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FIRC for FC GPR

Mark Lee (CEO) (28 Points)

17 August 2009

Hello Sir or Madam.

For FDI under RBI Circular Notification No. FEMA 20/2000-RB dated May 3, 2000 we have to file FCGPR and FC-GPR in which we have to declare total inflow in INR and has to obtain FIRC from bank.

My question is that, if a foreign company with no existence in India, has inward remittance from other sources, how can it provide original FIRC to RBI through AD category-I?

Thank you.

Regards,
Mark Lee

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4 Replies

Manoj Kumar Jain (Partner) (50 Points)
Replied 17 August 2009

Originally posted by :Mark LeeFC GPR is required to be submitted to only when there is capital Investment in India either as Equity or Preference Share capital or related to capital investments only, other wise in my undertstading it is not required to report to RBI in Form FC GPR. However FIRC can be obtained by the recepient from their bankers indicating the nature of receipt .
"	Hello Sir or Madam. For FDI under RBI Circular Notification No. FEMA 20/2000-RB dated May 3, 2000 we have to file FCGPR and FC-GPR in which we have to declare total inflow in INR and has to obtain FIRC from bank. My question is that, if a foreign company with no existence in India, has inward remittance from other sources, how can it provide original FIRC to RBI through AD category-I? Thank you. Regards, Mark Lee	"

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Mark Lee (CEO) (28 Points)
Replied 17 August 2009

Dear Mr. Manoj Kumar Jain.

I think you for your undermentioned reply.

Mark Lee

Originally posted by :Manoj Kumar Jain

Originally posted by :Mark LeeFC GPR is required to be submitted to only when there is capital Investment in India either as Equity or Preference Share capital or related to capital investments only, other wise in my undertstading it is not required to report to RBI in Form FC GPR. However FIRC can be obtained by the recepient from their bankers indicating the nature of receipt .

"
Hello Sir or Madam.

For FDI under RBI Circular Notification No. FEMA 20/2000-RB dated May 3, 2000 we have to file FCGPR and FC-GPR in which we have to declare total inflow in INR and has to obtain FIRC from bank.

My question is that, if a foreign company with no existence in India, has inward remittance from other sources, how can it provide original FIRC to RBI through AD category-I?

Thank you.

Regards,
Mark Lee
"

Ashis Mahapatra (Consultant-Tax & FEMA/FDI) (183 Points)
Replied 17 August 2009

Originally posted by :Mark Lee
"	Hello Sir or Madam. For FDI under RBI Circular Notification No. FEMA 20/2000-RB dated May 3, 2000 we have to file FCGPR and FC-GPR in which we have to declare total inflow in INR and has to obtain FIRC from bank. My question is that, if a foreign company with no existence in India, has inward remittance from other sources, how can it provide original FIRC to RBI through AD category-I? Thank you. Regards, Mark Lee	"

FC GPR is required to file RBI if foreign exchange received towards capital investment in Equity/ Pref share of Indian WOS/JV.Other than Shares, like Loan/FCCB/Other nature of receipt fall under other Regulation of FEMA where the Act prescribes separate Forms/procedure of compliance unless it is a Permitted Current/Capital Account transaction.But neverthless the ere is always a FIRC for each receipt of money in Foreign Exchange which contain the NATURE / END USE of that money .Accordingly you need to analyse wheather that specific nature of receipt required intimation/aproval of RBI/FIPB or not.Sometimes it is required to take PRIOR APPROVAL of RBI for bringing money to India.All documents can be routed through with AD banker to RBI except some few where you may submit directly to RBI.

1 Like

Mark Lee (CEO) (28 Points)
Replied 17 August 2009

Originally posted by :Ashis Mahapatra
"	Originally posted by :Mark Lee " Hello Sir or Madam. For FDI under RBI Circular Notification No. FEMA 20/2000-RB dated May 3, 2000 we have to file FCGPR and FC-GPR in which we have to declare total inflow in INR and has to obtain FIRC from bank. My question is that, if a foreign company with no existence in India, has inward remittance from other sources, how can it provide original FIRC to RBI through AD category-I? Thank you. Regards, Mark Lee " FC GPR is required to file RBI if foreign exchange received towards capital investment in Equity/ Pref share of Indian WOS/JV.Other than Shares, like Loan/FCCB/Other nature of receipt fall under other Regulation of FEMA where the Act prescribes separate Forms/procedure of compliance unless it is a Permitted Current/Capital Account transaction.But neverthless the ere is always a FIRC for each receipt of money in Foreign Exchange which contain the NATURE / END USE of that money .Accordingly you need to analyse wheather that specific nature of receipt required intimation/aproval of RBI/FIPB or not.Sometimes it is required to take PRIOR APPROVAL of RBI for bringing money to India.All documents can be routed through with AD banker to RBI except some few where you may submit directly to RBI.	"