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February 2010

Establishment of Branch Office (BO) / Liaison Office (LO) in India by Foreign Entities – Delegation of Powers

By Pinky Shah
Sonalee Godbole
Gaurang Gandhi
Tarun Ghia
Nimesh Dedhia
Vijay Kewalramani
Chartered Accountants
Reading Time 1 mins
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New Page 1

Part C:
FEMA

Given below are the highlights of certain RBI
circulars, press notes and notifications

34 A. P. (DIR Series) Circular No. 24, dated
December 30, 2009

Establishment of Branch Office (BO) / Liaison
Office (LO) in India by Foreign Entities – Delegation of Powers

This circular states that powers in respect of the
following have been delegated to AD Category – I banks: –

1. Submission of Annual Activity Certificate
(format annexed to this circular)

2. Extension of validity period of Liaison
Offices (except in the case of LO of foreign banks and insurance companies)

3. Closure of Branch Office(s) / Liaison Office(s).

Thus, in respect of the above matters, the bank
will take appropriate decisions and inform RBI of the same.

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