RBI Compliances

RBI Compliances

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    9643669475

    Introduction

    In India, the foreign transactions are regulated by the Foreign Exchange Management Act, 1999 and are governed by the Reserve Bank of India as FEMA acts as an important factor for growth of various sectors in India. The main objective of FEMA is to assist in external trade, making balance payments, promoting orderly development, and maintaining the foreign exchange market in India.

    Due to the extent of various industrial segmental regulations by the Central and state government, Corporate and the Individuals are continuously facing challenges to comply with the regulations within the stipulated time and manner. The importance of Foreign Exchange Management Act, 1999 (FEMA)/ Reserve Bank of India (RBI) Compliances has increased due to globalization which includes Company Secretary and Chartered Accountants Certifications for the transactions prescribed in the said regulations, making the applications to Reserve Bank of India for as specified under FEMA and RBI regulated transactions, also the advisory services related matters.

    Sprinthub Solutions has a team of experts providing you the best assistance, timely delivery and guaranteeing the highest customer satisfaction with respect to Reserve Bank of India Compliances. You may get in touch with our team on 096436-69475 or email info@sprinthub.in.

    Foreign Investment

    Generally, in India the foreign investment is attracted in the form of Foreign Direct Investments. The Reserve Bank of India has specifically initiated the process of reporting through the SINGLE MASTER FORM (SMF)unless specifically stated.

    Under SMF those transactions are reported where an entity receives any foreign investment as per the FDI Policy of the country and such entity has issued securities as per Foreign Exchange Management Act, 1999.

    There are various forms like FC-GPR, FC-TRS, FORM DI etc depending upon the type of transaction carried out

    Where an entity issues capital instruments or securities in respect of the foreign investment received from a person resident outside India then such Indian entity is required to file Form FC-GPR (Foreign Currency Gross Provisional Return) within 30 days of issue of such securities or capital instruments. It has to duly signed by MD/any director/CS of the company and to be submitted to the Authorized Dealer and who will forward the same to RBI.

    Where the capital instruments are transferred either by a person resident in India to a person resident outside India, the Indian resident is required to file Form FC-TRS within 60 days from either from date of transfer of remittance or from the date of transfer whichever is earlier to the Authorized Dealer Bank

    Document Required

    FOR FC-GPR

    PAN Card
    of the two persons to be appointed as Authorized person on behalf of the entity
    Board Resolution
    by the entity to authorize any person
    Valuation Report
    of the Registered Valuer for the valuation carried out for issue of securities (if required)
    (FIRC)
    Foreign Inward Remittance Certificate
    KYC
    of the person resident outside India
    Declaration (in the format prescribed by Reserve Bank of India and the format to be shared by us)
    Copy of FIPB approval (if so required);
    Copy of Board Resolution for issue of securities
    Any other document if so required

    FOR FC-TRS

    Transfer Agreement or Gift Deed depending upon the case
    Remittance Details through FIRC or outward remittance;
    KYC of the person resident outside India
    Valuation Reports
    Board Resolution
    for purchase/sale of securities (in case of non-individuals);
    Certificate of Incorporation
    (in case of non-individuals);
    PAN Card
    of the person resident in India
    Various professional certificate
    (in the format prescribed by Reserve Bank of India, draft to be shared by us);
    Consent Letter
    (in the format prescribed by Reserve Bank of India, draft to be shared by us);
    Non-resident declaration (in the format prescribed by Reserve Bank of India, draft to be shared by us);
    Acknowledgment of FC-GPR/FC-TRS
    in case of sale by the non-resident;
    Acknowledgment of FC-GPR/FC-TRS
    in case of sale by the non-resident;

    Process of RBI Compliances

    01
    1. Complete the Application Form
    You are requested to first fill the simple questionnaire provided by our expert team which will enable us to study your case and will help us to provide you the appropriate information.
    03
    Drafting of Documents
    DSC is a Digital Signature Certificate consisting of the E-signatures prepared. It will approximately take 1 day.
    02
    Document Processing
    At the second step we will be requiring the documents in accordance with the questionnaire filled by you so that we can arrange them as per the requirement and for processing.
    04
    Filing of Form
    Your respective Form will be filled on the portal of RBI i.e. on your behalf for further processing. We will enter the required details as per the information and documents provided by you and in order to prove the same relevant attachments will be attached with them.
    06
    Getting Compliance done
    The status of the form along with the screenshot of form filled will be shared with you on the earliest basis specifying that the compliance has been made and regular follow up will be done till the final approval of the form.

    More Insights

    There are two ways through which foreign investment can be infused in India:-

    Preserve the envelope and save the copy of mail: -

    If the notice comes by speed post or registered post, preserve the envelope. If notice comes on mail then save the copy of that mail as It serves as proof of the dates on which it was posted and received.

    Don’t Ignore the notice: Handle the notice very carefully and sincerely, otherwise you have to pay a hefty penalty.

    Don’t Ignore the notice: Handle the notice very carefully and sincerely, otherwise you have to pay a hefty penalty.

    For filing the respective Form FC-GPR and FC-TRS the person resident in India has to create login credentials:-

    Entity Master:-

    At first an entity master is created for reporting the foreign investment with the objective of obtaining data information related to the total foreign investment received by a person resident in India. 

    Business User:-

    For reporting the foreign investment as when received a Business User Registration is required which can only be done after entity master registration.

    Additional Service Offered by Sprinthub Solutions

    Application to the Reserve Bank of India for the transactions pertaining to purchase/sale of shares, debentures, other securities and directly to or/and from Resident in India and resident outside India;

    Compliances with the Foreign Direct Investment (FDI) regulations as stated by the Reserve Bank of India for getting various necessary regulatory approvals

    Compliances for the procedure of repatriation of income/assets from India including Chartered Accountants Certification

    Transfer of shares from the Indian resident to non-residents.

    Setting up of Joint Venture (JV)/ Partnership by the Non India Residents or person of Indian origin.

    Issuance of the Statutory Certificates under the FEMA & RBI regulation.

    Advice on the Inbound and Outbound transactions;

    Advise on the External Commercial Borrowings;

    Setting up of Joint Venture (JV)/ Partnership by the Non India Residents or person of Indian orApprovals from Foreign Investment Promotions Board (FIPB),the Ministry of Finance of India and assistance in the preparation of Foreign Collaboration Agreement.

    Advisory service on the change/ exit from the existing Business model.

    Other Advisory Services on the matters related to FEMA / RBI including the Representation before Reserve Bank of India.

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