Reserve Bank of India (RBI) vide RBI/2018-19/154 A.P. (DIR Series) Circular No. 27 [1]dated March 28, 2019 have amended the opening of a Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India provisions for applicants falling under Defence, Telecom, Private Security and Information and Broadcasting sector.
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Extant Regulation
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Revised Regulation
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Prior approval of the Reserve Bank of India, for opening of a BO / LO / PO or any other place of business in India, where the principal business of the applicant falls in the Defence, Telecom, Private Security and Information and Broadcasting sector
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No prior approval of the Reserve Bank of India shall be required if Government approval or license/permission by the concerned Ministry/ Regulator has already been granted for opening of a BO/LO/PO or any other place of business in India, where the principal business of the applicant falls in the Defence, Telecom, Private Security and Information and Broadcasting sector.
For the above point, it is clarified that the term “permission” used in the Notification does not include general permission, if any, available under Foreign Direct Investment in the automatic route, in respect of the above four sectors i.e., Defence Sector, Telecom Sector, Private Security Sector and Information and Broadcasting Sector.
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Proposal for opening a PO relating to defence sector, no separate reference or approval of Government of India shall be required if the said non-resident applicant has been awarded a contract by/entered into an agreement with the Ministry of Defence or Service Headquarters or Defence Public Sector Undertakings.
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Same as in extant Regulation.
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