The company issued Convertable debetures to Non resident and filled FC-GPR. Now the company is going to convert those debentures to equity shares. Is it necessary to file FC-GPR on this convertion.
FCGPR is a form prescribed for authorization to Funds received in India and is regulated by issue of UIN.
On any new proceeds received in India, FCGPR Part A to be filed. This form is filed at each issue date.
There is another Form FCGPR - Part B which is an annual return to be filed with RBI for transactions during the year and the position of Foriegn Funds at the end of the year. This covers the conversion of CD's to equity shares and needs to be disclosed every year.
hence in your case you may update this form and file the same.
The details of the revised FCGPR- B can be seen in the circular RBI/2010-11/427 March 15, 2011 A.P. (DIR Series) Circular No. 45 in RBI Website.
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