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Learn MorePresently, transfer of equity shares/fully and mandatorily convertible debentures/fully and mandatorily convertible preference shares (hereinafter referred to as ‘shares’) of an Indian company, from a nonresident to a person resident in India (resident) or vice versa, has to be reported to RBI, through the bank, within 60 days of the transaction. Also, receipt of consideration for issue of shares of an Indian company, to a non-resident has to be reported to RBI, through a bank, within 30 days from the date of receipt.
This circular has amended Form FC-GPR & Form FC-TRS by inserting the following remarks in para 3(4) and 5(a)(4) of form FC-GPR and para 4(4) and para 5(4) of form FC-TRS: –
‘The investment/s made by SEBI registered FVCI is /are under FDI Scheme, in terms of Schedule 1 to Notification No. FEMA 20 dated 3rd May, 2000.’ This circular also clarifies that whenever a SEBI registered FVCI acquires shares of an Indian company under FDI Scheme in terms of Schedule 1 of Notification No. FEMA 20/2000-RB dated 3rd May, 2000 such investments have to be reported in form FC-GPR/ FC-TRS only. When investment is made in terms of Schedule 6 of the Notification No. FEMA 20/2000-RB dated May 3, 2000 no FC-GPR/FC-TRS needs to be filed. Such transactions have to be reported by the custodian bank in the monthly reporting format as prescribed by RBI from time to time.
Annexed to this circular are the revised forms FCGPR and FC-TRS.
A. P. (DIR Series) Circular No. 111 dated June 12, 2013