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Establishment of LO /BO / PO in India by Foreign Entities – Reporting requirement

RBI/2012-13/222
A. P. (DIR Series) Circular No. 35

September 25, 2012

To
      All Category - I Authorised Dealer Banks

Madam / Sir,

Establishment of Liaison Offices (LO) /Branch Offices (BO) / Project Offices
(PO) in India by Foreign Entities – Reporting requirement

Attention of Authorised Dealer Category – I banks is invited to A.P. (DIR Series) Circular No. 6 dated August 9, 2010 read with paragraph 5 (i) of A.P. (DIR Series) Circular No.24 dated December 30, 2009 regarding submission of Annual Activity Report. Their attention is also drawn to reporting requirements in respect of Project Offices prescribed in A.P. (DIR Series) Circular No. 44 dated May 17, 2005 in the matter.

2. It has now been decided that in addition to the reporting prescribed in terms of aforesaid circulars, all the new entities setting up LO/BO/PO shall also:

  1. submit a report containing information as per Annex within five working days of the LO/BO/PO becoming functional to the Director General of Police (DGP) of the state concerned in which LO/BO/PO has established its office; if there are more than one office of such a foreign entity, in such cases to each of the DGP concerned of the state where it has established office in India;

  2. a copy of the report as per Annex shall also be filed with the DGP concerned on annual basis along with a copy of the Annual Activity Certificate/Annual report required to be submitted by LO/BO/PO concerned, as the case may be.

  3. A copy of report thus filed as above shall also be filed with AD by LO/BO/PO concerned.

3. The existing LO/BO/PO shall henceforth report the information as per Annex along with the copy of Annual Activity Certificate/Annual report to DGP of state concerned and also file a copy of the same with AD bank.

4. The instructions come into force with immediate effect. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

5. 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 are without prejudice to permission/approval, required under any other law.

Yours faithfully,

(Rudra Narayan Kar)
Chief General Manager


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