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of <h1>New Guidelines for Foreign Entities Opening Offices in India: RBI Approval Required, Detailed Procedures Outlined.</h1> The circular outlines the guidelines for foreign entities to establish Branch Offices (BO), Liaison Offices (LO), or Project Offices (PO) in India under the Foreign Exchange Management Act, 1999. It mandates prior approval from the Reserve Bank of India (RBI) for entities from certain countries or sectors. Applications must be submitted to an Authorized Dealer (AD) Category-I bank, which conducts due diligence before granting approval. The circular details procedures for opening bank accounts, submitting Annual Activity Certificates, and extending office validity. It also addresses the closure of offices, transfer of assets, and compliance with police registration for specific nationalities.
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