Detailed Procedure for closure of Project office under RBI r

For winding up project office, the following procedure is required to be followed:

a. In case approval has been taken from Reserve Bank of India for establishing a project office, following steps should be taken

1. Requests for winding up of Project Office shall be submitted to the respective regional office of the Reserve Bank of India
2. The application for winding up shall be submitted along with the following documents: 
   1. Copy of the Reserve Bank's permission/ approval from the sectoral regulator(s) for establishing the project office.
   2. A Chartered Accountant's certificate :
      1. indicating the manner in which the remittable amount has been arrived at and supported by a statement of assets and liabilities of the applicant, and indicating the manner of disposal of assets;
      2. confirming that all liabilities in India including arrears of gratuity and other benefits to employees, etc. of the office have been either fully met or adequately provided for;
      3. Confirming that no proceeds accruing from sources outside India has remained un-repatriated to India.
   3. No-objection / Tax Clearance Certificate from Income-Tax authority for the remittance
   4. confirmation from the parent entity that no legal proceedings in any Court in India are pending against the Liaison Office and there is no legal impediment to the remittance
   5. A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the project office in India. 
3. On receipt of approval from regional office of Reserve Bank of India, AD category bank 1 can allow the remittance of funds.