FEMA query of Tracking filed FCGPR

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CS ladda Pune

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Dec 21, 2015, 12:24:19 PM12/21/15
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Dear Friends,
Happy evening !
Facts of the case:
ABC Education and Resorts Private Limited registered in Mumbai
Company is wholly owned by UK nationals
Paid up capital INR3 Crores
Company is now selling its all shares to Indian investor.

Issue: 
1) Company is not having any details related to FC GPR filed  with RBI for the same 
2) Resigned Consultant told that he done all RBI compliances but no documentary evidences available either with Company or with Consultant

Our requirements:
a) Whether like on RoC MCA site we can take search of Company on same footing can we verify at RBI ?
b)We have to file FCTRS but without knowing past details how can we proceed as it may becomes duplicate of work if already done in past !

You are requested to kindly share your views on the case.
With warm regards,



Arun Upadhyay

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Dec 21, 2015, 10:27:16 PM12/21/15
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Dear Sir/Mam,
In respect of point a of ur query..
U can visit to RBI nd tell them all the situation and ask the concerned personnel of RBI regarding any pendency like such on the part of the Company.( Form FCGPR) They will update u about any pendency if u want to satisfy urself about this.  Cary a copy of FIRC if u have.

In respect of point B..
U can file FCTRS. Contact to any AD bank. They will make all the payment nd will handle all the process regarding filing of form FCTRS. There is no big issue in filing this form.

If there is any earlier pendency than proceed with both these activities simultaneously.

Thanks & Regards:
CS Arun Upadhyay
Mob. : 08755544402

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Praveen Reddy

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Dec 22, 2015, 12:53:34 AM12/22/15
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Dear Sir,

 

In case there is a share transfer from a Resident to a Non-resident and the investment into the co. flows from the foreign account held by the NR. Will this be treated as domestic investment as per the new notification from RBI.?

 

Regards,

 

Praveen Reddy

 

R V Seckar

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Dec 23, 2015, 12:24:14 AM12/23/15
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Yes. All investments from NRI will be now considered as investments without repatriation benefits.

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Praveen Reddy

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Dec 23, 2015, 12:58:35 AM12/23/15
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Thank you very much

Jayashree Chandrasekaran

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Dec 23, 2015, 2:09:19 AM12/23/15
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Dear Seckar,
I am not clear.....all investments from NRI from his local account will be without repatriation benefits isnt it????
C.JAYASHREE
PROPRIETOR
S.GANESH&ASSOCIATES
CHENNAI
98840 17120

R V Seckar

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Dec 23, 2015, 2:12:57 AM12/23/15
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Dear Mm,
 
Yes. As per present guidelines of Indian government , all investments made by NRI from his normal bank account in India or from NRO or from NRE account , will be regarded as investment with out repatriation benefits or ordinary investments made by general public.
 
 

Pradeep Kumar

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Dec 23, 2015, 2:15:31 AM12/23/15
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Sir,

Could you pl provide supporting legal document/info for the same.
Thanks & Regards,
CS Pradeep Kumar M.

PRADEEP KUMAR M & ASSOCIATES
Company Secretaries,
#12/3,Sri Sathyasai Krupa,2nd Floor, Vanivilas Road
VV Puram, Bangalore-560004
Contact-9739315590/080-41215590

R V Seckar

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Dec 23, 2015, 2:23:41 AM12/23/15
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Pradeep Kumar

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Dec 23, 2015, 2:27:44 AM12/23/15
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Thank you Sir.

Praveen Reddy

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Dec 23, 2015, 7:16:00 AM12/23/15
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Sir,

 

If the transfer Is not from NRE or NRO account then? I have gone through the press release and I do not see any mention ofNRE/NRO account. Kindly clarify.

 

From: csmy...@googlegroups.com [mailto:csmy...@googlegroups.com] On Behalf Of R V Seckar
Sent: 23 December 2015 12:42
To: CSMysore
Subject: Re: [CSMysore] FEMA + RBI

 

Dear Mm,

R V Seckar

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Dec 23, 2015, 7:19:53 AM12/23/15
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Hello,
 
Even if it is transferred from NRE / NRO account of an NRI, it will be regarded as domestic investments as per present GOI decision.

Challa Madhukar

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Dec 23, 2015, 7:25:43 AM12/23/15
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Dear Praveen, 

Are are referring to a direct transfer by an NRI into the company through the Vostro / Nostro route ?

Thanks & Regards,
Madhu

Praveen Reddy

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Dec 23, 2015, 7:28:30 AM12/23/15
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Thank you.

Praveen Reddy

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Dec 23, 2015, 8:05:56 AM12/23/15
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Yes.

Challa Madhukar

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Dec 23, 2015, 9:26:46 AM12/23/15
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If it is through the VOSTRO / NOSTRO route, there is still some amount of ambiguity, on how to treat the transaction. 
I would suggest you get in touch with the regional office / RBI… 

Thanks & Regards,
Madhu

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