- issued standing guidelines to AD Banks, in relation to facilitating cross-border
FIG Paper No. 57 (VDA Series 11) India Digital Assets Round-Up: Recent Regulatory and Market Developments
Summary: This FIG Paper examines recent global regulatory and market developments in digital assets, including Hong Kong’s first stablecoin licences, countries finalising their digital assets regulatory frameworks, and BIS warnings on stablecoin-driven dollarisation. It then analyses India’s evolving response through the revised FIU-IND registration regime, tightening tax reporting and enforcement trends, and the RBI’s evolving regulatory response to stablecoins.
Continue Reading FIG Paper No. 57 (VDA Series 11) India Digital Assets Round-Up: Recent Regulatory and Market DevelopmentsWhether payment made pursuant to an Arbitral Award followed by a Court Decree be liable to GST ? Analysis of landmark Bombay High Court Judgment
There are moments in tax litigation when the revenue administration machinery seems to lose sight of first principles. The Bombay High Court judgment in Tata Sons Private Limited v. Union of India & Others, pronounced on April 30, 2026, is one such moment. The Court’s firm, unambiguous rejection of a INR 1,524 crore Goods and Services Tax (“GST“) demand will be cited for years as a corrective to a particular species of over-reach that has afflicted indirect tax administration in India.
Continue Reading Whether payment made pursuant to an Arbitral Award followed by a Court Decree be liable to GST ? Analysis of landmark Bombay High Court JudgmentUPI Goes Global: The Regulatory Reckoning Ahead
Summary: India’s push to internationalise UPI promises faster, cheaper, and more seamless cross-border payments, while also exposing deep regulatory and legal issues. This article explains why real-time payment speed is outpacing compliance frameworks across spanning foreign exchange rules, AML/KYC obligations, data localisation, and supervisory oversight and why resolving these tensions is critical for UPI’s global scalability. For regulators and financial institutions, it highlights what must evolve for cross-border digital payments to succeed.
Continue Reading UPI Goes Global: The Regulatory Reckoning AheadFIG Paper No. 56 : Payments Vision 2028: Way Forward
Summary: The Payments Vision 2028 themed “Shaping India’s Payment Frontier” lays out the strategic direction for payments regulation till December 2028. The regulator’s focus is on strengthening accountability among regulated entities, building customer trust, and enhancing the resilience of payment systems. Key proposals include a cyber risk monitoring regime for non-bank PSOs, a Payments Switching Service enabling customers to redirect payments across bank accounts, and interoperability mandates for card networks and TReDS platforms, amongst others.
Continue Reading FIG Paper No. 56 : Payments Vision 2028: Way ForwardDisposal of Unsubscribed Portion in Rights Issue: Legal Position in India
Summary: The Board’s discretion to dispose of unsubscribed portion of rights issue to non-shareholders was made a bit easier by the Companies Act, 2013, by giving more flexibility to the Board as compared to the language used in the 1956 Act. However, whether such disposal is tantamount to a preferential allotment or a public offer (when offered to more than 200 persons) has always been a subject of legal debate. This blog demystifies the legal position and clarifies the applicability of the RBI’s pricing guidelines under FEMA, when such allotment is made to a non-resident investor.
Continue Reading Disposal of Unsubscribed Portion in Rights Issue: Legal Position in IndiaRBI’s Consolidation Drive: One Stop Repository For The ARC Regulatory Framework
Summary: This blog provides a brief overview of the new set of directions issued by the RBI consolidating the regulatory framework for ARCs. It also highlights additional requirements introduced for ARCs and discusses how the otherwise dispersed regulatory framework is now aligned under a unified set of directions.
Continue Reading RBI’s Consolidation Drive: One Stop Repository For The ARC Regulatory FrameworkShow Me the Money (Legally): RBI Approvals for Remittance of Damages
Summary: The old question of whether RBI approval is required for payment of damages under FEMA has been recently re-looked at in two recent decisions of the Supreme Court arising from decisions of the Madras High Court and the Delhi High Court. We consider these cases as well as the jurisprudence leading up to them
FIG Paper (No. 52): RBI Directions on Lending Against Gold and Silver Collateral: A Harmonised Regulatory Framework
Summary: The Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025, notified on June 6, 2025, establishes a unified regulatory framework for lending against gold and silver collateral by all regulated entities and prescribes a deadline of April 1, 2026, for implementation. These directions provide a single principle-based regulation, addressing systemic issues in the gold loan sector whilst introducing enhanced customer protection measures, standardised assaying protocols, and transparent collateral management processes to create a more robust and customer-centric ecosystem. As regulated entities gear up to adopt the necessary changes by the prescribed deadline, this paper summarises the key changes and compliances laid down by the directions while specifying the important aspects that lenders need to focus on.
Continue Reading FIG Paper (No. 52): RBI Directions on Lending Against Gold and Silver Collateral: A Harmonised Regulatory FrameworkFIG Paper No. 50: Recent SEBI Changes – Implications for Intermediaries
Summary: SEBI has recently approved various rule changes for intermediaries such as stock-brokers, REITs/ InvITs, IAs, RAs, FPIs, and angel funds, with a view to ease entry norms and compliance obligations, provide flexibility and to attract more retail and foreign investments. This paper summarises the key changes and their implications for intermediaries.
Continue Reading FIG Paper No. 50: Recent SEBI Changes – Implications for Intermediaries