plz provide me the detailed information about the penalty if person fails to submit form FC-TRS with Designated AD branch within 60 days from the date of receipt of funds. In case of transfer of shares from resident to non resident.
sandhya sethia (trainee) (142 Points)
10 August 2011plz provide me the detailed information about the penalty if person fails to submit form FC-TRS with Designated AD branch within 60 days from the date of receipt of funds. In case of transfer of shares from resident to non resident.
AMIT MISHRA
(Legal Professional)
(393 Points)
Replied 10 August 2011
Dear Sandhya,
Since you have not filed the form, you have violated sections 13, 14 and 42 of FEMA 1999. Since, assuming prior consent of RBI is not needed, you should immediately report to RBI for condonation of delay. It is the discretion of RBI to prosecute the company or not, depending on the facts and circumstances of the matter.
Thanks & Regards
Amit Mishra
BSamrish & Co.
New Delhi
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