Receipt of foreign currency by indian company
This query is : Resolved
Mohit Kumar Naharia
(Querist)
06 December 2013
if one Indian co. has received share application money through foreigner than it has to be reported to RBI or not ? & if co. don't want to issue shares to that person & will refund after a period of time but till that time they want to invest that money than can they do so? what are the provisions for that?
CA. Aryendra
(Expert)
06 December 2013
Yes it should be reported to RBI.
Go to notification Notification No. FEMA 20 /2000-RB dated 3rd May 2000.
Go to notification Notification No. FEMA 20 /2000-RB dated 3rd May 2000.
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