Remmitance by foreign Citizen
This query is : Resolved
KETAN MEHTA
(Querist)
03 February 2011
if foreign citizen remit the money in company's a/c either for share capital or for unsecured non-repatriation basis , does any permission from RBI or any govt. compliance are required where other share share holders are Indian.
CA. Anuj Gupta
(Expert)
04 February 2011
There are lot of compliance requirements in the case of purchase of shares by Foreign Citizen.
First the Indian Co. needs to inform RBI about the receipt of money within 30 days.
Then the Indian Co. need to file Form FCGPR with in 180 days of receipt of money in India.
Also yearly filing of statement of Assets & Liabilities is also there.
Anuj
0-9810106211
First the Indian Co. needs to inform RBI about the receipt of money within 30 days.
Then the Indian Co. need to file Form FCGPR with in 180 days of receipt of money in India.
Also yearly filing of statement of Assets & Liabilities is also there.
Anuj
0-9810106211
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