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November 2013

A. P. (DIR Series) Circular No. 50 dated 20th September, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Opening of Trading Office/Non-Trading Office/ Branch Office/Representative Office abroad

Presently, banks are required to submit, on halfyearly basis, a statement in Form ORA with the Regional Offices of RBI containing particulars of approvals granted for opening of Trading Office/ Non-Trading Office/Branch Office/Representative Office overseas.

This circular has done away with the requirement of filing Form ORA with the Regional Offices of RBI. However, Banks are required to maintain records of approvals granted by them for opening of Trading Office/Non-Trading Office/Branch Office/Representative Office overseas.

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