Bangalore: The RBI has made amendments to the Foreign Exchange Management (Establishment in India of any branch or office or any other place of Business) Regulations 2000, as a result of which establishments from Hong Kong and Macau will require prior approval of the Reserve Bank of India to set up business in India.
“Accordingly applications from entities registered in/ resident of Hong Kong and Macau for establishment of liaison/branch/project/offices or any other place of business by whatever name shall require prior approval from RBI,” Said in a bank statement, reports PTI.
So far the Foreign Exchange Management Regulation 2000 required establishments and individuals from Sri Lanka, Pakistan, Bangladesh, China, Afghanistan and Iran to take prior permission of RBI before indulging in any business activities.
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