We wish all our readers a wonderful 2017! Change continues to be the consistent theme in the political domains of both the United States and India. From President Trump’s inauguration address to Prime Minister Modi’s announcement to demonetize certain currency notes, both countries are poised for some groundbreaking changes in areas, ranging from taxation to social policy.
In the United States, Pepper’s corporate group saw an increase in year-end activity, with many clients wanting to close deals before 2017’s political sea change. In India, the war on black money continues, with government-led initiatives on income declaration and demonetization. In this issue, we discuss the impact of demonetization in India.
Also of note is the recent announcement by the Indian government to permit foreign law firms and accounting firms to operate from special economic zones, such as the Gujarat International Finance Tec-City. This marks the first step towards the liberalization of the legal sector in India. While it is unclear whether a new law regulating foreign law firms will be introduced or the current law will be amended to make conforming changes, one thing is certain — we expect to see more developments in this space.
James D. Rosener
The material in this publication was created as of the date set forth above and is based on laws, court decisions, administrative rulings and congressional materials that existed at that time, and should not be construed as legal advice or legal opinions on specific facts. The information in this publication is not intended to create, and the transmission and receipt of it does not constitute, a lawyer-client relationship.