11C.5
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Remittance of Winding up Proceeds
Applications for remittance of winding up proceeds abroad will be entertained by Reserve Bank only after winding up has been completed and the actual net remittable surplus established. Applications should be made on form A2 supported by following particulars/documents:
(a) Number and date of Reserve Banks approval for establishing the branch/office in India.
(b) Number and date of Reserve Banks approval for sale of immovable properties, if any, held by the branch/office.
(c) Auditors certificate containing the following:
(e) Confirmation from applicants that no legal proceedings in Indian Courts or enquiries from Enforcement Directorate are pending against them and that after remittance of the net surplus, no further remittance facilities will be asked for.
(a) Number and date of Reserve Banks approval for establishing the branch/office in India.
(b) Number and date of Reserve Banks approval for sale of immovable properties, if any, held by the branch/office.
(c) Auditors certificate containing the following:
- (1) manner in which remittable amount has been arrived at, duly supported by a statement of all assets and liabilities of the applicant, the manner of disposal of assets, name/s, and address/es of the purchaser/s, Reserve Banks approval number/s and date/s under Section 31 of FERA 1973 for disposal of immovable properties etc.;
(2) confirmation that all liabilities in India including arrears of gratuity, employee benefits, etc. in respect of the applicant have either been fully met or adequately provided for;
and
(3) confirmation that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India.
(e) Confirmation from applicants that no legal proceedings in Indian Courts or enquiries from Enforcement Directorate are pending against them and that after remittance of the net surplus, no further remittance facilities will be asked for.