Can an Indian citizen perform any transaction in foreign currency  In India the permissible currency for undertaking any domestic transaction/s is the Rupee.  Transactions in foreign currency can be undertaken only in the case of cross border transactions. The foreign currency can be purchased from any Authorised Dealer who is approved by the Reserve Bank...Read More

What is a Limited Liability Partnership A Limited Liability Partnership (LLP) is a type of a legal entity in India which has the characteristics of both a partnership firm and company. It is a body corporate having perpetual succession and a separate legal entity distinct from its partners. The liability of each partner is limited....Read More

What is Fraud  When a Party to an Agreement or any of his representative/s commit an act with the intention of deceiving the other party to enter into an Agreement, it is considered as Fraud.  The following acts are considered to be fraudulent:  Suggestion of an untrue fact  Active concealment of a fact  Promise made...Read More

What is Free Consent Two or more persons are said to consent when they agree upon the same thing in the same sense.  Consent is not free when it is caused by coercion, undue influence, fraud, misrepresentation or mistake.  What is coercion Coercion means undertaking any of the following acts with the intention of causing...Read More

What is a Void Agreement  As per the provisions of the Indian Contract Act, a Void Agreement is an Agreement which is not enforceable by law. What are the instances in which an Agreement can be considered as void  An Agreement can be considered as void if any of the following conditions are satisfied:  Parties...Read More

Who is an Authorised Dealer In the context of banking, an Authorised Dealer is a person authorised by the Reserve Bank of India to undertake any dealings in foreign exchange or foreign securities under the Foreign Exchange Management Act, 1999.  What are the various categories of Authorised Dealer The various categories of Authorised Dealer Bank...Read More

What is an NRO Account  An account which is opened under the Non-Resident Ordinary Rupee Account Scheme in India is called as NRO Account.   It can be opened by anyone who is not resident in India. Hence, foreign nationals can also open an NRO Account. It can open by individuals as well as entities. Individuals...Read More

What is an NRE Account An account which is opened under the Non-Resident (External) Rupee Account Scheme in India is called as NRE Account.   It can be opened by Non Resident Indians (NRIs) or Persons of Indian Origin (PIO). A NRI is an Indian citizen who is resident outside India. A PIO is a person...Read More

What is Privacy Policy A company, firm, sole proprietorship, association of individuals, NGO etc which is engaged in any commercial / professional activity and is handling any sensitive personal data or information of third parties in a digital format, needs to implement reasonable security practices and procedures. Under regulation/s, implementation of security practices and procedures...Read More

Is there any law in India governing cryptocurrencies As of date, India does not have a dedicated law with respect to cryptocurrencies. Government sources have indicated that the guidelines issued on International Regulation of Crypto Assets Activities recently would play a key role in determining how the Indian legal framework will take shape. Keep looking...Read More