Advance pricing agreement procedure governs bilateral or multilateral requests, negotiation, applicant participation, and acceptance timelines. Requests for bilateral or multilateral advance pricing agreements filed in Form No. 51 are processed only if the associated enterprise outside India has initiated the corresponding process with the foreign competent authority. The competent authority of India must consult the foreign competent authority or authorities, negotiate mutually acceptable terms where willingness exists, and formalise a mutual agreement procedure arrangement if agreement is reached. The applicant is excluded from the inter-governmental discussions but must communicate acceptance or otherwise within the prescribed time, failing which the applicant may continue without the mutual agreement procedure or withdraw the application.