Establishment of offices abroad
With a view to liberalise the
procedure of establishing
offices abroad and to provide
greater flexibility, it has been
decided to :
- Increase the limit for initial expense for Authorised Dealer (AD) category – I bank who may now allow remittance up to 15% of average annual sales / income or turnover during the last two financial years or up to 25% of net worth, whichever is higher.
- Increase the limit of Recurring Expenses for AD Category – I Banks who may now allow remittance up to 10% of average annual sales/ income or turnover during last two financial years.
AD Category-I banks may
also now allow remittance by
Indian Companies, having
overseas offices, within the
above limit of initial and
recurring expenses, to acquire
immovable property outside
India for its business and
for residential purposes of
its staff.
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