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Closure of Branch or Liaison office and remittance of winding up proceeds - FEMA Ready Reckoner - FEMAExtract Closure of office and remittance of winding up proceeds [ Regulation 4(m) of Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016 1 . If any Requests for closure of the branch office/liaison office then submitted to the Authorised Dealer Category - I bank along with the following documents : i. Copy of approval for establishing the office from the Reserve Bank's / Authorised Dealer Category-I bank s . ii . Auditor's certificate : 1. indicating the manner in which the remittable amount has been arrived at and supported by a statement of assets and liabilities of the applicant , and indicating the manner of disposal of assets ; 2. confirming that all liabilities in India including arrears of gratuity and other benefits to employees, etc. of the office have been either fully met or adequately provided for; 3. confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India. iii. Confirmation from the applicant/parent company that no legal proceedings in any Court in India are pending against the office and there is no legal impediment to the remittance . iv. in case of winding up of the branch office/liaison in India require a report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 2013 , v. Any other document/s , specified by the Reserve Bank/Authorised Dealer Category-I bank while granting approval . 2 . Remittance of winding up proceeds of branch or liaison office established in India shall be governed by the guidelines issued under Foreign Exchange Management (Remittance of assets) Regulations.
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