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TMI BlogPermission to open Project Office in India and Remittance of Assets - Project OfficeX X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 in India of a branch or offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 is funded by a bilateral or multilateral International Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 by the following details: The reasons for opening a foreign currency account. The excerpts of contract of the concerned project office to ascertain whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ach the concerned Regional Office of the Reserve Bank for necessary approval. 6. The above instructions come into force with immediate effect. 7. The directions contained in this Circular have been issued under Sections 10 (4) and 11 (1) of the FEMA 1999 (42 of 1999). Yours faithfully, F.R. Joseph Chief General Manager - Circular - Trade Notice - Public Notice - Instructions - Office ..... X X X X Extracts X X X X X X X X Extracts X X X X
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