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:
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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 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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