Section 29(3)(i) in The Foreign Exchange Regulation Act, 1973
(i)the fact that any person or company (including its branch), referred to in sub-section (1), is carrying on any activity referred to in clause (a) of that sub-section at the commencement of this Act or has established a branch, office or other place of business for the carrying on of such activity at such commencement in either case, in pursuance of any permission or license granted by the Central Government; and