The Hindu Business Line : RBI nod waived for remittances by foreign cos

MUMBAI: Foreign companies that set up project offices in India can now remit money to India without permission from the Reserve Bank of India, said a press release from the RBI.

Currently, banks are required to obtain the RBI approval for opening of foreign currency accounts of the project offices set up in India by foreign companies.

Each project should have only foreign currency account and the payments should be made only for project related expenditure, the release added.

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