Prohibition against establishing branch or office in India

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..... No person resident outside India shall, without prior approval of the Reserve Bank, establish in India a branch or a liaison office 1 (***) or any other place of business by whatever name called: Provided that no approval shall be necessary for a banking company, if such company has obtained necessary approval under the provisions of the Banking Regulation Act, 1949. 2 Provided th .....

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..... ompany, if such company has obtained approval from the insurance Regulatory and Development Authority established under section 3 of the Insurance Regulatory and Development Authority Act, 1999, for establishing a Liaison Office in India. ************************** Note : 1. The words, 'or a Project Office' has been deleted vide Notification No. 095/2003 dated 2/7/2003 2. Has .....

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