Ozg Lawyers, Worli

19/04/2023

19/04/2023

Are you a victim of and then take the help of .

Directorate of Enforcement (ED) has filed prosecution complaint against 7 entities and 5 individuals involved in the Chinese Loan App case before the Special PMLA Court, Bengaluru. The hon’ble Court has taken cognizance of the Complaint. The accused entities include three Fintech companies namely Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are controlled by the Chinese nationals, three NBFCs registered with RBI namely

X10 Financial Services Private Limited,

Track Fin-ed Private Limited and

Jamnadas Morarjee Finance Private Limited

and one Payment gateway,

Software Private Limited.

Earlier ED has issued two provisional attachment orders and attached Rs.77.25 Crore in this case lying in the bank accounts and payment gateways and the same has been confirmed. ED had initiated investigation based on the various FIRs registered by CID, Bengaluru based on the complaints received from various customers who had availed loan and faced harassment from the recovery agent of these money lending companies. Investigation conducted by ED revealed that the Fintech companies have agreement with respective NBFCs for disbursement of loans through digital lending apps. During investigation, it was revealed that the money lending business is being illegally run by these Fintech companies actually and these NBFCs knowingly let these fintech companies to use their names for the sake of getting commission without being careful about the conduct of these fintech

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06/11/2022

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25/04/2022

Legal Remedy for / Revenge P**n Case - The first step is to file CIR or FIR at earliest in the nearest police station or cyber cell.

Following Indian Penal Code (IPC) sections and IT Act will be applied -

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15/12/2021

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04/12/2021

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01/12/2021

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30/11/2021

Franchise - Opening Procedure

How to obtain a franchise license from the existing ?

The Reserve Bank of India (RBI) authorizes entities to deal in foreign exchange for specific purposes under section 10 of the Foreign Exchange Management Act ( ), 1999. To deal with forex, Authorized Dealer Category-1 Banks, Authorized Dealer Category-2 FFMCs can appoint their own franchisees. For obtaining a FFMC franchise license, an application shall be made in Form RMC-F to RBI accompanied by a declaration that adequate due diligence of the entity has been carried out prior to the entering into the Franchise Agreement. For RBI filing services or advisory from , please 📱8850585672 and/or email to: [email protected]

Following are the key points if FFMC intends to choose a franchise -

📌 Any entity with a place of business can be a franchise. It should have a municipal certification or pvt ltd including registration under Shop and Establishment act.

📌 A minimum net ownership of Rs 10 lakh is required for an entity.

📌 The franchisee can only do business that deals with forex in a particular shop.

📌 A franchise agreement must be agreed between the parties.

📌 Franchisee should use the name, exchange rate of their franchisor, and update to them prominently in their offices about the purchase of foreign currency.

📌 In case of closure, the franchise will surrender the it had purchased to its franchisor within a period of only 7 days, the counting will begin from the date of purchase.

📌 It is the franchise's responsibility to track and manage the current appropriate transaction records.

Please, contact us for further questions or any case on RBI related matters.

Email: [email protected]
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26/11/2021

The Government of India has proposed to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter session from November 29th, 2021.

In 2018 the RBI had issued a circular imposing a blanket ban on cryptocurrency, prohibiting all the banks and financial institutions whether commercial or finance in nature to deal in digital currency or facilitating transactions for/on the same. The Internet and Association of India challenged the said circular before the Supreme Court alleging that the circular violated the principle of fairness and equality of opportunity.

In March, 2020 the Supreme Court gave a verdict in this case in the matter of Internet and Association of India vs. Reserve Bank of India, it lifted the blanket ban on cryptocurrency which was imposed by the RBI through its 2018 circular. It was a welcome decision for crypto traders in India.

Recently, on 31 May, 2021 the RBI through another circular reiterated the point held in the IMAI judgment and asked banks to not refer to RBI's 2018 circular anymore. This circular has again highlighted the current legal status of cryptocurrency in India i.e. unregulated.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is aimed at banning all private digital currencies and impose a regulated way in which a cryptocurrency can be introduced officially. This will cause a lot of cryptocurrencies to follow the official pathway set by the act to become legal in India if the act is passed.

Moreover, the RBI has its own plans of introducing its own official cryptocurrency under Central Bank Digital Currency (CBDC) when the bill becomes and act. The bill provides a buffer period during which the populace would be allowed to liquidate all its private crypto holdings after which mining, issuing and trading in private crypto will be penalized by the provisions of the bill.

Ozg Fintech | Email: [email protected] | WhatsApp # 8850585672

09/11/2021

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