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What are the documents to be submitted to the AD bank at the time of closure of the Liaison/ Branch Office?

Open uri20170510 32134 1c996lj?1494421732 Anil asked over 2 years ago

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ranjan bhutani answered over 2 years ago

Dear, At the time of winding up of Branch/Liaison offices, the company has to approach the designated AD Category - I bank with the following documents: a) Copy of the Reserve Bank's permission/ approval from the sectoral regulator(s) for establishing the BO / LO. b) Auditor’s certificate - i) 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; ii) 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; and iii) confirming that no income accruing from sources outside India (including proceeds of exports) has remained un-repatriated to India. c) Confirmation from the applicant/parent company that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance. d) A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the Office in India. e) Any other document/s, specified by the Reserve Bank while granting approval. W.r.t the application made by a BO/LO for making remittance of its winding up proceeds, the designated AD Category –I bank may permit the remittances subject to the directions issued by the Reserve Bank of India in this regard from time to time and payment of applicable taxes in India, if any.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pankaj answered over 2 years ago

At the time of winding up of Branch/Liaison offices, the company has to approach the designated AD Category - I bank with the following documents: a) Copy of the Reserve Bank's permission/ approval from the sectoral regulator(s) for establishing the BO / LO. b) Auditor’s certificate - i) 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; ii) 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; and iii) confirming that no income accruing from sources outside India (including proceeds of exports) has remained un-repatriated to India. c) Confirmation from the applicant/parent company that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance. d) A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the Office in India. e) Any other document/s, specified by the Reserve Bank while granting approval. W.r.t the application made by a BO/LO for making remittance of its winding up proceeds, the designated AD Category –I bank may permit the remittances subject to the directions issued by the Reserve Bank of India in this regard from time to time and payment of applicable taxes in India, if any.

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