Billion
6.2
10
12.8
17.2
8
0
2
4
6
8
10
12
14
16
18
20
2000-01 2001-02 2002-03 2003-04 2004-05
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Recent Infrastructure Initiatives
National Highway Development Programme to developover 24,000 km of highways
o Golden Quadrilateralo NSEW Corridoro Links to ports and State capitals
Modernisation of airportso Metro and other airports
Development of ports with private sector The Electricity Act, 2003 provides the framework for
development of power sector Bharat Nirman Programme to develop rural
infrastructure at an estimated cost of Rs. 1,74,000 crore(~US$40 billion)
Jawhar Lal Nehru Urban Renewal MissionRs. 100,000crore (US$22 billion)
Country wide rural connectivity programme to link allunconnected village having population of 500 with fairweather road undertaken
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Telecommunications
Among the fastest growing telecom
marketso 550,000 km of optical fibre cable
laid
2 million Cellular phones added everymonth
o Among the lowest mobile tariff inthe world
Share of private sector 50%
Tele-density of 10.66, expected to be20 in next three years
New Broad Band Policy announced:o 690,000 connections since April
2005o Internet subscribers 6 million
(March 05)
Investment Opportunitieso Setting up manufacturing facilities;o Supply of hand sets and
equipmentso Telecom & Value added service.
5.53.11.6
10.5
28.2
48.717.7
52.41.5
19.5
19.25
0
10
20
30
40
50
60
70
80
2000 2001 2002 2003 2004 2005
(up to
Oct.)
No.
inmillio
R d
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Roads
Policyo
FDI up to 100% is permitted for construction andmaintenance of roads, highways, vehicular bridges,toll roads, vehicular tunnels
o Ten year tax holiday for road and highway projects
Recent Initiatives
o Existing road network of 3.3 million kilometerso 24,000 km of Highways being developed under
National Highway Development Programmeo billion envisaged Golden Quadrilateral : 5846 kms- 5000 kms
completedo NSEW Corridor: 7300 kms 784 kms completed, 3691 kms
under implementationo Investment US$20 billion
Investment Opportunitieso Projects for 12,000 km would be on offero Many more opportunities in the States
P
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Power Policy & Incentive
o FDI up to 100% is permitted onthe automatic route in all
segments except atomic powero Ten-year tax holiday for
generation and distribution ortransmission and distribution ofpower
Institutional Reformso The Electricity Act 2003 allows
trading in power and provides forfurther deregulation;
o Independent Regulator in moststates
Investment Opportunitieso Additional capacity required
100,000 MW till 2012
o Investment US$120 billion needed
o Financial closure of over 6000MW capacity achieved in last oneyear
Share of Installed Capacity
Hydro+Wind
22%
Thermal
76%
Nuclear
2%
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Ports
Policy & Incentiveso FDI up to 100% permitted for construction and
maintenance of ports and harbors.o Ten year tax holiday
Public-private partnershipo 12 major ports, 185 minor portso 14 private/ captive projects with investment of US$
600 million completedo 24 projects with investment of US$1.6 billion under
implementation/award
Investment requirement of US$22 billion todevelop maritime sector
o Ports & Shipping
o Inland waterways
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Special Economic Zones
Policyo Duty free zones, deemed foreignterritories
o FDI up to 100% permitted inalmost all manufacturing activities
o Transfer of goods from DTA toSEZ treated as exports,
o Units to be net foreign exchangeearner within 5 years. No exportcommitments
o No limits on DTA sales
o Can be set up in the public,private or joint sector
o Single Window Clearance
Incentives
o For developer: Income tax exemptionfor a block of 10 years in 15 years
o For units: 100% Income Taxexemption for first 5 years, 50% fornext 5 years and 50% of the ploughedback export profits for next 5 years
o Exemption from indirect taxes; excise,sales, services tax, etc.
o Freedom to raise ECB with out anymaturity restrictions
New Law onSEZ enacted
Cont
S i l E i Z
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Special Economic Zones
11 Special Economic Zones are functionalo SEEPZ Mumbai, Kandla, Cochin, Chennai,
Visakhapatnam, Falta, NOIDA, Surat, Salt Lake,Indore and Jaipur
o Over 800 functional units employing over 100,000persons
o Exports of US$4 billion in 2004-05
42 new Special Economic Zones have beenapproved and are under establishment
o Many have participation with State Governments andPrivate Sector
Major Industries in Special Economic Zoneso Gems & Jewellery, Electronics & Hardware, Software,
Textile & Garment, Engineering Goods, SportsGoods, Leather Products, Chemicals & AlliedProducts
P blic Pri ate Partnership
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Public Private Partnership
Infrastructure projects might not be financially viable on
their own;
Public Private Partnership to bring in private sectorresources and techno-managerial capabilities;
Viability Gap Funding foro Roads, railways, seaports, airports;o Powero Water supply, sewerage, solid waste disposal in urban areas;o International convention centres.
