Establishment of Offices Abroad

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..... gulation 7 of Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 notified vide Notification No.FEMA.10/2000-RB dated 3rd May, 2000 and as amended from time to time and the AP(DIR Series) Circular No.32 dated April 21, 2006. At present, AD Category - I banks are permitted to allow remittance up to ten per cent and five per cent of the average ann .....

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..... e annual sales/income or turnover during the last two financial years. 3. Acquisition of Immovable Property In terms of Regulation 5 (3) of Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2000 notified vide Notification No. FEMA.7/2000-RB dated 3rd May 2000 and as amended from time to time, a company incorporated in India having overs .....

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..... - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 6. The directions contained in this circular have been issued under Sections 10(4) and 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. Sebastian ) Chief .....

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