FCGPR late Filing

[komal jain]

Greetings to all, 

Company has received foriegn inward remittances in 2017 and has complied with all provisions of Companies Act, 2013 i.e. PAS 3 has been filed with ROC, allotted shares in 60 days etc

But has not complied with filing of FC-GPR, what is procedure for filing application for compounding of contravention and what would be the amount of penalty for the same.

Thanks & Regards 

CS Komal Jain 

Founder Partner

Contact No. +91-7383119361, 8866632290

 

K K Jain & Co. LLP 

Company Secretaries

Mumbai | Delhi | Surat | Guwahati

Head Office: 

405 -  Tower No. 2, Acme Oasis, 

B/h. Mahindra & Mahindra IT Centre, 

Akruli Road, Kandivali (East), 

Mumbai - 400101

[Bhavani Prasad]

Dear Komal Jain,

Please check RBI website and talk to your local RBI people in Mumbai for Compounding.

RBI now a days is very proactive in resolving grievances.

Regards

CS Bhavani Prasad C N
Company Secretary

098665 19059

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[Anshul Bhatt]

Dear Ms. Komal,

For compounding of offence with RBI, the procedures would be as follows:

1. Make good the offence done i.e file the Form FC GPR with Authorised dealer (AD);

2. After confirmation from AD of successful filing of form FC GPR, prepare the Compounding Application;

3. The RBI will provide the opportunity of being heard, attach all the documents in compounding application;

4. The penalty will be levied by RBI depending upon the delay period and quantum of offence;

Should you need further information/clarification please feel free to contact us.

Regards,

CS Anshul Bhatt

(Prop.)

Anshul Bhatt & Associates

Company Secretaries

57-Popular Arcade, Tata Rd. No.1,

Opera House, Charni Rd. (E)

Mumbai - 400004

Mob: 9920778890.

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Thanks & Regards ---? 

Anshul Bhatt
For Anshul Bhatt & Associates

Company Secretaries
Mumbai
(M): +91 97734 - 58480
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[Rishabh Jain]

Compounding not required. LFS will do the job.

Regards,

Rishabh

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[CS Mangesh More]

Yes. LFS will be applicable. 

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Thanks & Regards

Mangesh

9890916987

Please excuse any typos; sometimes our good intentions are trumped by spell check. Please know that I fully recognize that I am a work in progress and I appreciate your caring feedback.

[Manupreet Batra]

NO doubt LFS will be applicable but you can go for compounding voluntarily. 

You may also receive a mail from RBI to get the compounding done once you file the Form FCGPR with RBI and pay the LSF. 

The contravention will be made good once the compounding is done.

Regards

Manupreet Singh

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[Rishabh Jain]

After Late Submission fees is paid, there is no need to go for compounding. LSF is an alternative option for compounding. So either you pay LSF or go for compounding. In my opinion, why will anyone go to RBI and bang his own head when you have cheap alternative available.

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[Manupreet Batra]

One of our clients received a mail from RBI in which RBI mentioned that client may file for compounding on voluntary basis even after paying LSF and the contravention will be deemed as made good when compounding is done. 

So there is no banging heads with any authority and don't look for cheap alternatives.

Look for proper Compliance and advice your clients or company accordingly.

Thanks and Regards

Manupreet Singh

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[Manupreet Batra]

Screenshot of the part of RBI mail is attached for your reference. 

[Rishabh Jain]

If this is in case of FC-GPR then you might have to write to RBI and get it corrected.

Following is the language received as remarks received against numerous FC-GPR/ FCTRS/ InVI filing:

Company is advised to Pay as LSF an amount of INR 7781/- for contravention under para 13 (1)(2) of FEMA 20 (R)/2017 dated November 7, 2017 through DD in favour of THE RESERVE BANK OF INDIA payable at Hyderabad within 15 days. This approval may be treated as conditional acknowledgement without prejudice to any action that may be taken by the any Investigating /statutory authority under any other laws/regulations.

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[Manupreet Batra]

You may please note that in case of non-payment of LSF within 15 days of the date of this letter/mail, the delay shall be construed as a continuing violation and liable for action under Chapter lV of the Foreign Exchange Management Act, 1999.

 

It has been also observed there is delay in reporting. Thus, the companyis advised to apply for compounding for contravention of Reg. 13.1(11) (i) of FEMA 20(R)  and other contraventions, if any.  It is to be noted that compounding is a voluntary process. 

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[Rishabh Jain]

If I am not mistaken, you are talking about downstream investement. Which is completely different from FCGPR.

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[Manupreet Batra]

They had multiple contraventions. 

For FCGPR, companies pay only the LSF amount. I have also filed many delayed FCGPR and FCTRS and the clients don't want to get compounding done as it is on voluntary  basis. 

They just pay the LSF amount. 

Compounding can be done of all contraventions including FCGPR and FCTRS as per RBI Master direction on compounding. 

Thanks

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