FEMA closure reporting requires AD Category I banks to certify disinvestment conditions and compliance before repatriation. Designated AD Category I banks must submit Form ODI (Part IV) reporting closure, disinvestment or voluntary winding up of a JV/WOS, providing investment, ... Summary
FEMA closure reporting requires AD Category I banks to certify disinvestment conditions and compliance before repatriation.
Designated AD Category I banks must submit Form ODI (Part IV) reporting closure, disinvestment or voluntary winding up of a JV/WOS, providing investment, remittance and capital structure details, amounts repatriated, and certifying that sale was via stock exchange or at CA/CPA certified fair value, no outstanding dues exist, the overseas concern has operated at least one year with APR and audited accounts submitted, and the Indian party is not under regulatory investigation.
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