RESERVE BANK OF INDIA
(Foreign Exchange Department)
Mumbai, the 21st January, 2019
G.S.R. 40(E).—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:
1. Short Title & Commencement:-
(i) These Regulations may be called 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) (Amendment) Regulations, 2019.
(ii) They shall come into force from the date of publication in the official Gazette.
2. Amendment to Regulation 5
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.”
[F. No. 16/13/EM/2014-Part-I]
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.