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virtual currency

Supreme Court paves way for virtual currencies

The Supreme Court of India, in Internet and Mobile Association of India v Reserve Bank of India, on 4 March 2020, set aside the Reserve Bank of India (RBI) circular on virtual currencies, dated...
sandbox

The curious case of the privacy sandbox

By Lagna Panda, Chandhiok & Mahajan
In December 2019, the Personal Data Protection Bill, 2019 (PDP bill), was introduced in parliament and was then referred to a joint parliamentary committee for review. Compared to the 2018 version, the PDP bill...
policy

Interplay of polity, policy on infrastructure development

By Shreshth Sharma and Molshree Bhatnagar, HSA Advocates
Governed by its constitution and derivative laws, a country speaks through its policies. Sound economic and regulatory policy creation coupled with effective implementation encourages investor confidence and forms the fundamental basis of attracting large...
retail

Draft framework for retail payment systems operators

By Sawant Singh and Aditya Bhargava, Phoenix Legal
In a move that reflects well-reasoned foresight, on 10 February, the Reserve Bank of India (RBI) released a draft framework for the establishment of new retail payment systems operators. The stage for this draft...
stamp act

Significant amendments made to Indian Stamp Act

The central government vide a notification extended the date on which amendments made to the Indian Stamp Act, 1899, through the Finance Act, 2019, would come into effect on 1 April 2020. Laws pertaining to...
loans

Banking on relaxations for commercial real estate loans

By Devyani Dhawan and Jyotika Bajaj, SNG & Partners
Following the sudden increase of loans to real estate players in the early 2000s and with no effective and orderly risk-management system in place, the Reserve Bank of India (RBI) in 2005 required banks...

Lenders assign GSML debt to ARC

Argus Partners advised a Garden Silk Mills (GSML) consortium of lenders, led by Bank of Baroda, on the resolution of its stressed assets and account under the Reserve Bank of India’s (RBI) circular dated...
funding

Funding from international sources for companies

By Gautam Khurana, India Law Offices
India has been a capital-deficient country since independence and raising funds either by means of equity or debt has always been problematic for industry. The question that comes up when a business is planning...
family

Securing the family silver

Spooked by domestic tax and regulatory changes, many wealthy Indians are shifting capital overseas. Vandana Chatlani reports In India, business is personal. An estimated 95% of companies are run by families. Promoters of companies...
deals

Deals of the Year 2019

India Business Law Journal reveals the most significant deals and disputes of 2019 and the law firms that worked tirelessly to bring them to fruition The best transactions for the past year in India came...
stamp

Overhaul of debenture related stamp duties

By Aditya Vikram Dua and Arjit Sahni, SNG & Partners
The Finance Act, 2019 (act), has amended the Indian Stamp Act, 1899 (stamp act). The amendments will come into effect on 1 April 2020 and this column summarizes the key amendments to the provisions...
Korean

Perspectives on Korean investment in India

By Rajat Prakash and Siddharth Mahajan, Athena Legal
India has gradually liberalized its norms for attracting foreign direct investment (FDI). South Korea has emerged as one of the largest contributors to FDI. More than 500 South Korean companies, including Samsung, LG, Hyundai,...
PSS Act

Revisions to framework for imposing monetary penalties

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The enactment of the Payments and Settlement Systems Act, 2007 (PSS Act), was a laudable and farsighted move as it not only created a regulatory framework for payment and settlement systems, but also provided...
FDI

India in 2020: Easing restrictions on foreign investment

This article is one of four in an annual Vantage Point series where in-house counsel identify key risks and opportunities in the year ahead Foreign direct investment (FDI) is a major monetary source for India’s economic...
data

Juggling act

The evolution of the personal data protection bill is influenced by the need to protect the interests of businesses, the government and the individual, writes Yukti Sharma India’s journey to a personal data protection law...
insolvency

NBFCs brought under purview of insolvency code

By Anisha Shroff and Sharanya Kundu, Samvad Partners
With the introduction of a codified law on insolvency and bankruptcy processes, restructuring jurisprudence entered a new era. While the new law focused on rehabilitating and restructuring stressed companies, restructuring processes involving financial service...
foreign

Amendments bring clarity for foreign-owned retailers

By Anshuman Mozumdar and Anirudh Gotety, L&L Partners
The Department for Promotion of Industry and Internal Trade (DPIIT) released Press Note 4 of 2019 on 18 September 2019 introducing, among other matters, changes to the policy for foreign direct investment (FDI) in...
insolvency

Pecking order

The significance of the insolvency code may be put into question if state governments do not observe the order of priority for creditors over a corporate debtor’s assets, write Arvind Varma and Amita Chohan “The...
data

RBI clarifies data localization norms

On 26 June 2019, the Reserve Bank of India (RBI) issued clarifications on data localization. Two significant clarifications are: (1) where processing of a payment transaction happens overseas, then the payment systems data (including end-to-end...
payments

Retail payments to be first RBI sandbox grouping

The Reserve Bank of India (RBI) announced that applications are open from 15 November to 15 December, 2019 for the first cohort of its fintech regulatory sandbox regime. The theme for the first cohort is retail...