December 2016 Current Affairs

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RBI issues norms for prior approval of branch offices by foreign entities in India

RBI issues norms for prior approval of branch offices by foreign entities in India
13 May 2016 Current Affairs: The Reserve Bank has that entities from Pakistan, China, Bangladesh and four other regions will require its prior approval to establish branch office or project office in India. 

Other countries and regions are Sri Lanka, Afghanistan,Iran and Hong Kong or Macau, RBI said while releasing guidelines for foreign entities to open a branch office (BO) or a liaison office (LO) or a project office (PO) in India. Permission of RBI will also be required for opening a BO/LO/PO in Jammu and Kashmir, North East region and Andaman and Nicobar Islands. 

The approval is also required if the applicant is a Non-Government Organisation (NGO), a Non-Profit Organisation, or a Body/ Agency/ Department of a foreign government. 

Highlights : It will also be needed if the principal business of the applicant falls in the four sectors  defence, telecom, private security and information and broadcasting. Applications from persons resident in other countries will be considered by the bank as per the guidelines. BOs are permitted to remit outside India profit of the branch net of applicable Indian taxes, on production of the certain documents.In the case of proposal for opening a PO 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 Ministry of Defence or Service Headquarters or Defence Public Sector Undertakings. 


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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