Compliances under FERA Regime

[CS Chandru]

Dear Professionals,

Please let me know the approval and reporting requirements under Foreign Exchange Regulations Act (FERA) which was in force until the year 2000. The residents individuals of one of a private company transferred shares to a foreign entity during 1999 and that private company had allotted further shares to such foreign entity 5 times during 1999 - 2000. At this period, FERA was effective and was replaced by FEMA from 2000 onwards.

Given this, I want to know the actual procedure to be followed under FERA for transfer of shares from resident to non-resident and for allotment of shares to non-resident. 

Kindly provide your earlier response. 

 

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Thanks & Regards

CS Chandrashekhar

+91 9743148312

 

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[CS Chandru]

Dear All,

Request to share your views on my above query at the earliest.

[CS Chandru]

Dear Seckar sir,

Kindly let me know the reporting and approval requirement under FERA prior to 2000 for initial subscription of MoA, subsequent share allotment and transfer of shares from NR to Resident.

[R V Seckar]

Hello,

You can visit to your regional RBI and check with the ECD department offiicials where you have received query .

They will guide u how to approach the issue.

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R.V.Seckar

Mobile- 09848915177

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[CS Chandru]

Thanks sir. But is there any link through which i can read and understand what are the procedures and approvals required under FERA for share allotment to NR?

[R V Seckar]

Dear Mr. Chandru

Under FERA also , we have to intimate to the RBI about the receipt of money and allotment of shares to NR.

For condonation and for application format , it is better to meet the ECD department and they will definitely help u.,

Sorry , I do not have any copy of the application under FERA to RBI as of date.