A Company registered in Japan had opened the Project Office for setup and commissioning of Coal based Power Plants in India. Due to change in Government policy and promotion of Solar Power projects and other power plants

The process for Closure of Project office in India opened by foreign entity is described as follows: The Requests for closure of the Project Office (PO) and allowing the remittance of winding up proceeds of PO may be submitted to the designated AD Category - I bank by the BO/LO/PO or their nodal office, as the case may be. The application for winding up may be submitted along with the following documents: Copy of the Reserve Bank's/AD Category-I bank's approval for establishing the PO. Auditor's certificate: 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; 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; and confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India. Confirmation from the applicant/parent company that no legal proceedings in any Court in India are pending against the BO / LO/ PO and there is no legal impediment to the remittance. A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 2013, in case of winding up of the BO /LO in India, wherever applicable. The designated AD Category - I banks have to ensure that the BO / LO/ PO had filed their respective AACS. Any other document/s, specified by Reserve Bank of India / AD Category- I bank while granting approval.