CAN NRI GIVE MONEY TO THE INDIAN COMPANY AS LOAN ,
ARE THERE ANY FORMALITIES TO BE FULFILLED
WHAT RBI SAYS IN THIS REGARD ?
TDS WILL BE DEDUCTED ???????
Divya sharma (CHARTERED ACCOUNTANT) (250 Points)
01 July 2008CAN NRI GIVE MONEY TO THE INDIAN COMPANY AS LOAN ,
ARE THERE ANY FORMALITIES TO BE FULFILLED
WHAT RBI SAYS IN THIS REGARD ?
TDS WILL BE DEDUCTED ???????
Ashis Mahapatra
(Consultant-Tax & FEMA/FDI)
(183 Points)
Replied 05 December 2009
Yes there are some formalities for obtaining Loan from NRI.Prior Intimation & compliances required to RBI andsome cases prior APPROVAL required dependind upon some parameters like Enduse, Borrowing limit,Sector etc subject to some restrictions.
Pls read the ECB guidelines carefully attached herewith
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 13 December 2009
Dear Mahapatra,
what is the requirement when we receive the share application money from shareholder ?
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 13 December 2009
Dear Mahapatra,
What is the formalities to be completed when a Indian company receives the share application from its foreign shareholder.
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7014 Points)
Replied 24 March 2011
The indian company has to intimate the AD within 30 days of receipt of money in specified format.
Also within 180 days of receipt of money the shares must be allotted or money refunded.
Yearly Statement of Assets & liabillities also needs to be filed by 15th july every year.
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