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(i) Acceptance of Annual Activity Certificate from BO/LO.
(ii) Extension of the validity period of LO.
(iii) Closure of BO/LO of foreign entities in India.
This Circular clarifies that powers regarding transfer of assets of LO/BO to others have not been delegated by RBI to banks. Hence, approval from Foreign Exchange Department, Central Office, RBI is required for transfer of assets by LO/BO to subsidiaries or other LO/BO or any other entity.
