For winding up project office, the following procedure is required to be followed:
a. In case approval has been taken from Reserve Bank of India for establishing a project office, following steps should be taken
- Requests for winding up of Project Office shall be submitted to the respective regional office of the Reserve Bank of India
- The application for winding up shall be submitted along with the following documents:
- Copy of the Reserve Bank's permission/ approval from the sectoral regulator(s) for establishing the project office.
- A Chartered Accountant's certificate :
- 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;
- 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;
- Confirming that no proceeds accruing from sources outside India has remained un-repatriated to India.
- No-objection / Tax Clearance Certificate from Income-Tax authority for the remittance
- confirmation from the parent entity that no legal proceedings in any Court in India are pending against the Liaison Office and there is no legal impediment to the remittance
- A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the project office in India.
- On receipt of approval from regional office of Reserve Bank of India, AD category bank 1 can allow the remittance of funds.