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Statutary implications

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 March 2010 Hi experts,

I would like to know the statutary implications, if advance for share capital(received in foreign currencies)is not utilised within the specified time frame for the intended purpose and if the delay is over 2years.

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Ankur Garg

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Ankur Garg (Expert)
24 March 2010 This kind of violation would be considered as violation of FEMA rules and would be viewed quite seriously.

Be careful about foreign money in India.
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