Establishment of foreign branches or liaison offices: applications must go through authorised dealers, who may extend approvals. The amendment inserts a definition of authorised dealer and requires applicants to establish a branch or liaison office to apply to the Reserve Bank through an Authorised Dealer using Form FNC. It establishes that authorised dealers may, subject to RBI directions, extend the validity period of liaison office approvals upon receiving applications. Form FNC prescribes corporate, financial and operational particulars, required supporting documents and a declaration limiting activities, consenting to enquiries and acknowledging that FEMA approval is distinct from other statutory clearances. The amendment is given retrospective effect with a non adverse clarification.