FEMA- FCGPR and FCTRS
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Bhagyasree
Apr 13, 2019, 3:07:48 AM4/13/19
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Dear Members,
Is reporting under FCGPR required if an OCI Card holder subsribes to shares (MOA subscription) on a non repatriable basis in an Indian Pvt Ltd company?
Further if the same individual intends to transfer the shares to a Foreigner, is FCTRS applicable?
Thanks and Regards,
pranav amlani
Apr 13, 2019, 3:33:47 AM4/13/19
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Yes, FCGPR is applicable even he/she is an OCI cardholders.
It will not effect if is done from Indian account (NRO).
Yes, FCTRS will also be applicable.
best regards
Pranav
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Bijay Kumar
Apr 13, 2019, 4:46:37 AM4/13/19
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In case the remittances are from Nro/nre account on non repatriation basis fcgpr is not required pls see the relevant guidelines.
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Sachin Verma
Apr 13, 2019, 5:40:36 AM4/13/19
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Not required on non repatriation basis
It will deemed to be at par with domestic transaction
Prakash Nagarajan
Apr 13, 2019, 5:53:04 AM4/13/19
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Greetings
As per FEMA:
Non-repatriable investments are as good as domestic investments - Irrespective of the remitter. But ensure that whether your investment is non-repatriable or not !
My kind suggestion;
Don't go with layman's suggestion on "Non-Reptraible investment". It is not a option but a regulation structured by RBI.
Regards
CS Prakash Nagarajan
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Prakash Nagarajan
Apr 13, 2019, 5:55:56 AM4/13/19
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Further
Any transaction between resident to non-resident or vice versa shall be compulsorily reported by the resident party to RBI. (Applicable only for repatriable investments)
Regards
CS Prakash Nagarajan
DONATE ORGANS & SAVE LIVES. I AM A REGISTERED ORGAN DONOR.
Office:
Practicing Company Secretary
101-A, Ambience Avenue, 8-3-981/82, Srinagar Colony Main Road,
Hyderabad - 500 073. Off: 040-2374 3975, 2374 4448,
Bhagyasree
Apr 15, 2019, 6:19:24 AM4/15/19
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Thanks everyone for your valuable suggestions.
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