Funding in the form of capital grant, Operation &Management support, interest subsidy, etc.
Support linked with predefined milestones.
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Food Processing Third largest producer of food items
o Largest milk producer
o Largest livestock population;o 2nd largest in fruits & vegetables
Opportunities in food processing sectoro 50% of household income spent on food itemso With increasing income levels and urbanisation fast growth in demand
of processed food expected; over 250 million strong middle classo Low levels of value addition in food sector: only 7%
New Integrated Food Law being enacted
Investment of US$ 28 billion required to raise foodprocessing from 2% to 8-10%.
Investment opportunities ino Processing of fruit & vegetable, meat, fish & poultry, milk products,
packaged food & drinks.o Establishing infrastructure, cold chain, etc.
Incentives for the Development of
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Incentives for the Development ofIndustrially Backward Areas
A special package of incentives to promoteindustrialization of industrially backward regionso North Eastern states, Skim, Jammu & Kashmir,
Uttaranchal and Himachal Pradesh
Incentiveso 100% Income Tax Exemptions for 10 years
o Excise Duty Exemptions for 10 years
o Transport Subsidy for transportation of raw materialand finished products,
o Investment Subsidy (50-90%)
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Governance and Regulatory System
Central, State and Local levels of Government with
their specified powers and responsibilities seen ascomplicated in regulatory administration by investors
11.9% of Senior Managements time spent in dealingwith Government agencies(Source: World Banks Report - India Investment ClimateAssessment, 2004)
World Banks Report Doing Business in 2006o 71 days required to set up a Company and start business
Incorporation of Company and PAN/TAN allotment taking mosttimeo Paying taxes: 59 transactions taking 264 hours in a yearo Closing a business: time taken 10 years
Governance Initiatives
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Governance - Initiatives
Major e-governance initiatives undertaken at Central andState level
National e-Governance Action Plano Projects being taken up in Mission mode at Central and State
level.o Integrated services projects for services across Departments.o MCA-21 - Ministry of Company Affairs, to cover all Registrar of
Companies by June 2006
e-Biz project being taken up by the Department of IPPo To set up a web enabled portal to provide for the services at the
Central, State and Local level during the entire life cycle ofbusiness
o To begin with a pilot project covering 25 services in four states
o Project capable of rapid upscaling to cover other services andextend to other areas
Right to Information Act for greater transparency inpublic administration
Investment Opportunities
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Investment Opportunities
Development and management of infrastructure
Food processing, including logistic and supportservices, development of cold chain
Manufacturing relocation into India
R&D leveraging on abundant skilledmanpower
IT & ITES, Software as well as hardware
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1. General Business Tips
2. India, and Investment Potential in
India
3. Foreign Lawyers and Legal Services inIndia:
o Frequently Asked Questions
o Judgment of Bombay High Court
DISCUSSION POINTS
Foreign Lawyers and Legal Services in
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Foreign Lawyers and Legal Services inIndia: Frequently Asked Questions
1.Can I give advice on USA legal issues to Indiancompanies?No. (see below)
2.Can I give advice to Indian companies in India on
Indian issues?No. Please refer to the attached extract of a Bombay High CourtJudgment attached
3.If I have an associate law firm in India, what can
my partners do or not do when they come toIndia?
They can only provide inputs to the Indian firm. They can beemployed by an Indian firm. They can (if qualified) enroll but thatis a difficult process requiring eligibility, qualifications andreciprocity. Cont
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Foreign Lawyers and Legal Services inIndia: Frequently Asked Questions
4. Can I set up a rep. office in India? If yes, Whatam I allowed to do and not do?Yes, but not much at all. Liaison and no commercialbusiness (same judgment).
5. Is my legal degree recognised in India?No. In most cases of US degrees. Some may berecognised (like Oxford degree) but youll need to checkwith the Bar Council of Delhi which ones are covered (ifany) from the U.S.
6. What do I have to do be a solicitor in India?This is a complex question. Probably not allowed.
Cont
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Foreign Lawyers and Legal Services inIndia: Frequently Asked Questions
7. What do I have to do if I wish to appear inan Indian court?
Enroll as an advocate.
