Remittance of initial and recurring expenses for Branch offices opened abroad

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..... xpenses for Branch offices opened abroad Attention of Authorised Dealer (AD) banks is invited to sub-regulation 4A of Notification No.FEMA 47/2001-RB dated December 5, 2001 enclosed to the AP(DIR Series) Circular No.54 dated June 29, 2002, in terms of which AD banks were permitted to allow remittance up to two and one percent of average annual sales/income or turnover during last two accounti .....

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..... d separately. 5. AD banks may bring the contents of this circular to the notice of their constituents and customers. 6. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law. Yours faithfully, (M. Sebasti .....

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