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FEMA COMPLIANCE

This query is : Resolved 
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(Querist)
09 August 2008 Dear Sir
i hv one query
one Pvt Co which parent comapny is American Company, received many times remmitance money from parant co. USA as a Working Capital Loan and also some other receipt during the year.
i just want to know that any FEMA Compliance is attracted on the company which company have to fulfill.
plz advise me on this issue
thax
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CA Abhishek Tyagi

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CA Abhishek Tyagi (Expert)
10 August 2008 In case of remittances received by an indian pvt ltd co from its foreign parent co , the indian co. have to intimate RBI about the remittance within 30 days of recipt abount the purpose, date, remitter, firc no etc. & within 6 months that money have to be converted into equity if the same is against the equity & have to file Form FCGPR-Part A with in 30 days of equity issue. Another compliance required is to file Form FCGPR-Part B on or before 30th June which is an annual report about the foreign remittances & the foreign liability outstanding at the end of the year.
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