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of <h1>RBI Circular: Banks Can Manage Foreign Branch/Liaison Offices But Need Approval for Asset Transfers to Subsidiaries.</h1> The circular addresses the delegation of powers to Category-I Authorized Dealer banks concerning the establishment and management of Branch Offices (BO) and Liaison Offices (LO) in India by foreign entities. It clarifies that while these banks can handle the submission of Annual Activity Certificates, extend the validity of LOs, and close BO/LOs, they cannot authorize the transfer of assets from these offices to subsidiaries or other entities without specific approval from the Reserve Bank of India's Foreign Exchange Department. Other instructions from the previous circular remain unchanged, and the circular is issued under the Foreign Exchange Management Act, 1999.
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