The Reserve Bank of India has notified the Foreign Exchange Management (Guarantee) Regulations, 2026, superseding the earlier 2000 framework and introducing a comprehensive regime governing guarantees involving persons resident in India and outside India. The Regulations define key concepts such as guarantee, principal debtor, surety, and creditor, and impose a general restriction on cross-border guarantee […]
The Government of India has revised the FDI framework for investments from countries sharing a land border with India (LBCs) through Press Note 2 (2026 Series), providing clarity on the determination of “beneficial ownership” and when prior government approval is required. The amendments align the definition of beneficial ownership with the Prevention of Money-laundering framework, […]
The Madras High Court has upheld the validity of Rule 39(1)(a) of the CGST Rules, while clarifying that Input Tax Credit (ITC) can be distributed by an Input Service Distributor (ISD) only when the credit becomes legally available under Section 16 of the CGST Act. The Court observed that ITC cannot be considered “available for […]
The Reserve Bank of India has notified the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, effective 1 October 2026, introducing a unified framework governing cross-border trade in goods and services. The Regulations integrate export and import provisions into a single regime, streamline declaration and digital reporting requirements through systems such […]
The Reserve Bank of India has notified the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026, significantly liberalising the External Commercial Borrowing (ECB) regime. The amendments broaden the pool of eligible borrowers and recognised lenders, replace the all-in-cost cap with a market-linked benchmark, standardise minimum maturity requirements, enhance borrowing limits, and introduce procedural […]
In The Procter and Gamble Company v. IPI India Private Limited (O.P.(TM) Nos. 48, 49 and 50 of 2024), the Madras High Court dismissed trademark rectification petitions filed by P&G, holding that the term “Vapo” is descriptive, common to the trade, and publici juris, and therefore incapable of exclusive appropriation. The Court found that “Vapo”, […]
