Project Offices Now Permitted to Open Foreign Currency Accounts
Apr. 28 – The Reserve Bank of India has revised Foreign Exchange Management Regulations to permit authorized dealer banks to allow project offices established by foreign investors in India to maintain non-interest bearing foreign currency accounts.
The change will make it easier to implement projects in the country when in terms of procurement matters and purchasing goods overseas for the project they are involved with.
The amended rule while also project offices to establish one or more such accounts.
Establishing Liaison and Project Offices in India