Do one need to file FC-GPR form in case where the funds have been received form non resident indian person on non repetriation basis? If No, please quote the relevant text from law or the decided case laws.
1 Replies
rvsekar2000
(212 Points)
Replied 08 October 2010
Hello,
My observation on the subject is as follows:
As per FEM (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, as amended from time to time:
An Indian Company shall report inflow of consideration amount (towards share subscripttion) within 30 days of such receipt with RBI.
Please see the clause 3 (specifying permissible credits to NRE A/c) of FEM (Deposit) Regulations, 2000 as amended from time to time:
Filing of FC-GPR
As per FEM (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, as amended from time to time:
Form FC-GPR is required to be filed with RBI within 30 days of issue/allotment of shares/convertible debentures by an Indian company to a PROI(includes NRI as well). The event necessitating filing of Form FC-GPR is allotment in PROI's and is nowhere dependent upon mode of remittance of share subscripttion amount.
Thus the Company is required to file form FC-GPR within 30 days of allotment of shares to NRI's favour even the allotment is made on non-repatriation basis.
R.V.Seckar
https://rvsekar.blogspot.com/
https://rvseckarfema.blogspot.com/
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