Remittance of assets permitted without central approval where authorised dealers comply with court orders and statutory certifications. Authorised dealers may, without Reserve Bank approval, effect remittance of assets by eligible persons and remittance out of assets of Indian companies under liquidation, provided the remittance complies with a court or liquidator order and the applicant furnishes: a no objection or tax clearance certificate from the income tax authority; an auditor's certificate that all Indian liabilities are paid or adequately provided for; an auditor's certificate that winding up complies with the Companies Act, 1956; and, where winding up is not by a court, an auditor's certificate that no legal proceedings or impediments exist.
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.
Remittance of assets permitted without central approval where authorised dealers comply with court orders and statutory certifications.
Authorised dealers may, without Reserve Bank approval, effect remittance of assets by eligible persons and remittance out of assets of Indian companies under liquidation, provided the remittance complies with a court or liquidator order and the applicant furnishes: a no objection or tax clearance certificate from the income tax authority; an auditor's certificate that all Indian liabilities are paid or adequately provided for; an auditor's certificate that winding up complies with the Companies Act, 1956; and, where winding up is not by a court, an auditor's certificate that no legal proceedings or impediments exist.
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