Conversion of ecb into equity
This query is : Resolved
Vidhi Agroyee
(Querist)
08 May 2012
Dear Sir
Our Company purchased machinery from outside india and payment was made my its holding company based at Mauritius ($300K approx).
Above incident happended in 2007.
Now same was never reported to RBI and was converted into equity in the year 2012.
Pls confirm whether same need to be reported to RBI and if yes , how much can be the penalty / compunding in this matter.
Our Company purchased machinery from outside india and payment was made my its holding company based at Mauritius ($300K approx).
Above incident happended in 2007.
Now same was never reported to RBI and was converted into equity in the year 2012.
Pls confirm whether same need to be reported to RBI and if yes , how much can be the penalty / compunding in this matter.
CA. Anuj Gupta
(Expert)
09 May 2012
Yes this is violation of RBI norms on ECB.
Kindly make a case for the same to RBI on urgent basis as RBI always gives benefit on disclosures by Company.
The penalty amount shall depend on :
1.the officer dealing with the case and
2.how the case is presented before the RBI.
Anuj
femaquery@gmail.com
Kindly make a case for the same to RBI on urgent basis as RBI always gives benefit on disclosures by Company.
The penalty amount shall depend on :
1.the officer dealing with the case and
2.how the case is presented before the RBI.
Anuj
femaquery@gmail.com
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