Foreign Inward Remittance for share application money
This query is : Resolved
Jalpa Shah
(Querist)
01 July 2009
One pvt ltd company has received foreing inward remittance for share application money. No shares were issued till date. So what is the procedure to be followed ? whether we should inform to the RBI, if yes what is the form...
CA. B.SRINIVASULU
(Expert)
01 July 2009
Step 1 : First check whether the receipt is eligible for automatic route.
Step 2 : Collect FICR from Bank stating that the money is towards share application money.
Step 3 : Allot the shares
Step 4 : File Form FC-GPR part A to RBI
Step 5 : Obtain unique code alloted by RBI for the company
Step 6 : File FC-GPR part B every year.
Step 2 : Collect FICR from Bank stating that the money is towards share application money.
Step 3 : Allot the shares
Step 4 : File Form FC-GPR part A to RBI
Step 5 : Obtain unique code alloted by RBI for the company
Step 6 : File FC-GPR part B every year.
CA. Anuj Gupta
(Expert)
23 May 2011
Also if the shares have allotted after 180 days of receipt of share application money or there is delay in filing of FCGPR-A then you shall need to go RBI for compounding.
Anuj
0-9810106211
Anuj
0-9810106211
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