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Procedure for reporting inward remittance

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 January 2014 I would like to know the procedure for reporting foreign inward remittance with the authorised dealer bank of a construction company that is to be started by nri's in india.

is there any rule that a director in the company should be a resident in india
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 January 2014 no it is not necessary for the director to be Indian (except for may some sectors wherein FDI rules might be restricting it)

With regards to reporting, you need to submit "Report by the Indian company receiving amount of consideration for issue of shares / Convertible debentures under the FDI Scheme"

The authorised dealer doing the transaction for you will assist you on this. You need a copy of the FIRC and KYC from the remitter bank.
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