Jayanta Bandyopadhyay (331 Points)
02 November 2024India based parent is having one wholly owned subsidiary in Mauritius. Pending certain issues, Indian parent is unable to remit funds to Mauritius. Can Mauritius company take a short term loan from One Indian's USA account.
Do Indian parent and Individual notify RBI?
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5686 Points)
Replied 02 November 2024
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5686 Points)
Replied 02 November 2024
May need to report the transaction through Form FC-TRS (Foreign Currency Transaction Reporting).
2. Tax implications: The transaction may have tax implications in India, the USA, and Mauritius.
Consult a tax professional to understand the tax implications. To ensure compliance:
a. Consult a chartered accountant or tax professional.
b. Ensure proper documentation.
c. Obtain necessary approvals from the RBI, if required.
Jayanta Bandyopadhyay
(331 Points)
Replied 03 November 2024
Many thanks. Sir.
Bank refers to HQ.
Mauritis Co is not under RBI ambit. Then why they would report in ODI?
Indian citizen remitting thru USA account, possibly binds himself wrt RBI,I TAX depts in varying degree.
Regards
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