Max Payne (employed) (2569 Points)
06 February 2012Dear members,
what intimation is required under FEMA to RBI for
transfer of shares of Indian pvt ltd company,
by a foreign holding co,
to another foreign company or NRI.
Also what other FEMA provisions to be complied?
Please revert urgently.
Thanks in advance
CS Rajveer Rai, Gurgaon
(CS)
(646 Points)
Replied 06 February 2012
Max Payne
(employed)
(2569 Points)
Replied 06 February 2012
but sir, here there is no resident. So how FC TRS is applicable?
also there is no remittance to india, the transfer is taking place between foreign entities...
so will FC GPR come into picture?
CS Rajveer Rai, Gurgaon
(CS)
(646 Points)
Replied 08 February 2012
FC-TRS is a declaration of transfer that consideration has been received by transferor it is not for remittance what i think. Further you can contact your AD Bank and please clear me also whatever AD says.
Max Payne
(employed)
(2569 Points)
Replied 09 February 2012
Hi thanks for the revert sir,
RBI told no forms required to be filed if the consideration is other than in INR,
and outside India between NRIs.....
CAclubindia
