a) RBI vide circular RBI/2020-21/69 A.P. (DIR Series) Circular No. 07 dated November 23, 2020 has issued advisory on establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms.
b) All other provisions of the BO/LO/PO policy shall remain unchanged. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers.
c) The directions contained in this circular have been issued under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
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