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Allotment of shares to foreigner

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(Querist)
19 February 2010 What is the procedure and intimations required for allotment of shares to a NRI/foriegner and receipt of consideration from him?
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CA Chitresh Gupta

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CA Chitresh Gupta (Expert)
19 February 2010 iNTIMATION TO rbi WITHIN 30 DAYS OF RECEIPT OF MONEY.
THE SHARES ARE TO BE ALLOTED WITH 180 DAYS OF RECEIPT OF MONEY.
AFTER ISSUE OF SHARES, INDIAN COMPANY SHOULD FILE FORM -FC-GPR WITH RBI WITHIN 30 DAYS OF ISSUE OF SHARES ALONGWITH PRESCRIBED DOCUMENTS
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