Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2019

Jan 22, 2019 | by Avantis RegTech Legal Research Team


The Reserve Bank of India (RBI) on January 21, 2019 has published the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2019 to make amendments in the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016.

The Amendment to Regulation 5 which specifies the provisions regarding Approval of the Reserve Bank in certain cases for establishment of branch office, liaison office or project office or any other place of business in India of the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016 are as under:

In Clause (c) for the existing proviso, the following shall be substituted namely:

“Provided that approval of the Reserve Bank of India is not required in case where Government approval or license/permission by the concerned Ministry/Regulator has already been granted. Further, in the case of proposal for opening a project office relating to defence sector, no separate reference or approval of Government of India shall be required if the said non-resident applicant has been awarded a contract by/entered into an agreement with the Ministry of Defence or Service Headquarters or Defence Public Sector Undertakings.”

The Regulations shall come into force from the date of publication in the official Gazette i.e., January 21, 2019.

[Notification No. G.S.R. 40(E)]

 

URL: http://egazette.nic.in/WriteReadData/2019/195706.pdf


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