Examine, with the reference to the provisions of the Foreign Exchange Management Act, 1956 the…

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Examine, with the reference to the provisions of the Foreign Exchange Management Act, 1956 the residential status of the branches mentioned below:

  1. MKP Limited, an Indian company having its Registered office at Mumbai, India established a branch at New York, U.S.A. on 1 April 2004.
  2. WIP Ltd, a company incorporated and registered in London, established a branch at Chandigarh in India on 1 April 2004.
  3. WIP Ltd”s Singapore branch which is controlled by its Chandigarh branch.

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