AP (DIR Series) (2001-2002) Circular No. 39, Dated 20-4-2002
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 copies 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 Act, 1999 (42 of 1999).