Fema compliance agnst share capital recd

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 October 2011 Hi All,

Is penalty or interest applicable
a)For delay in receiving inward remittance from parent co towards equity share capital.Remittance was received after 90days from the Date of Incorporation.

b)Shares are not issued within 180days from the receipt of remittance.

c)KYC and other required filing with RBI as per FEMA guidelines not met.

Can someone please tell me the respective sections and penalty/interest applicable and the forms to be used for filing the returns now.

Querist : Anonymous

Querist : Anonymous (Querist)

20 October 2011 Hi All,

Can someone please reply to the above question at the earliest.

Regards.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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31 October 2011 a) No problems under FEMA , but ther are issues under Companies Act.

b) Yes this a non compliance as per FEMA

c) This is mandatory and needs to be done.

Form FCGPR shall be needed for the allotment of shares .

RBI can impose Penalty upto 3 times of the sum involved.

Anuj
+91-981006211
femaquery@gmail.com

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