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What is ‘Project office’ in India by Foreign company?

Open uri20170510 32134 7ezpi6?1494421819 asked

Hi I want to know, What is ‘Project office’ in India by Foreign company?

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

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;

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Open uri20170510 32134 1uwcnoc?1494421631 answered

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.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

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.

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