Wednesday, September 26, 2012

NEW REPORTING FORMALITIES FOR Establishment of Liaison Offices (LO) /Branch Offices (BO) / Project Offices

Establishment of Liaison Offices (LO) /Branch Offices (BO) / Project Offices (PO) in India by Foreign Entities – Reporting requirement

All the new entities setting up LO/BO/PO shall henceforth file :
  1. submit a report containing information as per Annex within five working days of the LO/BO/PO becoming functional to the DGP of the state concerned in which LO/BO/PO has established its office; if there are more than one office of such a foreign entity, in such cases to each of the DGP concerned of the state where it has established office in India;
  2. a copy of the report as per Annex shall also be filed with the DGP concerned on annual basis along with a copy of the Annual Activity Certificate/Annual report required to be submitted by LO/BO/PO concerned, as the case may be.
  3. A copy of report thus filed as above shall also be filed with AD by LO/BO/PO concerned.

 The existing LO/BO/PO shall henceforth report the information as per Annex along with the copy of Annual Activity Certificate/Annual report to DGP of state concerned and also file a copy of the same with AD bank.
Ref _ RBI/2012-13/222-A. P. (DIR Series) Circular No. 35 dated September 25, 2012

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