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April 2012

A.P. (DIR Series) Circular No. 88, dated 1-3- 2012 — Clarification — Establishment of Branch Offices (BO)/Liaison Offices (LO) in India by Foreign Entities — Delegation of powers.

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Presently, the following powers have been delegated by RBI to banks:

(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.

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