Prohibition Against Establishing Branch or Office in India

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Full Text of the Document

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....or Office in India:- No person resident outside India shall, without prior approval of the Reserve Bank, establish in India a branch or a liaison office ^1[***] or any other place of business by whatever name called: Provided that no approval shall be necessary for a banking company, if such company has obtained necessary approval under the provisions of the Banking Regulation Act, 1949....