&w=3840&q=100)
To prepare a centralised registry of all lawyers, law firms, says BCI
"This organisation will ensure that voices from every region and practice level are included in the policy dialogues," BCI said.
The Council was responding to the Society of Indian Law Firms' (SILF's) opposition to the entry of foreign lawyers and law firms into the country.
In its press release, the BCI said SILF did not represent the broad spectrum of Indian law firms.
'It functions primarily as a closed group dominated by a few large, well-established firms. Its stance and actions do not reflect the concerns or aspirations of more than 90 per cent of India's smaller or emerging law firms,' the BCI said in a press note.
The Council, which is the apex lawyers' representative and governance body, had on June 14 constituted a high-level committee chaired by Cyril Shroff, the managing partner of law firm Cyril Amarchand Mangaldas, to examine concerns around the May 2025 notification on the entry and operation of foreign lawyers and law firms in India.
Shortly after this, on June 17, SILF formed a committee of lawyers, headed by Shardul Shroff of Shardul Amarchand Mangaldas, to suggest changes to the recently notified BCI rules allowing foreign lawyers and law firms to work in India.
The BCI said that the consistent feedback it had received indicated that SILF has historically acted to preserve its members' commercial interests at the expense of young, deserving Indian lawyers and new legal practices striving to grow in an increasingly competitive and global legal arena. The lawyers' governing body also alleged that law firms comprising SILF had maintained close affiliations with major foreign legal firms, enabling them to create a 'parallel legal services economy, wherein foreign legal work is funnelled through select Indian firms'.
Corporate, transactional, and arbitration-related legal services in India have been monopolised by a small group of law firms, which has stifled the growth of smaller law firms and talented young lawyers, the BCI said.
'The BCI, through these regulations, seeks to democratize access to cross-border legal work, and dismantle the structural monopolies that have long existed within the Indian legal services sector,' the release said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
4 minutes ago
- Business Standard
Centre removes cotton import duty till Sept 30 to aid textile sector
Giving temporary relief to the textile and garment industry amid concerns over revenue loss from higher US tariffs, the finance ministry on Monday removed the 11 per cent duty on raw cotton imports for a period of 42 days till September 30. The exemption will benefit the textile chain — yarn, fabric, garments and made-ups — and provide relief to the textile industry and consumers. Through a notification by the Central Board of Indirect Taxes and Customs, the government removed the basic customs duty and the Agriculture Infrastructure and Development Cess (AIDC) on cotton imports from August 19 to September 30. The removal of import duty on cotton was a long-pending demand of industry bodies such as the Confederation of Indian Textile Industry (CITI). This move is crucial in making the industry competitive, as it requires high-quality, contamination-free cotton to meet global quality compliance standards for exports. Removal of duty on raw cotton is expected to have a salutary effect on cotton prices in India. Although the move may not result in large gains through new shipments, industry players expressed hope that the exemption would be extended. It comes as an immediate confidence booster for the industry troubled by the higher US tariff of 50 per cent. Exporters have either halted shipments to the US or are fulfilling orders at a loss, while American retail giants including Walmart, Target, Amazon, TJX Companies, Kohl's, Gap Inc., and H&M have asked their Indian suppliers to hold consignments until tariff clarity emerges. India has set a target of achieving textile exports worth $100 billion by 2030. However, it is at a steep competitive disadvantage in the American market. While Bangladesh and Vietnam face tariffs of 20 per cent and Indonesia and Cambodia 19 per cent, India is saddled with 50 per cent. Even China, at 30 per cent, fares better. Exporters fear not only revenue losses but also the prospect of ceding market share once again to rivals. The US is India's largest market for textile and apparel exports. According to CITI, India's exports to the US rose to $5.36 billion, up 12 per cent from $4.79 billion during the first six months of calendar 2024, ranking the country third. Vietnam, now the second-largest supplier, registered $8.54 billion worth of exports, a rise of 19 per cent. Bangladesh rebounded strongly after last year's political turmoil with a 24 per cent surge to $4.36 billion. China, still the largest supplier, saw a 16 per cent decline to $9.34 billion.
