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of <h1>Liaison Office Upgraded to Branch Office in India Can Retain PAN and Bank Account Under FEMA Regulations</h1> A Liaison Office (LO) upgraded to a Branch Office (BO) in India can retain the same Permanent Account Number (PAN) and bank account, provided the bank account is re-designated as a BO account. This information pertains to the regulations under the Foreign Exchange Management Act (FEMA) as of December 26, 2016.
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