Revised Form FC-GPR

Pradeep Kumar (Accountant) (33 Points)
Replied 26 November 2008

Originally posted by :Guest
"	Thanks	"

in other words it is company through bank need to submit FC-GPR to RBI.

(Guest)

Plz send me FCGPR Part A in word format

shikha srivastava (company secretary) (26 Points)
Replied 05 January 2009

FC-GPR in word format... We have to submit the form as well as the intimation of remittance to the bank. Bank will submit the FIRC to the rBI on our behalf.

shikha srivastava (company secretary) (26 Points)
Replied 05 January 2009

Originally posted by :shikha srivastava
"	FC-GPR in word format... We have to submit the form as well as the intimation of remittance to the bank. Bank will submit the FIRC to the rBI on our behalf.	"

Attached File : 35 fc-gpr.doc downloaded: 443 times

Kapil Bajaj (Service) (112 Points)
Replied 24 March 2009

cana nyone please tell me who issues a KYC ??

Ajay Mishra (Company Secretary) (74337 Points)
Replied 25 March 2009

Originally posted by :Kapil Bajaj
"	cana nyone please tell me who issues a KYC ??	"

Dear Kapil

As u aware that new KYC form in respect of the non-resident investor is introduce by Annexure III in A.P. (DIR Series) Circular No. 44 dated May 30, 2008. This form is given by Authorised Dealer of the company whose share are taken by non-resident.

In short, KYC is issued by AD Bank receiving the remittance.

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 25 March 2009

Thanks for the Info Ajay Ji....

Suresh (Advocate) (24 Points)
Replied 04 July 2009

Originally posted by :Guest
"	AFTER RECEIPT OF FOREIGN MONEY , HOW LONG WE CAN WAIT TO ALLOT SHARES . IS THERE ANY MAXIUM PERIOD WHETHER FCGPR IS TO BE FILED ONLY AFTER THE ALLOT MENT OF SHARES TO THE APPLICANTS IF THE COMPANY TAKES THREE TO SIX MONTHS TIME, WHETHER IT CAN WAIT TO FILE FCGPR TILL THE DATE KINDLY CLARIFY	"

Dear friend,

Intimation to RBI is required to be submitted within 01 month from date of receipt.

The FDI is to be allotted within 06 month from date of its receipt.

Intimation to RBI through agent within 01 month from date of allotment.

Regards,

SK Rohilla

9899221170

Suresh (Advocate) (24 Points)
Replied 04 July 2009

Originally posted by :ankit

"

Dear Sandhya,

A company required tto intimate to RBi within 7 days of receipt of funds whether it allots shares or not.
FCGPR are required to be filed within 30 days of allotment of shares.
FCGPR is filed only after allotment. If compaqny does not allot shares within 6 months of receipt of money the it has to send the money back.

Regards

Ankit Sinha

Kindly correct Mr. Ankit, it is 01 month.

"

Ajay Mishra (Company Secretary) (74337 Points)
Replied 06 July 2009

Hi

REPORTING OF FDI

(i) Reporting of Inflow

(a) An Indian Company receiving invest from outside India for issuing shares under the FDI scheme, should report the details of the amount of consideration, to the Regional office concerned of the Reserve Bank not later than 30days from the date of receipt in the advance.

(b) Indian company are required to report the details of the receipt of the amount of consideration for issue of shares through an AD Category-I bank, together with the copy of the FIRC evidencing the receipt of the remittance along with the KYC report on the non-resident investor from the overseas bank remitting the amount.

(ii) Time frame within which shares have to be issued

The equity instruments should be issued within 180 days from the date of receipt of inward remittance or by debit to the NER/FCNR (B) account of the non-resident investor. In case the equity instruments are not issued within 180 days from the date of receipt of the inward remittance or the date of debit to the NER/FCNR (B) account, the amount of consideration so received should be refunded immediately to the non-resident investor by onward remittance through normal banking channels or by credit to the NER/FCNR(B) account, as the case may be. Non-compliance with the above provision would be reckoned as a contravention under FEMA and could attract penal provisions. In exceptional cases, refund of the amount of consideration outstanding beyond a period of 180 days from the date of receipt may be considered by the Reserve Bank, on the merits of the case.

(iii) Reporting of Issue of Shares

(a) After issue of shares the Indian company has to file Form FC-GPR not later than 30 days from the date of issue of shares.

(b) Part-A of Form FC-GPR has to be dully filled up and signed by MD/Director/Secretary of the Company and submitted to the Authorised Dealer(AD) of the company, who will forward it to the RBI.

(c) The report of the receipt of consideration as well as Form FC-GPR have to be submitted by the AD bank to the Regional office concerned of the RBI under whose jurisdiction the Registered office of the company is situated.

(d) Part-B of Form FC-GPR should be filed on an annual basis by the Indian Company, directly with the “Advisor, Balance of Payment Statistical Division, Department of Statistics and Information Management, RBI, C9, 8^th Floor, Bandra-Kurla Complex, Bandra (E), Mumbai-400051”. This is an annual return to be submitted by 31^st July every year, pertaining to all investments by way of direct/portfolio investments/re-invested earning/ others in the Indian company during the previous years.

Best Regard

sarada (accountant) (28 Points)
Replied 30 July 2009

Originally posted by :swetha
"	fyr	"

hi,

i want CA Certificate format for FC GPR. in FC GPR form they have mentioned that we have to attach CA Certitifate but they i have not specified in that. i want that format. can any body help me in this matter.

Regards,

sarada

Ajay Mishra (Company Secretary) (74337 Points)
Replied 31 July 2009

Hi Ms.Sarada

CA Certificate is required to be filed with Form FC-GPR indicating the manner of arriving at a price of the shares issued to the persons resident outside India.

Can you clarify me whether your company is listed or not ?.

Malav Shah (Company Secretary and AVP Legal) (171 Points)
Replied 31 July 2009

Hi Friends

Specimen of CA certificate for Fair value of the Company required for filing alongwith Form FCGPR attached.

Regards

Malav

Attached File : 6 ca certificate under fema rules for unlisted company.doc downloaded: 411 times

Ashis Mahapatra (Consultant-Tax & FEMA/FDI) (183 Points)
Replied 01 August 2009

Originally posted by :Guest
"	AFTER RECEIPT OF FOREIGN MONEY , HOW LONG WE CAN WAIT TO ALLOT SHARES . IS THERE ANY MAXIUM PERIOD WHETHER FCGPR IS TO BE FILED ONLY AFTER THE ALLOT MENT OF SHARES TO THE APPLICANTS IF THE COMPANY TAKES THREE TO SIX MONTHS TIME, WHETHER IT CAN WAIT TO FILE FCGPR TILL THE DATE KINDLY CLARIFY	"

There is TWO times reporting requirment to RBI.

( 1) An intimation to State Regional Office of RBI ( say in Mumbai it is locatedin BKC) within 30 days of receipt of fund.That means within 30 days of date In FIRC you need to intimate RBI above office.

(2) File FC-GPR form A to RBI above office within 30 days from the date of allotment of shares to foreign investor.

But Remember the allotment of shares shuld be done within 180 days from the date of fund received that means within 180 days from the date of FIRC the share should alloted.

Not fullfilling of avove time period is violation of FEMA and the matter will be go for Compounding where the Indian Company will be heavily penalised.

FCGPR form B will be annually filed to Central office of RBI located in Horniman Circle Mumbai

All application can be done through your Authorised Dealer bank.Also U can submit FCGPR B directly to RBI Central Office to avoid delay.alongwith You need to comply with Sectorial Cap limits as prescribed in FDI guidelines