FCGPR

[Sakina Rassawala]

Dear Friends,

A parent company issued  FCGPR for certain purpose to its subsidiary company. Now the company wants to change the purpose for which FCGPR is issued. How this can be done. Also this FCGPR belongs to previous years. Please guide.

Regards.

[Sakina Rassawala]

Dear Friends,

A parent company issued  FCGPR for certain purpose to its subsidiary company. Now the company wants to change the purpose for which FCGPR is issued. How this can be done. Also this FCGPR belongs to previous years. Furthermore, Can FCGPR be issued for "Share application money pending allotment". Please guide.

Regards.

[Sakina Rassawala]

Dear Friends,

Please guide, if a  company has received FCGPR in 2008 for the purpose of "Purchasing capital equipment". Afterwards they want to change it for the purpose of "Share application money". Is this possible.

Regards.

[ravi p]

Hi Sakina

 

Your question is not clear.

 

FCGPR is a form to be filed with RBI thru authorized dealer for allotment of stock to non-residents under FEMA.  HOw can this be filed for purchase of equipment?

 

Regards

 

Ravi P

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From: Sakina Rassawala <sakin...@gmail.com>
To: csmy...@googlegroups.com
Sent: Tue, 15 June, 2010 3:56:43 PM
Subject: [CSMysore] FCGPR

Dear Friends,

Please guide, if a  company has received FCGPR in 2008 for the purpose of "Purchasing capital equipment". Afterwards they want to change it for the purpose of "Share application money". Is this possible.

Regards.

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[monika singhal]

Hello Sakina

 

If you want to change the purpose of remittance from "Purchasing capital equipment" to "Share application money",u have to go to the Authorising dealer i.e the bank from where the money was remmitted and get it changed from there . Then you will get the amended certificate from there.then just sumbit the photocopy of the certificate with FCGPR to RBI.

 

Monika Singhal

Trainee

Koley.S & Associates

 

[ravi p]

Hello Sakina/Monika

 

Here I would like to let you know that, Authorized dealer will not change the purpose of FIRC from "Purchasing capital equipment" to "share application money since "Share Application Money" falls under "Capital Account Transaction under FEMA whereas "Purchasing equipment" fall under current account transaction , without a valid letter from the sender of money and a telex message from the sender's bank to your authorized dealer.

 

Pls check with RBI on implication under FEMA also.  As per FEMA rule, within 30 days from the receipt of share application money, information to be sent to RBI and the shares are supposed to be allotted within 180 days.  If you make the amendment to FIRC of Y 2008 now, there might be some implication under FEMA

 

In Bangalore RBI office, you can check with  AGM(forex division) Mr. Hiremath Ph:080-22180242 or general no.22217775.  They are very helpful

 

Regards

 

Ravi P

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From: monika singhal <monikas...@gmail.com>
To: csmy...@googlegroups.com
Sent: Wed, 16 June, 2010 12:49:05 PM
Subject: Re: [CSMysore] FCGPR

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