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

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..... rve Bank of India Exchange 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 .....

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..... he words, 'or a Project Office' shall be deleted. (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 .....

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..... Project Office (e) Nature of Project undertaken. (c) the sub-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 re .....

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