Golden Global Ltd. is a company incorporated and registered in Germany. On 1st April 2012, it established a branch office at Chennai, India. The…
CA Intermediate · Corporate and Other Laws · RTP · May 2026
Golden Global Ltd. is a company incorporated and registered in Germany. On 1st April 2012, it established a branch office at Chennai, India. The Chennai branch subsequently began controlling the operations of another branch of Golden Global Ltd. situated in Dubai. With reference to the provisions of the Foreign Exchange Management Act, 1999, determine the residential status of: (iii) The Dubai branch controlled by the Chennai branch.
Suggested Answer and Working Notes:
The Dubai branch of Golden Global Ltd., though not owned, is controlled by the Chennai branch. The Dubai branch is a 'Person resident in India' since it falls under the clause 'an office, branch or agency outside India owned or controlled by a person resident in India'.
Topics: The Foreign Exchange Management Act, 1999
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