Filing of fla by pvt. co.

This query is : Resolved

Swati Sharma (Querist)
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11 July 2016
Company who have issued shares to Non Resident on Non Repatriable basis need not file FLA. This is an extract from FLA Faq available on RBI website.

Kindly elaborate the meaning.
This exemption is available only for Non Resident?? How to compute whether a body Corporate is Resident or Not..

Pratik Shah

Pratik Shah (Expert)
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11 July 2016 Shares under non-reptration basis can only be issued to Non Resident Indians (NRI) by because money can be brought into India on none repatriation basis only through NRO account which can be opened by NRI.

FDI from any person/entity other than NRI shall always be on repatriation basis. That FAQ point is bit misleading I guess.

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Swati Sharma

Swati Sharma (Querist)
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12 July 2016 Thankyou Pratik... you have very well clarified my doubt...

Swati Sharma

Swati Sharma (Querist)
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12 July 2016 please also clarify whether shares issued as Bonus Shares will be counted in liablity of Investor in FLA form.

Pratik Shah

Pratik Shah (Expert)
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12 July 2016 Yes. That will be filled up in FLA.

Swati Sharma

Swati Sharma (Querist)
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