The Reserve Bank of India (RBI) included Hong Kong and Macau in the sensitive list of countries along with Pakistan and China on 15th January. Macau and Hong Kong are two Special Administrative Regions controlled by China.
This means that establishments from Hong Kong and Macau will require prior approval of RBI for setting up business or related activities in India. The activities include establishment of liaison, branch, project offices or any other place of business.
To this effect, Regulation 4 of Foreign Exchange Management (Establishment in India of Branch or Office or Other place of Business) Regulations, 2000 has been amended to substitute words, Iran and China, with words Iran, China, Hong Kong and Macau. Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran and China are already included in the sensitive list.
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