Transfer of assets by foreign liaison or branch offices requires central approval; delegated powers remain limited. AD Category I banks may continue to exercise delegated powers for Annual Activity Certificates, LO validity extensions and closures, but they do not have delegated authority to transfer assets of BO/LO. Any transfer or assignment of Liaison Office or Branch Office assets to subsidiaries, other BO/LO or any other entity requires specific approval of the Central Office of the Foreign Exchange Department, Reserve Bank of India; all other aspects of the earlier delegation remain unchanged.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of assets by foreign liaison or branch offices requires central approval; delegated powers remain limited.
AD Category I banks may continue to exercise delegated powers for Annual Activity Certificates, LO validity extensions and closures, but they do not have delegated authority to transfer assets of BO/LO. Any transfer or assignment of Liaison Office or Branch Office assets to subsidiaries, other BO/LO or any other entity requires specific approval of the Central Office of the Foreign Exchange Department, Reserve Bank of India; all other aspects of the earlier delegation remain unchanged.
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