Transfer of Shares from NRI to RI

[Gajendra Mewara]

Hi,

 

In case of transfer of shares from NRI to RI, form fc-trs is filed. Can any one tell me how it is filed and within how many days it has to be filed with RBI through AD.

 

is there any specific requirement in case of transfer of shares from NRI to RI. 

 

can any one provide me the latest format of form FC-TRS.

 

Thanks and regards

Gajendra

[bhavani prasad]

Mr Gajendra

For more details you can visit www.rbi.org.in for latest form of TRS

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CS  Bhavani Prasad C N
Company Secretary & Compliance officer
Neha International Ltd
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Fax:+91 040 66 13 64 35
Website:www.nehainternational.com
Mail: bhavan...@nehainternational.com

[Vivek Hegde]

Dear Gajendra Mewara

 

Pls find the latest format..

 

Wil forward you the past discussion on the topic...

 

rgds

 

Vivek

 

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CS Vivek Hegde,B.com, ACS, CWA
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Koramangala, Bangalore-560034
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[Vivek Hegde]

Dear Mr. Gajendra

 

Here  is the reply given by Mr Algar on the topic few months ago....hope it clarifies ur doubt....

Regulation 9 (2) (i) of Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 says Person Resident outside India other than a NRI and *erstwhile OCB can transfer to any person resident outside India (Including NRI) by way of gift / sale under the automatic route.

Regulation 9 (2) (ii) of Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 says A NRI can transfer only to NRI by way of sale/gift under the automatic route.

After reading above regulations, it is very clear that NRI can not transfer shares of an Indian Company to the Foreing Company under the automatic route and needs to obtain prior approval from RBI for transfer. Moreover, I have got clarification from the RBI on the captioned matter and have handled couple of similar issues recently. 

Regulation 9 (2) (iii) of Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 is deals with transfer of shares from Resident to Non-resident and vice-versa under FCTRS route.

Regards

 

Vivek

 

On 11/11/09, Gajendra Mewara <gajum...@gmail.com> wrote:

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[chakri hegde]

Dear Gajendra,

In case of Transfer of shares from Non Resident to Resident, you need to file Form FC-TRS with RBI through Authorized Dealer within 30 days from the date of transfer. 

And I think you need to get the Valuation Certificate from CA.

On Wed, Nov 11, 2009 at 12:23 PM, Gajendra Mewara <gajum...@gmail.com> wrote:

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With Best Wishes
Chakri G Hegde
Nissin Foods India Ltd.
Bangalore

[Vivek Hegde]

Dear Chakri

 

It is 60 days from the date of receipt of consideration. Form FCTRS is self explainatory... Here is the extract...

 

4. Further, in order to ensure that the form FC-TRS is submitted within a reasonable timeframe, it has been decided that henceforth, the form FC-TRS should be submitted to the AD Category – I bank, within 60 days from the date of receipt of the amount of consideration. The onus of submission of the form FC-TRS within the given timeframe would be on the transferor / transferee, resident in India.

 

Moreever in your case FCTRS route is not available. You have to seek RBI permission. I understand what u mean by NRI is Non Resident Indian and not Resident Outside India.

 

Regards

 

[chakri hegde]

Dear Vivek ,

Thanks for your clarification...... sorry for the  misleading information........ 

[Gajendra Mewara]

Thanks for your information.

 

In case of transfer to shares from Non Resident ( Individual ) to Resident ( Company), whether we need to take prior approval of RBI or just filing of form FCTRS is sufficient within 60 days.

 

please guide.

 

Thanks 

[Vivek Hegde]

Filing of FCTRS will be sufficient. That is why i asked specifically what do you mean by NRI?...:)

 

rgds

 

Vivek

 

On 11/11/09, Gajendra Mewara <gajum...@gmail.com> wrote:

[CS Deeksha Mehrotra]

Hey, 

Can transfer of Shares from NRI to Resident of India be done on non consideration basis, without cash and in Kind?