Reimbursement of pre-incorporation expenses permitted up to specified threshold on statutory auditor certification, easing remittance requirements. Authorised Dealer Category I banks may permit drawal of foreign exchange for reimbursement of pre-incorporation expenses up to a higher prescribed ceiling - computed as a proportion of investment brought into India or a fixed benchmark amount, whichever is higher - on the basis of certification by statutory auditors, pending formal amendment of the Current Account Transactions Rules; banks should notify constituents and note that the directions are issued under statutory powers and without prejudice to other legal permissions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reimbursement of pre-incorporation expenses permitted up to specified threshold on statutory auditor certification, easing remittance requirements.
Authorised Dealer Category I banks may permit drawal of foreign exchange for reimbursement of pre-incorporation expenses up to a higher prescribed ceiling - computed as a proportion of investment brought into India or a fixed benchmark amount, whichever is higher - on the basis of certification by statutory auditors, pending formal amendment of the Current Account Transactions Rules; banks should notify constituents and note that the directions are issued under statutory powers and without prejudice to other legal permissions.
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