Allotment of shares to nonresident
This query is : Resolved
Naredla.Susmitha
(Querist)
27 December 2013
can any one give what is procedure to be followed to allot shares to non resident?
Nikhil Kaushik
(Expert)
29 December 2013
1. Well Companies Act compliance shall remain same as in case of resident.
2. However FEMA compliances are to be done.
- you need to submit intimation to RBI when you receive funds for share application from the applicant.
- subsequently, at the time of allotment, you need file FCGPR with RBI.
2. However FEMA compliances are to be done.
- you need to submit intimation to RBI when you receive funds for share application from the applicant.
- subsequently, at the time of allotment, you need file FCGPR with RBI.
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