Foreign remittance & share allotment

Pvt ltd 614 views 2 replies

sadaf

MBA

27 Points Joined May 2014

Dear Sir,

I would like to know if foreign remittance comes through more than one account then firc is issued by first bank. In our case the first bank received 100000 INR and they issued FIRC of INR 10000, but they credited in our main bank account the amount of 99900. They deducted 100 rupees as processing charges. Now in such case do we need to inform RBI that we received foreign remittance of INR 99900 or INR 10000.

Also while allotment of shares can we allot shares for full amount of INR 100000 or do we need to allot shares of INR 99900

Replies (2)

P C Agrawal

Registered independent director Past Ch

8229 Points Joined March 2007

You can debit Rs.100 to bank charges and credit Rs.1 lac towards share application money and make allotment accordingly.

sadaf

MBA

27 Points Joined May 2014

Dear Sir, Thanks for your reply. But I think I was not able to convey you my question properly. The first bank instead of sending INR 100000 in our main account in second bank, they send only 99900 only, but they issue FIRC of INR 100000. So our main bank account was credited of INR 99900 only. In our office account book we can show that 100 is debit towards bank charges, but not in our bank account. If RBI cross verify with our main bank account then they might say how you allotted share for INR 100000 when you actually recievd INR 99900 in your main bank account ? Kindly guide. Thanks in advance.