https://www.taxtmi.com/circulars?id=2074 All banks, Indian and foreign, including those without an operational presence in India, must obtain prior regulatory approval before marketing schemes in India that solicit foreign currency deposits for overseas branches or act as agents for overseas mutual funds or other foreign financial service providers. The requirement is imposed to ensure adequate disclosures and to protect the interests of resident individuals investing under the Liberalised Remittance Scheme while preserving the residents' freedom to undertake permissible capital account transactions under the Scheme. en-us Thu, 18 Mar 2004 00:00:00 +0530 Sat, 04 Oct 2008 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2074 All banks, Indian and foreign, including those without an operational presence in India, must obtain prior regulatory approval before marketing schemes in India that solicit foreign currency deposits for overseas branches or act as agents for overseas mutual funds or other foreign financial service providers. The requirement is imposed to ensure adequate disclosures and to protect the interests of resident individuals investing under the Liberalised Remittance Scheme while preserving the residents' freedom to undertake permissible capital account transactions under the Scheme. Circulars FEMA Thu, 18 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2074