Closure of Project Office

[Primefalcon1377]

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Primefalcon1377
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April 14, 2025 at 12:30 pm

There is a company situated outside India which has opened its project office in India as per RBI guidelines. I wanted to know the closing procedures for such project office. The company wants to close the project office before 31st March 2025. But the final remittance of fund to its Head Office has not yet been completed. What are the procedure for such closure. The Financials and Audit Report will be signed in April 2025. Final Remittance will be made in April 2025.
Is the company supposed to approach the AD Banker for closure of the project office with the Signed Financials and Audit Report and then the funds will be transferred to the Head Office. Or the company can only close the project office after all the Funds are transferred to the Head Office.
Please give reference to the provisions in the law if possible. It will be really helpful

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