Mumbai, Jan 15 (KNN)  Business entities and citizens of Hong Kong and Macau will also need the permission of the Reserve Bank of India (RBI) to establish any setup in India, be it branch office, liaison office or project office.
 
In an earlier notification, this restriction was applicable to citizens and business entities of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran and China.
 
“It is clarified… along with their specified conditions apply for entities from Hong Kong and Macau also,” said an RBI notification today.

“Accordingly, applications from entities registered in / resident of Hong Kong and Macau, for establishment of Liaison/ Branch/ Project Offices or any other place of business by whatever name called shall require prior approval from Reserve Bank of India,” it added.

It has asked AD Category-I banks to notify their constituents and customers concerned of this new development.  (KNN Bureau)