What are the documents to be submitted to the AD bank at the time of closure of the Liaison/ Branch Office?
Ans. 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) No-objection / Tax Clearance Certificate from Income-Tax authority for the remittance/s. d) Confirmation from the applicant/parent company that no legal proceedings in any Court in Ind
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