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FDI-RBI Compliences


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Complinces

The Remitting Investors should ensure that (for FDI) –

  • Funds have to flow only from the investors’ bank accounts.
  • The purpose of remittance should be stated as towards investment in share capital or as the case may be subject to FEMA compliance.
  • Know Your Customer information to be transmitted along with remittance

The Company receiving the Investment should ensure that –

  • Apply to the Bank for Foreign Inward Remittance Certificates (FIRC) indicating the receipt of remittance and the purpose of remittance as towards investment in share capital. Whereas there are few bankers who may insist on the declaration as per their banks’ format.
  • Submit Report of Receipt of FDI to the Banker within 30 days of the receipt of remittance enclosing a copy of FIRC. Obtain acknowledgment of submission from the bank.
  • Allotting Unique Identification Number (UIN) for every remittance received and awaiting communication from Reserve Bank of India.
  • • Allot shares for the remittance received within 180 days of receipt of remittance, by doing the following –
    • Obtain share valuation report from Chartered Accountant
    • Increase Authorized Share Capital, if necessary, by complying with the requirements of the Companies Act.
    • Allot shares by complying with the requirements of the Companies Act.
    • Obtain Certificate from practicing Company Secretary for the fulfillment of Companies Act compliances for FDI.
  • Submitting Part A of Form FC-GPR within 30 days of allotment by reporting allotment of FDI to the banker by enclosing the below-mentioned documents –
    • Valuation Report obtained from Chartered Accountant
    • Company law compliance certificate obtained from Company Secretary
    • Copies of FIRC
  • Submit Annual Return of Foreign Liabilities & Assets, in Part B of Form FC-GPR, with the Reserve Bank of India, External Liabilities and Assets Statistics Division, Mumbai, before 15th July of every year, also enclosing audited financials of the company.

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