04 August 2008
Dear Sir i have one query relating to RBI compliance for foreign remittance. My Client, who is a Person of Indian Origin, is now resident person. She is investing in Equity Shares in a PVT LTD CO. engaged in Export business by remitted money from foreign country through AD Channel. Now we have following query 1-whether the Company has to intimate RBI within 30 days through FIRC intimation. 2- Whether the Company has to file Form FC-GPR. As per FEMA Act the above compliance is needed when foreign remittance is done by non-resident. As per my case Investor is Resident however she has brought investment through foreign investment channel. plz clarify my query as soon as possible. it`s urgent matter thanks a lot
04 August 2008
If she is a resident, the only requirement is she should make the remittance through authorised dealer. The investment is only in her capacity as resident in Indian currency. What is the difficulty?
05 August 2008
Dear Sir The difficulty is whether intimating RBI within 30 days from the receipt of money and To file subsequently any Form like FC-GPR for allotment of shares to resident of India (money is received from overseas through Authorised Dealer) are required to be complied with ? and under which regulation of FEMA ? kindly advise me it`s urgent thanks & regards
06 August 2008
Dear Sir The difficulty is whether intimating RBI within 30 days from the receipt of money and To file subsequently any Form like FC-GPR for allotment of shares to resident of India (money is received from overseas through Authorised Dealer) are required to be complied with ? and under which regulation of FEMA ? kindly advise me it`s urgent thanks & regards
CAclubindia
