Remittance on winding up of companies

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f Assets) Regulations, 2000, in terms of which unless otherwise provided in the Act or rules or regulations no person whether a resident in India or not, shall make remittance of any assets held in India by him or any other person except with the permission of the Reserve Bank. Therefore, as per the existing provisions, remittance of out of the assets of Indian companies under liquidation requires .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... that the remittance is in compliance with the order issued by a court in India / order issued by the official liquidator or the liquidator in the case of voluntary winding up ; and (ii) no remittance shall be allowed unless the applicant submits :- (a) No objection or Tax clearance certificate from Income Tax authority for the remittance. (b) Auditor's certificate confirming that all liabil .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ections contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. RBI/2006-2007/422 Salim Gangadharan Chief General Manager - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X