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RBI included Hong Kong and Macau in the sensitive list

Jan 16, 2014 17:40 IST

The Reserve Bank of India (RBI) included Hong Kong and Macau in the sensitive list of countries along with Pakistan and China on 15 January 2014. Macau and Hong Kong are two Special Administrative Regions controlled by China.

image 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.

Quick Digest

Who: Hong Kong and Macau

What: Sensitive list

When: 15 January 2014

Is this article important for exams ? Yes241 People Agreed
Read more Current Affairs on: RBI , Hong Kong and Macau

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