General Permission to set up a Project Office
Reserve Bank of India has given the general permission to foreign companies to establish Project
Office in India, provided they have secured a contract from an Indian Company to execute a project
in India under the following conditions:
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The project is funded directly by inward remittance from abroad
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The project is funded by a bilateral or multilateral International Financing Agency
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The project has been cleared by an appropriate authority
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The company or entity in India awarding the contract has been granted Term Loan by a PFI
or a Bank in India for the project.
If the above criteria is not met, the foreign entity has to approach RBI Central Office in Mumbai for
approval.