Permission to open Project Office in India and Remittance of Assets - Project Office

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... To All Authorised Dealers in Foreign Exchange Madam / Sirs, Permission to open Project Office in India and Remittance of Assets - Project Office Attention of Authorised Dealers is invited to Notification No. FEMA 22/2000-RB dated May 3, 2000 [Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000] regarding establishment i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ain provisions of Notification No. FEMA 22/ 2000-RB dated May 3, 2000 and granting general permission to a foreign entity for setting up a Project Office in India subject to the following conditions : • It has secured from an Indian company a contract to execute a project in India; and • the project is funded by inward remittance from abroad; or • the project....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tract • Total amount of contract • Address and tenure of Project Office • Nature of Project undertaken 4. Further, the Project Office established in terms of the above mentioned provisions may approach Regional Offices of Reserve Bank of India for granting permission for opening Foreign Currency Accounts, if required. Such applications may be accompanied b....