Govt. substitutes section 5(c) of the FEMA Regulations, 2016
Govt. amends the FEM (Establishment in India a branch office or liaison office or a project office or any other place of business) Regulations, 2016. Proviso to Regulation 5(c) has been substituted providing that RBI’s approval is not required if Govt. approval by the concerned Ministry has already been granted for opening branch office or liaison office or project office by a person resident outside relating to four sectors.