Amount received from foreign
This query is : Resolved
vishal sikariya
(Querist)
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
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
(Expert)
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
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
(Expert)
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
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
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