What are the conditions imposed by the RBI for obtaining permission to open Project Office in India and Remittance of Assets – Project Office?
• Reserve Bank has granted 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 Agency; or • the project has been cleared by an appropriate authority; or • a company or entity in India awarding the contract has been granted Term loan by a public Financial Institution or a bank in India for the project. • The Foreign company shall furnish a report to the concerned Regional office of Reserve Bank of India under whose jurisdiction the Project office is set up comprising the following details: • Name and Address of the Foreign Company • Reference Number & date of letter awarding the contract referred to in clause (ii) of Regulation 5 of Notification No. FEMA 22/2000-RB dated May, 2000 • Particulars of autho
