RBI issues additional norms for setting up offices in India

Reserve Bank of India has decided that in addition to the existing reporting requirements, all the new entities setting up Liaison Office/Branch Office/Project Office shall also:
i) submit a report containing information as per Annex within five working days of the LO/BO/PO becoming functional to the Director General of Police (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;

ii) 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.
iii) A copy of report thus filed as above shall also be filed with AD by LO/BO/PO concerned.
iv) Existing LO/BO/PO shall henceforth report the information along with the copy of Annual Activity Certificate/ Annual report to DGP of the concerned state and also file a copy of the same with AD Bank.
The aforementioned instructions will come into force with immediate effect.

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