Indian branches of foreign banks operating in India may remit to their Head Offices outside India net profit/surplus (net of taxes) arising out of their Indian business after finalisation of the accounts for the respective year, in accordance with the provisions of the Banking Regulation Act, 1949 and directions issued by Reserve Bank in this regard. Full details of the remittances made should be advised to the Chief General Manager, Exchange Control Department (External Payments Division), Reserve Bank of India, Central Office, Mumbai 400 001 duly certified by their auditors imeditely after making the remittance.