Home Acts & Rules FEMA Regulation FOREIGN EXCHANGE MANAGEMENT (REMITTANCE OF ASSETS) REGULATIONS, 2000 This
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Regulation 7 - Permission to remit winding up proceeds of branch/office (Other than Project Office) - FOREIGN EXCHANGE MANAGEMENT (REMITTANCE OF ASSETS) REGULATIONS, 2000Extract 1 [7. Permission to remit winding up proceeds of branch/office (Other than Project Office) (1) A branch or office established in India by a person resident outside India may, for making remittance of its winding up proceeds, apply to the Authorised Dealer concerned supported by the following documents, namely: (A) copy of the Reserve Bank's permission for establishing the branch/office in India; (B) Auditors certificate:- (i) indicating the manner in which the remittable amount has been arrived and supported by a statement of assets and liabilities of the applicant, and indicating the manner of disposal of assets; (ii) confirming that all liabilities in India including arrears of gratuity and other benefits to employees etc. of the branch/office have been either fully met or adequately provided for; (iii) confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India; and (iv) confirming that the branch/office has complied with all regulatory requirements stipulated by the Reserve Bank of India from time to time regarding functioning of such offices in India. (C) 2 [***] (D) confirmation from the applicant that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance; and (E) a report from the Registrar of Companies regarding compliance with the provisions of the Companies Act,1956, incase of winding up of the office in India. 3 [(2) On consideration of the application made under sub-regulation (1), the authorized dealer concerned may permit the remittance subject to the directions issued by the Reserve Bank in this regard, from time to time and payment of applicable taxes in India, if any.]] *************** Notes: Inserted vide notification no. 217/2011 RB dated 19-1-2011 , w.e.f. 1.2.2010 Deleted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, (C) no-objection or Tax clearance certificate from the Income Tax authority for the remittance; Substituted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, (2) On consideration of the application made under sub-regulation (1), the authorised dealer concerned may permit the remittance subject to the directions issued by the Reserve Bank in this regard, from time to time.
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