What are the permissible credits and debits to INR account of Project Office?

Permissible credits to project office INR account limited to head office remittances and receivables; remittances subject to RBI, bank safeguards.

Permissible credits to a Project Office INR account are limited to head office funds remitted through normal banking channels for office expenses and rupee amounts receivable under contract; no other credits without prior Reserve Bank permission. Permissible debits are limited to local expenses and intermittent remittances pending winding up or project completion. For intermittent remittances the authorized dealer must verify bonafides and obtain an auditors'/chartered accountants' certificate confirming sufficient provisions for liabilities in India including income tax, and an undertaking from the Project Office that the remittance will not affect project completion and that any shortfall will be met by inward remittance.