Partly paid shares to fdi and not filing fc-gpr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2013 Dear Experts,

My queries are FEMA Regarding on FDI Investment and not filing of FC-GPR to RBI.

An Indian and European Company made a joint venture 51% of European company and 49% of India Company in 2011 and form a Company in Feb. 2011. Foreign Inward Remittance Received on 24th May 2011 and Issue Partly Paid Shares sum of Rs. 2.5 (Face Value Rs. 10)on the same day and Issue Rs. 1 Lac Shares to European Company against Pre-Incorporation Expense.

But till date they have not file Inward Remittance Intimation and FC-GPR to RBI. Further more they have not file Annual Report to RBI yet. Now they are process to regularize and File to Inward Remittance and FC-GPR.

So give your best opinion on that matter, that we have to ask balance Call Money and convert Partly paid shares to Fully Paid and then proceed for Inward Remittance Intimation , FC-GPR and Annual Return to RBI or file with existing position.

Kindly let's inform whether any FEMA violations took place in this case or not. If yes what the penalaty RBI or other authorities will apply.

Your quick response highly appreciate.

Ajay Mishra

Ajay Mishra (Expert)
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16 July 2013 Hi

I will suggest you to submit con donation letter for delay intimation of FIRC.

There after you submit Form-FC-GPR with your AD Category Banker with a letter of delay submitting of such form.