Foreign Exchange Management Act Corrigendum

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G.S.R.No.112 (E)/25.02.2014

RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001

Dated : February 6, 2014

CORRIGENDUM

In the Notification No. FEMA.277/2013-RB dated 8th May 2013 of the Reserve Bank of India, Foreign Exchange Department, Central Office, published in the Gazette of Government of India, Extraordinary – Part II, Section 3, Sub-Section (i) vide G.S.R. No.516(E) dated 30.07.2013,

In para 4, for the following :

"In Regulation 15, after sub-regulation (iii), the following sub-regulation (iv) shall be added and the same shall be deemed to have been added with effect from March 28, 2012:

“(iv) 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) as referred to under sub-regulation (iii) may be submitted by the Indian party based on the un-audited annual accounts of the JV / WOS provided:

  1. The Statutory Auditors of the Indian party certify that ‘The un-audited annual accounts of the JV / WOS reflect the true and fair picture of the affairs of the JV / WOS’ and

  2. That the un-audited annual accounts of the JV / WOS has been adopted and ratified by the Board of the Indian party.”

the following shall be substituted :

"In Regulation 15, after sub-regulation (iv), the following sub-regulation (v) shall be added and the same shall be deemed to have been added with effect from March 28, 2012:

(v) 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) as referred to under sub-regulation (iii) above, may be submitted by the Indian party based on the un-audited annual accounts of the JV / WOS provided:

  1. The Statutory Auditors of the Indian party certify that ‘The un-audited annual accounts of the JV / WOS reflect the true and fair picture of the affairs of the JV / WOS’ and

  2. That the un-audited annual accounts of the JV / WOS has been adopted and ratified by the Board of the Indian party.”

(C. D. Srinivasan)
Chief General Manager

Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 25.02.2014- G.S.R.No.112 (E)


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