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of <h1>RBI Updates Foreign Exchange Rules: Indian Companies Can Open Offices Abroad, New Reporting Requirements Under FEMA 1999.</h1> The Reserve Bank of India (RBI) issued a circular to authorized dealers in foreign exchange regarding the management of current account transactions under the Foreign Exchange Management Act, 1999. The circular states that Indian companies are allowed to open various types of offices abroad and remit funds for their maintenance. Previously required statements in form ORR for remittances from EEFC Accounts will no longer need to be forwarded to the RBI. Instead, statements in form ORA should be submitted to the RBI's Regional Office on a half-yearly basis. These changes are issued under specific sections of the Foreign Exchange Management Act, 1999.
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