Nri capital in company setup foreign

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Rahul Singh (Querist)
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21 May 2022 i taken residency of other country and opened company and personal bank account. opening business account also. i will not stay in india to be nri. someone say if i open a company in foreign it is require by rbi to transfer capital for company from india. that is real? i have to or not? the country i opened company do not say to transfer capital no rule. so why india rule for foreign company? help please

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 May 2022 You are NRI no such rules applicable for you. File form 15CA and 15CB and transfer money.

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Rahul Singh

Rahul Singh (Querist)
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23 May 2022 sir please confirm again no rule of rbi correct? no need of send capital?
for now status is not changed as nri in bank. company was opened then i came to this country and taken residency. just now

thanks all help

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 May 2022 As you are resident you can send money under liberalised remittance scheme yearly upto 2.50 lacs USD without RBI permission.

Rahul Singh

Rahul Singh (Querist)
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23 May 2022 sir worry is below

someone say if i open a company in foreign it is require by rbi to transfer capital for company from india. that is real? i have to or not? the country i opened company do not say to transfer capital no rule. so why india rule for foreign company? help please

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 May 2022 Being individual you can send money under liberalised remittance scheme yearly upto 2.50 lacs USD without RBI permission.
For any excess remittance RBI permission is required.
No permission is required for your funds parked outside India.

Rahul Singh

Rahul Singh (Querist)
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24 May 2022 sir i do not want to send funds as company capital. but someone said i have to send capital amount because it is rbi rule. is there any rule? why rbi want to do that?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 May 2022 Yes FEMA rules are there it's RBI rules.
Our imports are more than exports so there is deficit in foreign currency earning. To use the scarce foreign currency such rules are made.

Rahul Singh

Rahul Singh (Querist)
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24 May 2022 that mean mandatory to send capital my case from india to other country?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 May 2022 How much you want to send.

Rahul Singh

Rahul Singh (Querist)
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26 May 2022 i do not want to send. but my foriegn company capital is 50 lakh. do i have to send that? required or optional?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 May 2022 Disclose the foreign capital in the ITR.
No need for RBI permission as you are not transferring any money.

Rahul Singh

Rahul Singh (Querist)
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27 May 2022 sir i know i do not need rbi permission for 50 lakh. but i just want to confirm. is it a requirement of rbi or any government department to send capital if someone opens company in foreign? please confirm this . will be help. please talk to your ca friends also

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 May 2022 It's only RBI no other government department.

Rahul Singh

Rahul Singh (Querist)
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27 May 2022 sir so is there any mandatory rule to send?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 May 2022 It's FEMA rules.........

Rahul Singh

Rahul Singh (Querist)
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27 May 2022 fema rules say i have to transfer capital?