Foreign inward remittance

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CA.Varun Ranjan (Querist)
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27 February 2009 if a co rec. advance from its customer in us doller and want to convert into share capital what will be implications of ROC and RBI in this regard ?

CS. Ashish Shah

CS. Ashish Shah (Expert)
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27 February 2009 If the Company is limited company and it has completed 2 years from the date of formation and 1 year from the date of first allotment from the date of formation, it can just pass a Board Resolution and file form 2 with ROC. For RBI, it needs to file Form FC-GPR.

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