Law Relating to Limited Liability Partnership in India

Publisher: LexisNexis India

This book examines in detail the formation and operation of a Limited Liability Partnership (LLP) as a form of business organisation in India.

Published: 01 January, 2010

Publisher: LexisNexis Australia

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Publisher: LexisNexis India

This book examines in detail the formation and operation of a Limited Liability Partnership (LLP) as a form of business organization in India. In India the concept of limiting the liability of partnerships was introduced through the LLP Act, 2008. Under the Act a partnership has become an entity which is a combination of a company under the Companies Act, and a partnership under the Partnership Act. The reasons for forming LLPs were articulated, and the new type of partnership visualised, by the Naresh Chandra Committee and presented in its Report, the text of which is given as an Annexure in the book. This commentary on the LLP Act provides an integrated analysis on the current state of the law by including a comparative analysis of the relevant provisions of the Companies Act, 1956. Under each section apart from a general discussion of the provisions, the author also points out the significant issues relating to the law of partnership and contemporary LLPs under the law of the United Kingdom and Singapore. Of utmost importance, the tax implications of the introduction of the LLP Act are also deliberated upon at relevant places, in particular with reference to the conversion of firms, private companies, and unlisted public companies into LLPs.

PART I

PAYMENT AND SETTLEMENT SYSTEMS ACT 2007

This part contains an exhaustive commentary on ?The Payment and Settlement Systems Act 2007? along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and Payment and Settlement Systems Regulations, 2008.

PART II

NOTIFICATIONS AND CIRCULARS ISSUED UNDER THE PAYMENT AND SETTLEMENT SYSTEMS ACT 2007

This part contains all the relevant circulars and notifications issued by The Reserve Bank of India under the Payment and Settlement Systems Act, 2007.

PART III

RBI?S OPERATIVE/PROCEDURAL GUIDELINES ON PAYMENT SYSTEMS

This part contains the Operative/Procedural Guidelines and Instructions issued by the Reserve Bank of India (set out in the Schedule of Payment and Settlement Systems Regulations, 2008) which were made applicable under s 10(1) of the Payment and Settlement Systems Act, 2007. Under Regulation 5 of the Payment and Settlement Systems Regulations, 2008, every system provider, with respect to the format of payment instructions and other matters specified in clauses (a) to (f ) of sub-s (1) of s 10 of the PSS Act, shall be governed by the Regulations, Guidelines and Instructions, set out in the Schedule, as modified from time to time. The following Regulations, Guidelines and Instructions are covered in Part III:

1. Uniform Regulations and Rules for Banker?s Clearing Houses;
2. Procedural Guidelines on Mechanized Cheque Processing Using MICR Technology;
3. Procedural Guidelines on Electronic Clearing Service (Debit Clearing);
4. Procedural Guidelines on Electronic Clearing Service (Credit Clearing);
5. Procedural Guidelines on National Electronic Funds Transfer System;
6. Operations Manual for Bank?s Service Centre?National Electronic Funds Transfer System;
7. RTGS (Membership) Business Operating Guidelines, 2004;
8. RTGS (Membership) Regulations, 2004;
9. Procedural Guidelines for Cheque Truncation System (CTC);
10. Bye-laws, Rules and Regulations of Credit Clearing Corporation of India;
11. Such other instructions, as may be specified by the Bank from time to time.

PART IV

DEVELOPMENT OF PAYMENT AND SETTLEMENT SYSTEMS IN INDIA?RBI REPORTS

This part contains the RBI reports relating to the Payment Systems in India.

APPENDICES

1. THE RESERVE BANK OF INDIA ACT 1934
2. THE NEGOTIABLE INSTRUMENTS ACT 1881

IMPORTANT APPENDICES

Notifications and circulars issued under the Payment and Settlement systems Act 2007, including:

?Cash Withdrawal at Points of Sale (POS) ? UCBs
?Policy Guidelines for Issuance and Operation of Prepaid payment Instruments in India
?Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
?ATMs of Banks ? Fair pricing and Enhanced access
?Mobile Banking Transactions in India ? Operative Guidelines for Banks

RBIs Operative/Procedural Guidelines on Payment Systems, including:

?Policy Guidelines for Issuance and Operation of Pre-Paid Payment Instruments in India
?Mobile Payment in India ? Operative Guidelines 2008
?Electronic Clearing Service (Debit & Credit Clearing) ? Procedural Guidelines
?Electronic funds Transfer System ? Procedural Guidelines

Reports on the development of Payment and Settlement Systems in India including:

?RBI Report on the review of Payment and Settlement Systems in India 2006-2007
?RBI Report on Payment and Settlement Systems and Information Technology (2009-2010)