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of <h1>New Circular Allows Banks to Approve Asset Remittances from Liquidating Indian Companies Under Specific Conditions.</h1> The circular addresses the procedure for remittance of assets from Indian companies undergoing liquidation. It delegates authority to Authorized Dealer Category-I banks to permit such remittances, in accordance with the Companies Act, 1956, and subject to court orders or directives from liquidators. Conditions include obtaining a tax clearance certificate, an auditor's certificate confirming liabilities are settled, and assurance that the winding up aligns with legal provisions. Amendments to the relevant Foreign Exchange Management regulations will be notified separately. The circular emphasizes compliance with the Foreign Exchange Management Act, 1999, and other applicable laws.
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