Establishment of LO /BO / PO in India by Foreign Entities - Reporting requirement - আরবিআই - Reserve Bank of India
Establishment of LO /BO / PO in India by Foreign Entities - Reporting requirement
RBI/2012-13/222 September 25, 2012 To Madam / Sir, Establishment of Liaison Offices (LO) /Branch Offices (BO) / Project Offices Attention of Authorised Dealer Category – I banks is invited to A.P. (DIR Series) Circular No. 6 dated August 9, 2010 read with paragraph 5 (i) of A.P. (DIR Series) Circular No.24 dated December 30, 2009 regarding submission of Annual Activity Report. Their attention is also drawn to reporting requirements in respect of Project Offices prescribed in A.P. (DIR Series) Circular No. 44 dated May 17, 2005 in the matter. 2. It has now been decided that in addition to the reporting prescribed in terms of aforesaid circulars, all the new entities setting up LO/BO/PO shall also:
3. The existing LO/BO/PO shall henceforth report the information as per Annex along with the copy of Annual Activity Certificate/Annual report to DGP of state concerned and also file a copy of the same with AD bank. 4. The instructions come into force with immediate effect. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permission/approval, required under any other law. Yours faithfully, (Rudra Narayan Kar) |