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Reserve Bank of India has granted general permission to foreign companies to establish Project Offices in India, if they have secured a contract from an Indian company to execute a project in India, and
- The project is funded directly by inward remittance from abroad; or the project is funded by a bilateral or multilateral International Financing Agency; or
- The project has been cleared by an appropriate authority;
- A company or entity in India awarding the contract has been granted Term Loan by a Public Financial Institution or a bank in India for the project.
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