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July 2008

A.P. (DIR Series) Circular No. 44, dated 30-5-2008 — Reporting under FDI Scheme — Revised procedure.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
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Part C : RBI/FEMA

Given below are the highlights of certain RBI Circulars.

 

51 A.P. (DIR Series) Circular No. 44, dated 30-5-2008 — Reporting under FDI Scheme — Revised procedure.

This Circular has made the following changes in respect of reporting the details of the issue of shares/convertible debentures :

1. Form FC-GPR has been revised.

2. A standard format for reporting receipt of monetary consideration for issue of shares/convertible debentures has been prescribed. Upon receipt of this report, the concerned Regional office of RBI will allot a Unique Identification Number.

3. A format for KYC report on the non-resident investor from the overseas bank remitting the amount has been prescribed. This report has to be submitted along with the report of receipt of money.

4. The annual report of all investments will now have to be submitted before July 31 every year instead of June 30.

 

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