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The Reserve Bank of India amends the Foreign Exchange Management Regulations, 2016 to change approval rules for offices in India. The Reserve Bank of India removes the need for its own approval when the government or a ministry grants approval or a license. The rules remove the need for a separate reference or approval from the Government of India for a project office in the defence sector. This exception applies when a non-resident applicant receives a contract from or enters into an agreement with the Ministry of Defence, Service Headquarters, or Defence Public Sector Undertakings. The regulations come into force on the date of publication in the official Gazette.
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RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001
Notification No. FEMA 22 (R)/(2)/2019-RB
January 21, 2019
Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2019
In exercise of the powers conferred by sub-section (6) of Section 6 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016 [ Notification No. FEMA 22(R)/RB-2016 dated March 31, 2016 ], namely:
In Regulation 5, in clause (c) for the existing proviso, the following shall be substituted namely:
"Provided that approval of the Reserve Bank of India is not required in case where Government approval or license/permission by the concerned Ministry/ Regulator has already been granted. Further, in the case of proposal for opening a project office relating to defence sector, no separate reference or approval of Government of India shall be required if the said non-resident applicant has been awarded a contract by/entered into an agreement with the Ministry of Defence or Service Headquarters or Defence Public Sector Undertakings."
(R.K.Moolchandani) Chief General Manager
Foot Note:- The Principal Regulations were published in the Official Gazette vide G.S.R. No.384 (E) dated March 31, 2016.
