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Delay in fctrs process

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I had received some foreign currency for the transfer of shares to NRI. I had filed for FCTRS through CITIBANK within the stipulated time limit of 60 days. The bank took some time (more than 2 months) to approve the form and finally on 5th June 2014 submitted the documents to RBI for approval. I was told that when RBI approves the application then I will get the AD certificate. Now it has been more than 3 months but I have been not been issued the AD certificate. The bank always states that the papers are under process. Is this delay normal. What action can I take to speed up the matter. This delay in getting the AD certificate is delaying up the serious investments M&A deals. Please guide me

regards
 
Replies (1)

You can lodge complaint with Head Office of the  Bank or RBI directly with  copy to  CitiBank.

 

 


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