NDTV
12 minutes ago
- NDTV
"Make In India Need Not Become Make All That India Needs": RBI Ex-Governor
New Delhi: Sounding a note of caution, former RBI Governor D Subbarao on Monday said that 'Make in India' should not transform into 'Make all that India needs' as it would hurt investments in the country and impact productivity. Subbarao further said the punitive 50 per cent tariffs on Indian exports imposed by the US will raise the costs of Indian goods in the most important overseas market, which is America. "If 'Make in India' degenerates into 'Make all that India needs', we risk losing the chance to attract investment away from China. "The tariffs remind us that openness, not isolation, is the path to sustainable growth," he told PTI in an interview. Subbarao said the success of 'Make in India' hinges on competitiveness, not protectionism. "Atmanirbhar Bharat, an aspiration that the Prime Minister reiterated in his Independence Day speech, must mean strategic self-reliance in sensitive areas like defence and energy, not blanket self-sufficiency," he said. According to him, 'Make in India' was conceived as positioning the country as an export-driven manufacturing hub-making in India, not just for India, but for the world. "Punitive US tariffs cut directly into this ambition by raising the cost of Indian goods in our most important overseas market," Subbarao said, adding that investors considering India as an alternative to China in their China+1 diversification strategy will hesitate to lock into an India that is saddled with the highest tariffs in Asia. Prime Minister Narendra Modi, in his Independence Day address, had said that for a nation, the biggest basis for self-respect ('atmasamman') is still 'atmanirbharta' (self-reliance). "And, the basis for 'Viksit Bharat' is also 'Atmanirbhar Bharat'". Responding to a question on impact on the impact of 50 per cent tariffs on India's exports and competitiveness, Subbarao said America is India's single largest export market, accounting for nearly 20 per cent of our total exports and over 2 per cent of GDP. "A 50 per cent tariff - even after exempting pharma and electronics - would hit at least half of our exports, especially in labour-intensive sectors such as textiles, gems & jewellery, and leather," he said. Subbarao also pointed out that the current exemptions on pharma and electronics are not permanent; ongoing reviews could bring them under tariff in the future "More worrying is that India now faces the highest tariff in Asia, far above Bangladesh (20 per cent), Vietnam (20 per cent), and Indonesia (19 per cent). This undermines our China+1 aspiration at a critical moment," he said. The former RBI Governor noted that the joint pledge by Modi and Trump at their February meeting to more than triple bilateral trade to USD 500 billion by 2030 now looks unrealistic. "While assessing the potential impact on our exports, we must also reckon with the possibility of China dumping in world markets to offset the loss of its US market. "To the extent these are markets where we compete, our exports to destinations outside of the US will also be hit," he said. Asked if it is at all possible for India to yield a little in giving access to the US in the agriculture and dairy sector, Subbarao said agriculture and dairy are politically sensitive sectors in India, providing livelihoods to millions, and tied closely to the country's food security. "A blanket opening to US imports is neither feasible nor desirable. "However, some calibrated flexibility could help unlock the impasse in negotiations," he said. According to him, this might mean limited tariff-rate quotas, selective product lines, and sanitary and phytosanitary alignment in exchange for significant gains in US market access for India's exports. Noting that any such opening should be phased, targetted, and paired with a strong backstop for farmers - investment in cold chains, productivity upgrades, and rural support programs, Subbarao said," India must protect its red lines but should not reject pragmatic compromises that deliver broader trade benefits." Asked if it is possible to pare down Russian oil imports, he said if India were to suddenly pivot from Russia to the Gulf, global oil prices would spike because neither US shale nor OPEC can ramp up supply quickly. "The effect would be to raise the global crude price, hurting India's current account, weakening the rupee, and fuelling inflation pressures," Subbarao said, adding that, in short, moving away is not a simple solution. He observed that the pragmatic course is gradual diversification - adding Middle Eastern and African barrels over time - while retaining flexibility to protect national energy security. "Currently, we import about 1.7 million barrels a day of Russian oil. There is an argument that since the Russian discount has fallen to USD 5 per barrel, the cost of switching away is less than 0.1 per cent of GDP," he added. On the impasse on India-US trade talks and what should be India's negotiating strategy going forward, Subbarao said a balanced agreement is possible if both sides focus on comparative advantages rather than deficits. "Our strategy should be pragmatic: resist emotional reactions, identify win-win sectors, and push for preferential access in labour-intensive industries, while offering selective concessions where feasible," he said. For India, America is the largest partner and one of the few countries with which it enjoys a trade surplus.
Time of India
19 minutes ago
- Time of India
Vladimir Putin dials PM Modi, briefs him on Alaska summit
New Delhi: Prime Minister Narendra Modi received a telephone call on Monday from Russian President Vladimir Putin who briefed the Indian leader on his assessment of his meeting with US President Donald Trump in Alaska last Friday. While thanking Putin, the prime minister underlined India's consistent position for a peaceful resolution of the conflict through diplomacy and dialogue. He reiterated that India supports all efforts in this regard, it has been learnt. This was the second telephone conversation between Modi and Putin in just over 10 days while the USA pushes ahead with criticising India for buying Russian oil. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Earn Upto 5k Daily By This Method of Intraday Trading TradeWise Learn More Undo The two leaders also touched upon issues of bilateral cooperation to strengthen the Special and Privileged Strategic Partnership between India and Russia, according to persons familiar with the development. The two leaders agreed to remain in close touch. "Thank my friend, President Putin, for his phone call and for sharing insights on his recent meeting with President Trump in Alaska. India has consistently called for a peaceful resolution of the Ukraine conflict and supports all efforts in this regard. I look forward to our continued exchanges in the days to come," Modi wrote on X after the telephone call. Live Events It is understood that Modi and Putin could meet on the sidelines of the Shanghai Cooperation Organisation during August 31-September 1, which would be their first in-person meeting this year. On Saturday, India had welcomed the Summit meeting in Alaska and noted that their leadership in the pursuit of peace is highly commendable.
