Foreign Exchange Management (Establishment in India of branch or office or other place of business) (Amendment) Regulations, 2003

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....ge Control Department Central Office Mumbai Notification No. FEMA 95/2003-RB Dated July 2, 2003 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 01.09.2003 - G.S.R. No. 698(E) In exercise of the powers conferred by sub-section (6) of Section 6 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modificati....

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.... (2) in Regulation 5, (a) in the heading, for the words, 'or Project Office etc.,' the word 'office' shall be substituted. (b) for sub-regulation (ii), the following clause shall be substituted, namely: (ii) A foreign Company may open a Project Office/s in India provided it has secured from an Indian company, a contract to execute a project in India, and (a) the project is funded directly by ....

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....b-regulation (iii) shall be deleted. (3) in Regulation 6, for sub-regulation (ii), the following sub-regulation shall be substituted, namely: ' (ii) Opening of Project Office under clause (ii) of Regulation 5 is permitted in India and such project office shall not undertake or carry on any other activity other than the activity relating and incidental to execution of the project. (4) In Form FN....