FDI
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 February 2010
A private limited company engaged in settingup and running of resorts received Rs.40 lacs from foreign natioal on 1.1.2008. the company is not yet filed the return. the company wants to keep the money in share application money till 31.03.2011. Whether it is possible ?. what are the various formalities to be complied by the company regarding rbi and fema regulations. what are the forms to be filed. what are the steps to be taken to regularise it. As per the present guidelines shares to be issued within 180 days. whether it is applicable for amount received in jan 2008
16 February 2010
A two-stage reporting procedure has been introduced for this purpose.
On receipt of money for investment:
Within 30 days of receipt of money from the non-resident investor, the Indian company will report to the Regional Office of the Reserve Bank of India, under whose jurisdiction its Registered Office is located, containing details such as:
• Name and address of the foreign investor/s
• Date of receipt of funds and their rupee equivalent
• Name and address of the authorised dealer through whom the funds have been received, and
• Details of the Government approval, if any.
Within 180 days from the date of receipt of remittance , a report in Form FC-GPR, together with KYC report along with the following documents should be filed with the concerned egional Office of the Reserve Bank of India.
• Certificate from the Company Secretary of the company accepting investment from persons resident outside India certifying that;
• All the requirements of companies Act has been complied with.
The terms and conditions of government approval, if any has been complied with.
The company is eligible to issue shares under these regulations
The company has all original certificates issued by authorized dealers in India evidencing the receipt of amount of consideration.
Certificate from Statutory Auditors or Chartered Accountant indicating the manner of arriving at the price of the shares issued to the persons resident outside India.
On receipt of money for investment:
Within 30 days of receipt of money from the non-resident investor, the Indian company will report to the Regional Office of the Reserve Bank of India, under whose jurisdiction its Registered Office is located, containing details such as:
• Name and address of the foreign investor/s
• Date of receipt of funds and their rupee equivalent
• Name and address of the authorised dealer through whom the funds have been received, and
• Details of the Government approval, if any.
Within 180 days from the date of receipt of remittance , a report in Form FC-GPR, together with KYC report along with the following documents should be filed with the concerned egional Office of the Reserve Bank of India.
• Certificate from the Company Secretary of the company accepting investment from persons resident outside India certifying that;
• All the requirements of companies Act has been complied with.
The terms and conditions of government approval, if any has been complied with.
The company is eligible to issue shares under these regulations
The company has all original certificates issued by authorized dealers in India evidencing the receipt of amount of consideration.
Certificate from Statutory Auditors or Chartered Accountant indicating the manner of arriving at the price of the shares issued to the persons resident outside India.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ITDS U/S.194T of Firm
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- Eway bill not cancelled within 24 hous what can be due
- DIN reactivation
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
