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Filing of fc-gpr with rbi

Pvt ltd 811 views 2 replies

Hetal

Accounts

25 Points Joined August 2012

Hi,

We,a Pvt Ltd. Co., have issued shares to our Foreign Creditors against their outstanding amount in 2008 i.e. consideration other than cash, we have filed all the necessarry forms with MCA, but we have not filed FCGPR with RBI at that time. Now is it necessary to file the same with RBI or we can go as it is going on ? What will be the consequences of filing with RBI & even Non-filing with RBI. Kindly guide accordingly ?

Rgds

Hetal

Replies (2)

CA Kedar Sakhardande

Proprietor

954 Points Joined December 2010

you should have filed FCGPR annual return Due date 31st July each year i.e, 31/07/2009, 31/07/2010, 31/07/2011 Further you shall also have filed statement of assets and liabilities (in your case its a liability) You should have filed KYC Form for that foreign creditor and also should have filed FCGPR Annexure A within 30 days of allotment of shares. It seems that you have not complied with any of these requirement. so this case is very much falling within the scope of compunding proceedings advise to take guidance of FEMA/RBI consultant and deal with the matter diplomatically regards