Sunday, June 15, 2014

RBI allows LLPs to carry out financial commitment abroad

The Reserve Bank of India (RBI) has allowed Limited Liability Partnership (LLP) firms to carry out financial commitment to/on behalf of joint ventures or wholly-owned subsidiaries of the Indian companies abroad. The RBI in a notification said that it has been decided to notify a Limited Liability Partnership as an ‘Indian Party’. Accordingly, an LLP, may henceforth undertake financial commitment to/on behalf of a JV/WOS abroad.

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