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.

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