As per the notification no. RB-120 issued by RBI dated July 7, 2004 Indian party is required to submit form APR for is foreign JV/WOS within 60 days from the end of statutory period as prescribed by the laws of the host country.

Text of Para 15(iii) of the notification reproduced below:

“15. Obligations of the Indian Party
An Indian Party, which has acquired foreign security in terms of the Regulations in Part- I, shall –

(iii) submit to the Reserve Bank every year within 60 days from the date of expiry of the statutory period as prescribed by the respective laws of the host country for finalisation of the audited accounts of the Joint Venture/Wholly Owned Subsidiary outside India or such further period as may be allowed by Reserve Bank, an annual performance report in form APR in respect of each Joint Venture or Wholly Owned Subsidiary outside India set up or acquired by the Indian Party and other reports or documents as may be stipulated by the Reserve Bank.”

Further, RBI issued circular RBI/2011-12/473 dated March 28, 2012 in which certain points were liberalised. Point no 6 talks about APR in which it is written that if the accounts of foreign JV/WOS are not subjected to audit as per the laws of host country than the auditor of Indian auditor may certify the true and fair view of the foreign JV/WOS based on unaudited annual accounts adopted and ratified by the Indian party.

Text of point 6 of the circular reproduced below:


“6. Submission of Annual Performance Report
Presently, Regulation 15(iii) of the Notification prescribes that Indian party needs to submit to the Reserve Bank through the designated Authorised Dealer bank every year an Annual Performance Report in Form ODI Part III in respect of each Joint Venture or Wholly Owned Subsidiary outside India, set up or acquired by the Indian party, after the finalization of the audited accounts of the Joint Venture / Wholly Owned Subsidiary outside India. Where the law of the host country does not mandatorily require auditing of the books of accounts of JV / WOS, the Annual Performance Report (APR) may be submitted by the Indian party based on the un-audited annual accounts of the JV / WOS provided:
a. The Statutory Auditors of the Indian party certifies that ‘The un-audited annual accounts of the JV / WOS reflect the true and fair picture of the affairs of the JV / WOS’ and
b. That the un-audited annual accounts of the JV / WOS has been adopted and ratified by the Board of the Indian party. “


In the case of XYZ Limited the accounts of foreign subsidiaries are neither audited in accordance with the laws of host country, nor certified by stat auditor of the company. These accounts are audited by the other Indian auditors in accordance with Indian GAAP.

My point is can we rely on such accounts and issue APR

Hi......
I want to know that is there any possibility to make inter-state purchase from unregistered dealer like it is possible in case of intra-state purchase.

I would really appreciate, if I get the reply at the earliest.

I registered under IPCC 2009 and i can start articleship after passing 1st group only and as per new IPCC rule we can apply for articleship before exam. can anyone give me idea about this am i eligible for this new procedure ???

What is the application fees for getting IEC number.

I a company the Bonus is paid to staff at certain percentage. Is there any Law stating the Bonus has to be paid to all staff at the same percentage declared to all. Is there any chance a employee need not be paid if he or she is in employement for more than 365 days.

Is attending CPE hours is compulsory? what happened if not attended?

sir,
is there any due date within which one has to update his articleship working diary
is it really mandatory to update/maintain working diary?
pls help me out

We have filed the tds return for q4. While trying to download form16a from Traces, we have entered the wrong password. As a result the account has got locked. The error whichis displayed by the site is "account locked. try after one hour". but even after two hours we are not able to log into the site.

Please help.Tried contacting helpline, but no response as it is only ringing.

Regards

Viswanathan

A company is registered in mumbai & Employee is working in delhi office then is there any liability to deduct Profession Tax.

how to use if function in excel for following
basic pay is rs1000
so
EA@10%of basic salary for officer drwaing a basic pay of rs 4500 ad abovee, subjected to maximum of rs 600pm.
plaese rply ASAP