text: The establishment and management of the Project Office are controlled by the Foreign Exchange Management Act, of 1999 and the guidelines are issued by the Reserve Bank of India periodically. Foreign entities typically establish Project Offices to carry out projects awarded by Indian Companies. The RBI permits foreign entities to set up project offices in India if they have obtained a contract from an Indian company to carry out a project in India.
  Below are the requirements for establishing a project office in India for a non-resident individual.
  - The project needs to have obtained the required regulatory approvals, and
  - The project receives funding directly from overseas remittances, or
  - The funding for the project comes from an International Financing Agency that is either bilateral or multilateral.
  - An Indian company or entity that has been granted a Term Loan by a Public Financial Institution or a bank in India is awarding the contract for the project.
  Applications to set up a Project Office in a sector where 100% FDI is permitted must go through a specific AD Category I Bank. The forms FNC, along with the required documents mentioned in them, are submitted to an AD Category-I bank as per RBI guidelines.
  PO may contact an AD Category I Bank in India to establish an Interest Foreign Currency Account for its activities in India, under specific terms. Foreign currency receipts from the Project Sanctioning Authority and remittances from parent/group companies abroad or bilateral/multilateral international financing agencies are the only credits allowed in the bank account. The only debits allowed are payments for expenses related to the project.