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of <h1>Foreign Entities Need RBI Approval for Indian Project Offices: Regulation 4 of FEMA Highlights Restrictions for Certain Countries.</h1> The circular addresses the establishment of project offices in India by foreign entities, highlighting the requirement for prior permission from the Reserve Bank of India for citizens of certain countries, including Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran, and China. It refers to Regulation 4 of the Foreign Exchange Management Act (FEMA) and reiterates the conditions under which foreign entities can set up project offices in India as per guidelines issued on November 15, 2003. Authorized Dealer Category - I banks are instructed to inform their clients of these regulations, which are issued under the Foreign Exchange Management Act, 1999.
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