Dear All,
Hi. I am a recent member in the group. Please tell me as to what exactly the procedure is for opening of Liaison Office in India.
As I understand from Master Circular of 2009 issued by the RBI, the application for opening of Liaison office in India has to be routed though category 1 AD bank. When approached, the bank refused to entertain the application on the sole ground that applicant foreign company since being not a customer of the bank can not be considered for checking the credentials of the applicant by the bank. And also for that KYC norms are hit since the applicant foreign co. is unknown or not being a customer of the bank. The bank eventually refused to forward the application. On the otherhand, application can not be directly submitted to the RBI also since circular prescribes otherwise. Is there some way out to knock door first at RoC by getting establishment of business & names of the foreign co. for opening of liaison office registered and come back to the bank with earlier request.
Please suggest the way-out.
Thanks & regards.
Rabin Majumder
Advocate & Attorney
NuDelhiLawFora
At:
Ch. 91, Sh. AK Sen Chambers Block,
Supreme Court of India
New Delhi - 110001
Also at:
Lawyers’ Consultation Room /
2nd Floor, Bar Room
Delhi High Court
New Delhi – 110003
+ 91 98992 59811
+ 91 9013307807
+ 91 11 65955548
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