Regulation 6 - Permission for remittance of assets on closure or remittance of winding up proceeds of branch office/ liaison office (other than project office) - Foreign Exchange Management (Remittance of Assets) Regulations, 2016

6. Permission for remittance of assets on closure or remittance of winding up proceeds of branch office/ liaison office (other than project office) (1) A branch or office established in India by a person resident outside India may, for making remittance of assets on closure or remittance of its winding up proceeds, apply to the Authorised Dealer concerned supported by the following documents, namely: (A) A copy of the Reserve Bank's permission for establishing the branch/ office in India, wherever applicable; (B) Auditor s 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 the 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 un-repatriated 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) A confirmation from the applicant that no legal proceedings are pending in any Court in India and there is no legal impediment to the remittance; and (D) A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 2013, in case of winding up of the office in India. (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.