ESTABLISHMENTOF OVERSAES OFFICE

[MAMTA BATRA]

Whether Form OBR is required to be filed with AD to establishment overseas branch at the time of making initial remittances?

Awaiting your prompt reply.

AI Summary

Filing Form OBR is mandatory for Indian firms setting up overseas branches and making initial remittances. An inquiry was made regarding the necessity of filing Form OBR with an authorized dealer when establishing an overseas branch and making initial remittances. The response clarified that Indian firms or companies must submit Form OBR to their bankers, including turnover details certified by auditors and a declaration that no other authorized dealer has been or will be approached for the same facility. The form must be completed with the necessary details and supporting documents before the authorized dealer releases the foreign exchange.