In case the permission granted has been surrendered or expired and no project office has been setup the AD Bank shall inform RBI accordingly.AD bank shall in turn inform RBI accordingly. On receipt of permission for setting up of project office in India, the applicant has to inform AD Bank, the date on which Project Office has been established.The validity period of the project office is for the tenure of the project.AD Bank after Scrutinizing the application and compliance with the extant KYC norms allow establishment of Project Office in India.Letter of Comfort (An applicant that is not financially sound and is a subsidiary of another company may submit a Letter of Comfort from its parent/ group company, subject to the condition that the parent/ group company satisfies the prescribed criteria for net worth and profit). The application for establishment of PO in India, to be submitted by the Non-Resident in Form FNC to a designated AD Category 1 Bank (AD Bank), along with the prescribed documents mentioned in the Form FNC and the LOC i.e.PROCEDURE FOR ESTABLISHING PROJECT OFFICE (PO): A company or entity in India awarding the contract has been granted Term Loan by a Public Financial Institution or a bank in India for the project.The project has been cleared by an appropriate authority or.The project is funded by a bilateral or multilateral International Financing Agency or.The project is funded directly by inward remittance from abroad or.In order to curb such issues and to make entry and exit easy for the Foreign Company the Reserve Bank of India has granted general permission to foreign companies to establish Project Offices in India, Provided they have secured a contract from an Indian company to execute a project in India and Foreign Company incorporating a Subsidiary Company / Private Limited Company in India for a particular small project may face many issues including:
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