jaggu
asked almost 3 years ago
Hi I want to know, What is ‘Project office’ in India by Foreign company?
veeru
answered over 2 years ago
The Reserve Bank has granted general permission to foreign companies to establish Project Offices in India, provided they have secured a contract from an Indian company to execute a project in India, and 1.The project is funded directly by inward remittance from abroad; or 2.The project is funded by a bilateral or multilateral International Financing Agency; or 3. The project has been cleared by an appropriate authority;
Shubhangi Jain
answered almost 3 years ago
Project office means a place of business to represent the interest of the foreign company executing a project in India but excludes a Liaison Office. ‘Site Office’ means a sub-office of the Project office established at the site of a project but does not include a Liaison Office.
jitendra etikala
answered almost 3 years ago
Dear Jaggu, The Reserve Bank has granted general permission to foreign companies to establish Project Offices in India, provided they have secured a contract from an Indian company to execute a project in India, and 1.The project is funded directly by inward remittance from abroad; or 2.The project is funded by a bilateral or multilateral International Financing Agency; or 3. The project has been cleared by an appropriate authority; or 4. A company or entity in India awarding the contract has been granted Term Loan by a Public Financial Institution or a bank in India for the project. However, if the above criteria are not met or if the parent entity is established in Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran , China, Hong Kong or Macau, such applications have to be forwarded to the General Manager, Foreign Exchange Department, Central Office Cell, Reserve Bank of India, New Delhi Regional Office, 6, Parliament Street, New Delhi-110 001, India for approval.
