Sunday, December 15, 2013

Now Residents of Macau and Hong Kong not permitted to open Branch Offices in India

Along with the earlier restriction for opening of branch offices for residents of China and Iran, RBI has also now disallowed residents of Hongkong and Macau from opening branch offices in India.

NOTIFICATION [NO. FEMA. 293/2013-RB]/GSR 767(E)DATED 12-11-2013

In exercise of the powers conferred by sub-section (6) of section 6 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following amendments to the Foreign Exchange Management (Establishment in India of Branch or Office or Other Place of Business) Regulations 2000, Notification No. FEMA 22/2000-RB dated 3rd May, 2000, namely:—
1. Short Title and Commencement:—
(i) These Regulations may be called the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) (Amendment) Regulations, 2013.
(ii) They shall be deemed to have come into force from the date of their publication in the Official Gazette.
Amendment to the Regulations:—

2. In the Foreign Exchange Management (Establishment in India of Branch or Office or Other Place of Business) Regulations, 2000 (Notification No.FEMA 22/2000-RB dated May 3, 2000), hereinafter referred to as the 'Principal Regulations', in Regulation 4, for the words, "Iran or China", the words "Iran, China, Hong Kong or Macau" shall be substituted.

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