India:
Transfer Of Assets Of Liasion Office [LO]/ Branch Office [BO]/ Project Office [PO] Of A Foreign Entity Either To Its Wholly Owned Subsidiaries [WOS]/ Joint Ventures [JV]/ Others In India:
17 July 2014
S&A Law Offices
To print this article, all you need is to be registered or login on Mondaq.com.
The Reserve Bank of India [RBI] vide its recent Circular No. 142
dated June 12, 2014 has delegated the powers to the Authorized
Dealer Banks [AD- Banks] in cases where foreign entities intends to
close their LO/BO/PO operations in India to transfer their assets
to their WOS / JV or others in India, subject to certain specific
conditions. The assets should have been acquired by the
LO/BO/PO's from the inward remittances and no tangible assets
such as goodwill, pre-operative expenses should be included.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from India
AKP Banking & Finance Digest- April 08, 2024
AK & Partners
Starting April 01, 2024, it's mandatory for insurance policies to be held in electronic form, similar to how shares are held in a demat account. The Insurance Regulatory and Development...
New Overseas Investment Regulations And Rules
ALMT Legal
The Central Government recently notified the Foreign Exchange Management (Overseas Investment) Rules, 2022 ("Rules"). In furtherance to these Rules, the Reserve Bank of India...