8. How is the law on the above likely tochange and when?
Some change and a minor easing is likely in this year or
over the next years but it is likely to be cosmetic.
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Extract of a Bombay High CourtJudgment
IN THE HIGH COURT OF JUDICATURE AT BOMBAYORIGINAL SIDE
WRIT PETITION NO. 1526 OF 1995
Lawyers Collective Petitioner
Versus
Bar Council of India & Ors.
OCTOBER 4 & 9, 1995
"In our view, considering the aforesaid quotations from the New York Judiciary
Law and Halsburys Laws of England, it is apparent that the phrase topracticethe profession of law would be wide enough which would includenot only appearance before the Court but also to carry on such activitieswhich are specifically provided in the aforesaid paragraphs which providefor restrictions on unqualified persons against drawing or preparing anyinstrument, agreement, power of attorney or such other things. If that wasnot so, there was no necessity of restricting it by specific regulations."
Cont
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Extract of a Bombay High CourtJudgment
The Court quoted with approval:
"As there is no direct decision on the question involved, the learned Counselappearing for the Petitioner has brought to our notice a decision rendered by theCourt of Appeals of New York. In the Matter of New York County LawyersAssociation v. Lorenzo J. Roel, (165 N. Y. S. 2d 31, page 14,) wherein the Courthas interpreted Section 270 of the Penal Law which, inter alia, provides as
under:-
It shall be unlawful for any natural person to practice as an attorney-at-law orto hold himself out to the public as being entitled to practice law as aforesaid, orin any other manner, or advertise the title of lawyer in such manner oradvertise the title of lawyer in such manner as to convey the impression thathe conducts or maintains a law office without having first been duly and
regularly licensed and admitted to practice law in the courts of record of thisstate, and without having taken the constitutional oath.
Cont
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Extract of a Bombay High CourtJudgment
In that case it was contended by the appellant that his practice is restricted toMexican law and he does not practice law in New York since he onlygives advice and prepares instruments based on Mexican law andMexican law is not law in New York. Therefore he is not covered bySection 270 of the Penal Law. The Court negatived the said contentionby holding that whether a person gives advice as to New York law.Federal law, the law of a sister State, or the law of a foreign country, he is
giving legal advice. It was further held that when legal documents areprepared for a layman by a person in the business of preparing suchdocuments, that person is practicing law whether the documents beprepared in conformity with the law of New York or any other law. TheCourt further observed that to hold otherwise would be to state that amember of the New York Bar only practices law when he deals with locallaw. It was further observed: A foreign lawyer who is familiar with the law
of the country in which he is a lawyer is in a similar position. He is aspecialist in a particular field of the law, but is nevertheless a layman inthis state when he is not a member of the Bar here. The Court held thatprotection of the members of the lay public of State, when they seek legaladvice and that was what defendant purported to furnish was thebasis of the requirements of licensing of attorneys by the State.
Cont
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Extract of a Bombay High CourtJudgment
From the aforesaid discussion, the submissions made before this Court andthe affidavit in reply filed on behalf of Respondent Nos. 12, 13 and 14, primafacie, it appears that the activities mentioned above carried on byRespondent Nos. 12 to 14 would amount to practising the profession of law.As stated above, Respondent Nos. 12 to 14 have established liaison officesin this country; they are carrying on work of drafting documents, reviewingand providing comments on documents, conducting negotiations and
advising clients on international standards and customary practice relatingto clients transactions; gathering information from prospective clients inIndia and conducting market research to assess the feasibility of providinglegal services in India.If, therefore, the said activities are held to be not covered by the phrase topractice the profession of law, then the whole objects of the Advocates Actwould be frustrated, in the sense that there would not be any disciplinary
control nor these activities can be controlled by any method.
" [End of quote]
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We gratefully acknowledge the help given by the
Department of Industrial Policy and Promotion - Ministry ofCommerce, Government of India, New Delhi
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THANK YOU
For further Information, Contact:Gautam MahajanPresident - Inter-Link Services Pvt. Ltd.K-185 Sarai JullenaNew Delhi, India 110025
Tel: +91-11-26922006, 26831226; Fax: +91-11-26929055;E-mail: inter_link@vsnl.com /mahajan@interlinkindia.netWebsite: www.interlinkindia.net
mailto:inter_link@vsnl.commailto:mahajan@interlinkindia.netmailto:mahajan@interlinkindia.netmailto:inter_link@vsnl.com
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