CORRIGENDUM - Notification No. FEMA. 277/2013-RB dated 8th May 2013. - No. 1/37/EM/2012 - G.S.R. 112(E) - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) CORRIGENDUM Mumbai, the 5th February, 2014 G.S.R. 112(E). In the Notification No. FEMA. 277/2013-RB dated 8th May 2013 of the Reserve Bank of India, Foreign Exchange Department, Central Office, published in the Gazette of Government of India, Extraordinary Part II, Section 3, Sub-Section (i) vide G.S.R. No.516(E) dated 30.07.2013, In para 4, for the following : In Regulation 15, after sub-regulation (iii), the following sub-regulation (iv) shall be added and the same shall be deemed to have been added with effect from March 28, 2012: (iv) Where the law of the host country does not mandatorily require auditing of the books of accounts of JV/WOS, the Annual Performance Report (APR) as referred to under sub-regulation (iii) may be submitted by the Indian party based on the un-audited annual accounts of the JV/WOS provided: a. The Statutory Auditors of the Indian party certify that The un-audited annual accounts of the JV/WOS reflect the true and fair picture of the affairs of the JV/WOS and b. That the un-audited annual accounts of the JV/WOS has been adopted and ratified by the Board of the Indian party. the following shall be substituted : In Regulation 15, after sub-regulation (iv), the following sub-regulation (v) shall be added and the same shall be deemed to have been added with effect from March 28, 2012: (v) Where the law of the host country does not mandatorily require auditing of the books of accounts of JV/WOS, the Annual Performance Report (APR) as referred to under sub-regulation (iii) above, may be submitted by the Indian party based on the un-audited annual accounts of the JV/WOS provided: a. The Statutory Auditors of the Indian party certify that The un-audited annual accounts of the JV/WOS reflect the true and fair picture of the affairs of the JV/WOS and b. That the un-audited annual accounts of the JV/WOS has been adopted and ratified by the Board of the Indian party. [No. 1/37/EM/2012] C. D. SRINIVASAN, Chief General Manager