Project Office Establishment: foreign firms may open project offices only under specified funding or clearance conditions with mandatory RBI reporting. The Regulations permit a foreign company to open a Project Office in India only if it has a contract with an Indian company and the project is funded by inward remittance, funded by a bilateral or multilateral international financing agency, cleared by an appropriate authority, or the contracting Indian entity has been granted a term loan by a public financial institution or bank; the foreign company must report specified company and project details to the Reserve Bank regional office and the Project Office may undertake only activities related and incidental to project execution.