FCGPR Filing

[Office Work]

Dear Learned Members,

A NRI has transferred funds to the Company for acquisition of shares, through NRO account. 

FIRC reporting requirements are no more there. However do we need to file Form FC-GPR even if the amount is transferred through NRO account?

Kindly help.

Thanks

Pushkar

[Kashish Gupta]

Yes you need to file FCGPR 

Thanks & Regards 

Kashish Gupta 

9716549157

(Partner)

Yashi & Associates

Company Secretaries & Chartered Accountants

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Thanks & Regards

Kashish Gupta 

Contact: +91-9716549157

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[Office Work]

But investment by NRI/OCI is treated at par with Domestic Investment as per Schedule IV (1) (b) of NDI Rules. In that case, still the filing of FC-GPR required?

Also in case of transfer from RI to NRI will it be treated at par with Domestic Investment or not? Schedule 4 of NDI Rules talks about purchase or contribution and no where it talks about transfer. Although investment includes transfer, purchase doesn't, as both purchase and transfer have different meaning and compliance in NDI Rules. So if as per FEMA a transferee is PROI and if he is NRI, do we require to file FC-TRS? 

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[CS Mohit Saluja]

Dear Concern,

          Greetings of the Day.. !

Share subscription amount is not permissible debit from NRO account

CS Mohit Saluja

CERTIFIED CSR PROFESSIONAL

Mohit Saluja & Associates

Company Secretaries

FCS, LL.B, M.Com, B.Com(Prof.)

338/7, Central Town

Near Swaran Institute

Jalandhar, Punjab-144001 

Tel: +91 9914558709 (M) 
Email: csmohit...@gmail.com | csmohits...@gmail.com

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[Office Work]

Dear Mr Mohit

As per Regulation 3.1 (IV) (1) (A) of FEM (Mode of Payment and Reporting of NDI) Regulations, 2019, debit to NRO/NRE is allowed for investment by NRI/OCI.

Can you please provide the provisions of RBI Regulations or NDI Rules which expressly prohibits the subscription to MOA through NRO/NRE account? It will be of great help.

Thanks

Pushkar

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[CS Mohit Saluja]

Dear Concern,

          Greetings of the Day.. !

The Regulation you are talking about is related to investment on a non-repatriation basis. In this case you may avoid teh fiing of FCGPR. Being on safer side, better to take the written confirmation from your AD Bank to enable yourself from future hardships.

CS Mohit Saluja

CERTIFIED CSR PROFESSIONAL

Mohit Saluja & Associates

Company Secretaries

FCS, LL.B, M.Com, B.Com(Prof.)

338/7, Central Town

Near Swaran Institute

Jalandhar, Punjab-144001 

Tel: +91 9914558709 (M) 
Email: csmohit...@gmail.com | csmohits...@gmail.com

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[Office Work]

Thank you very much for your reply.

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