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of <h1>RBI Amends Foreign Exchange Rules: No RBI Approval Needed for Branches if Govt Approval Exists; Eases Defense Project Office Setups.</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management Regulations, 2016, concerning the establishment of branch, liaison, or project offices in India. Effective from its publication date, the amendment specifies that RBI approval is not required if government approval or a license from the relevant ministry or regulator has been granted. Additionally, for project offices in the defense sector, no separate government approval is necessary if the non-resident applicant has a contract or agreement with the Ministry of Defence or related entities.
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