RBI Act
This query is : Resolved
23 December 2010
Can sum1 suggest me the compliances under the RBI act if the Indian Company is a Wholly owned subsi of a foreign Company.
Are Compliance required every Year or they are required just at the time of the Div payment or the allotment of shares to foreign company.
Are Compliance required every Year or they are required just at the time of the Div payment or the allotment of shares to foreign company.
24 December 2010
If the company is regsitering with RBI as Part and parcel of the Foregin Company then need tp submitt Annual Accocunts Statements and ACtivity Certificate from CA to RBI every year and with Direcotrate of Income Tax.
24 December 2010
almost all the provisions regarding reporting will be applicable
24 December 2010
thanks Mr. Rajiv. but could u tell the binding Section for this compliance.
24 December 2010
Both the replies above fail to point out that the Indian subsidiary shall be required to report the inward remittance of share application/share capital within 30 days to RBI. The same share application money/share capital needs to be allotted to the concerned persons within 18 days and the that allotment shall also be reported in 30 days to RBI in Form FCGPR.
Also the requirements provide by CA Rajiv Shukla are applicable in case of a branch/liaison/project office of foreign company in India and not in case of a foreign subsidiary.
Also the requirements provide by CA Rajiv Shukla are applicable in case of a branch/liaison/project office of foreign company in India and not in case of a foreign subsidiary.
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