|Remittance of Winding up Proceeds|
11C.5 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 Bank's approval for establishing the branch/office
(b) Number and date of Reserve Bank's approval for sale of immovable properties,
if any, held by the branch/office.
(c) Auditor's 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
Bank's approval number/s and date/s under Section 31 of FERA 1973 for disposal
of immovable properties etc.;
(3) confirmation that no income accruing from sources outside India (including
proceeds of exports) has remained unrepatriated to India.
(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;
(d) No objection Certificate or Tax Clearance Certificate from Indian Income-tax
Authorities for the remittance of net surplus.
(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