Section 4(7) in Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019
(7)Form LLP (II): The disinvestment/transfer of capital contribution or profit share between a resident and a nonresident (or vice versa) shall be filed in Form LLP(II) within 60 days from the date of receipt of funds. The onus of reporting shall be on the resident transferor/transferee.
