TaxTMI 
TaxTMI 
Establishment of Liaison Offices in India by foreign Insurance companies
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....n Offices in India by foreign Insurance companies Attention of Authorised Dealer Banks is invited to Regulation 3 of Notification No. FEMA22/2000-RB dated May 3, 2000 as amended from time to time, in terms of which a person resident outside India is required to obtain prior approval of the Reserve Bank of India for establishing a branch or liaison office or any other place of business by whatev....
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.... law in force. 4. Necessary amendments to the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000 (Notification No.FEMA.22/2000-RB dated May 3, 2000), are being issued separately. 5. Authorised Dealers may bring the contents of this Circular to the notice of their constituents/customers concerned. The directions contained i....
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....thers, any activity of a trading, commercial or industrial nature other than the activity for which the approval has been granted by the IRDA/RBI, as the case may be. iii. The Liaison Office in India shall not enter into any business contracts in its own name without prior permission of IRDA/RBI. iv. No commission/fees will be charged or any other remuneration received/income earned by the L....
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....le property in India) Regulations, 2000, as amended from time to time. viii. The Liaison Office in India shall furnish to the IRDA, on an annual basis, a certificate from the auditor that the Office has complied with the terms and conditions stipulated in the letter of approval issued by the IRDA/RBI and that all the expenses are met by way of approved means. ix. For Liaison Offices establis....