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of <h1>RBI Simplifies Process for Foreign Entities to Set Up Project Offices in India Under FEMA 95/2003-RB.</h1> The Reserve Bank of India has simplified the process for foreign entities to establish Project Offices in India by issuing a general permission under Notification No. FEMA 95/2003-RB. Conditions include securing a contract with an Indian company and project funding through specific channels. Foreign companies must report details to the relevant RBI Regional Office. Additionally, foreign entities can remit surplus funds upon project completion through Authorized Dealers, following the amended provisions of Notification No. 96/2003-RB. These changes, effective immediately, aim to streamline procedures under the Foreign Exchange Management Act.
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