Mumbai : Foreign entities which have established liaison offices (LO) or branch offices (BO) in India without obtaining permission from the Reserve Bank of India should approach the central bank within the next three months, for regularisation of such offices, under the extant Foreign Exchange Management Act (FEMA) provisions. In a notification issued on Friday, the RBI said it is observed that certain LO/BO established by foreign entities such as non-government organisations, non-profit organisations, news agencies and others are continuing to function in India, without the approval of the RBI, even after the FEMA came into force from June 1, 2000. Foreign entities who have established offices with the permission from the Government may also approach the RBI along with a copy of the said approval for allotment of a Unique Identification Number (UIN), the notification said.
HBL
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