Neha Jee

If possible pls mail me the FCGPR format ( for Person of Indian Orgin (PIO) SUBSCRIBED TO MOA FOR 3000 EQUITY SHARES OF Rs.100/- each)

my e-mail ID - yasarmba @ gmail.com

Pl visit this link -

 

https://www.rbi.org.in/Scripts/BS_ViewFemaForms.aspx

Originally posted by : Neha Jain
	Hello Deepak Jee,   Point wise reply to your query :   1. what is the due date for filing FC GPR with RBI, we have not issued any shares till now.     Form FC GPR is filed after allotment of shares. In your case foreign company is subscriber of MOA. Hence there is no formal allotment. So you should file form FC GPR within 30 days of incorporation of company. 4. Is a CA certificate for valuation compulsory for new company Yes it is compulosry. CS certificate is also compulsory.

Neha, I have read your opinion with interest to point 1 and seek further clarification. The subscribers to the Memorandum make the following averment on the subscribers page: "We the several persons whose names and addresses are subscribed below are desirous of being formed into a Company in pursuance of the Memorandum of Association, and we respectively agree to take the number of shares in the capital of the Company set opposite our respective names :-" My understanding is that they are committing this initial investment. But I do not fully understand how this averment completes the process of allotment. Please can you point me to any provision of the Companies Act or circular or notification or judgement that states that the act of allotment is completed when the subscribers sign on the Memorandum and the company is incorporated. 2. If the allotment takes place automatically on incorporation of the Company, are the initial shares issued without receipt of subscripttion money? So will the accounts show Issued, Subscribed and paid up capital equal to the initial subscripttion and show the amount outstanding from the subscribers/shareholders? ________

Re Point No. 2: RBI has issued a circular A.P. (DIR Series) Circular No. 36 dated September 26, 2012 which states: "3. It has been decided that in cases, where non-residents (including NRIs) make investment in an Indian company in compliance with the provisions of the Companies Act, 1956, by way of subscripttion to Memorandum of Association, such investments may be made at face value subject to their eligibility to invest under the FDI scheme."

In their wisdom, they have not clarified if a CA/Merchant Banker valuation certificate is still required along with FC-GPR reporting for such allotment. Logically one would be inclined to think it should not since the valuation would serve no purpose when it is already permitted to issue the shares at par (face) value.

Originally posted by : Neha Jain
	Dear Mr. M Yasar, Advance reporting to RBI (which is to be made within 30 days from the date of receipt of consideration ) is MANDATORY in case PIO/NRI/Foreigner is subscriber of MOA. 30 Days will be reckoned from the date of incorporation since it is treated as deemed date of receipt of consideration.   You can not directly file FCGPR within 30 days from the date of incorporation with out filing advance reporting.   Regards   Neha

Neha, I also seek a clarification on this opinion of yours: The FDI reporting format (Annex - 6 [PART I, Section V, para 1 (i) ]) specifically requires the Company to state the date of receipt of funds, the amount received, the name of the AD and branch in which the funds were received and attach a copy of the FIRC and submit it to the AD. These details and the FIRC cannot be provided until the funds are actually received. The header to the form also clearly states that it is to be filed "not later than 30 days from the date of receipt of the amount of consideration". I do not agree that RBI contemplates that this report should be filed even before receipt of funds based on some "deemed receipt". To my mind, "receipt of funds" is "actual receipt of funds" under both the companies act as well as FEMA. Please correct me if I am missing something here.

Have a Look-

 

 

/forum/share-subscripttion-resolution-183782.asp#.UMmFy-RO_Kg

For Ms. Neha Jain

 

Madam,

We also want to send a condonation letter to the RBI for late submission of FCGPR. Could you please send me also a copy of the condonation letter referred above by you, to my email ID hariharan234 @ yahoo.com.

Awaiting an early reply from you Madam.

Thanks and regards,

V.K. Hariharakrishnan, Chennai

Hello, Email sent to you. Regards, Neha

Hi Neha,

Can you please mail me the format of Condonation of delay letter for filing FCGPR

My Mail id is tbalaji19 @ gmail.com

Thanks in advance for your support.

 

Regards

T Balaji 

 

 

 

Hi Neha.

Found the above discussion quite useful as i am also facing the same situation.  So i request you to kindly mail the format of letter of condonation of delay in filing form FC-GPR to renu.01 @ live.com.

Thanks to you in advance for the help.

Regards

Renu Chopra

Originally posted by : Renu Chopra
	Hi Neha. Found the above discussion quite useful as i am also facing the same situation.  So i request you to kindly mail the format of letter of condonation of delay in filing form FC-GPR to renu.01 @ live.com. Thanks to you in advance for the help. Regards Renu Chopra

Hello Dear   Neha.

I shall be very grateful to you if you kindly mail the format of condonation letter to my email id renu.01 @ live.com.

Regards.

Renu

Dear Renu,

 

Letter has been emailed to u. Earlier also i mailed to you but i missed to put  .  in your email id so it could not reach you. Sorry for the delay.

 

Regards

 

Neha

Dear Neha,

Thanks a lot for your prompt response. Its going to be of great help.

regards.

Renu

Dear Neha

Please mail me the letter of condonation for delay of filing of form FCGPR at maheshmittal19 @ yahoo.in

we are also facing the same problem and it will be helpful if you mail the letter asap.

 

Thanks

Regards

CA Mahesh Mittal

maheshmittal19 @ yahoo.in

Dear Maheshji,

Letter mailed to you.

Regards

Dear Neha'

 

Kindly mail me the letter of condonation for delay filling of Form FCGPR at arora.kunal123 @ gmail.com.

 

 

Thnx & Regards

 

Kunal Arora

CS-Trainee

arora.kunal123 @ gmail.com