Amount received from foreign

This query is : Resolved

vishal sikariya (Querist)
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18 September 2014 Dear Sir

can private company registered under company act 1956 takes non refundable (non repatriation basis)amount from a foreign citizen (not(NRI /PIO)/OCB) without bearing any interest
and Company is not issuing /allotting any type of security or capital

if yes
what is reporting requirement of RBI in this case

Sir Pls Advise me i am very confused to sole this matter

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 you should have:

1. reported the receipt of money to RBI

2. allot shares within 6 months of receipt of funds and then report to RBI through form FC-GPR

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 you should have:

1. reported the receipt of money to RBI

2. allot shares within 6 months of receipt of funds and then report to RBI through form FC-GPR