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Foreign Exchange Management Act, 1999 � Current Account Transactions
A. P. (DIR Series) Circular No. 39
dated 20th April 2002
The authorised dealers have been
permitting the Indian companies to open Trading Office/ Non-Trading Office/
Branch Office/ Representative Office abroad and allowing remittance for initial
expenses and recurring expenses for maintenance of such office abroad. The
authorised dealers are required to obtain from the applicants a statement in Form
ORR where remittance is allowed from EEFC Account and to submit copied of
such statements to the Regional Office of Reserve Bank after adding their
certification thereon along with the monthly statement in Form ORA.
2. On a review, it has been
decided to discontinue forwarding the statement in Form ORR to Reserve
Bank. It has also been decided that statement in Form ORA should be
submitted to the Regional Office of Reserve Bank on half yearly basis instead of
on a monthly basis by the authorised dealers.
3.
Authorised Dealers may bring the contents of this circular to the notice
of their concerned constituents.
4. The directions contained
in this circular have been issued under Section 10(4) and Section 11(1) of the
Foreign Exchange Management, 1999 (42 of 1999).
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