Events organised by Consulate General of India, Guangzhou
The Consulate General of India in Guangzhou is celebrating the 14th Pravasi Bharatiya Divas on 9 January 2017.
RBI has released guidelines regarding Extension of deadline for deposit of Demonetized banknotes at RBI ( Mumbai , Chennai, Delhi, Kolkata and Nagpur) for resident Indians abroad till 31 March and NRIs till 30 June 2017.
The Ministry of Tourism has introduced a 24x7 Toll Free Multi-Lingual Tourist Help Line to facilitate visits of foreign tourist visiting India.
International Day of Yoga
The 2nd International Day of India (IDY) in Southern China was celebrated in five cities jointly organized by the Consulate General of India, Guangzhou with the local Municipality governments and other Yoga Institutes.
Setting up Project Office in India
Q.1. Who can set-up a project office?
Q.2. What are the conditions for establishing a project office?
Ans. The conditions prescribed by RBI for establishing a Project Office in India are:
Q.3. Whether profits can be repatriated freely? How are profits of project offices taxed in India?
Ans. Profits earned by a Project Office can be repatriated freely after completion of the project subject to payment of taxes in India and fulfillment of other conditions. Like a branch office, a project office is also treated as an extension of a foreign company in India and taxed at the rate applicable to foreign companies.
Q.4. Can a Project Office open a foreign currency account in India?
Ans. Authorized Dealer (AD) Category - I Banks can open “non-interest” bearing Foreign Currency Account for Project Offices in India subject to the following conditions:
Q.5. Can intermittent remittances be carried out by Project Offices?
Ans. Yes. An AD Category – I bank can permit intermittent remittances by Project Offices pending winding up / completion of the project provided they are satisfied with the bonafides of the transaction, subject to the following: