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consideration for issue of shares / convertible debentures under the FDI Scheme

Applicability of this Compliance?

» When a Foreign Body Corporate/ Foreign Residents Invest in any Indian Company under Automatic Route through Authorised Dealer. The Indian Company has to File the Prescribed FC-GPR Form with RBI on behalf of the Indian Company receiving Investment.

Whether the Investment is to be reported to RBI?

» YES, this is to be Reported in FC-GPR Form

» An Indian company receiving investment from outside India for issuing shares / convertible debentures / preference shares under the FDI Scheme, should report the details of the inflow to the Reserve Bank not later than 30 days from the date of receipt.

» Details to be reported are:

› Name and address of the foreign investor/s

› Date of receipt of funds in foreign currency and its rupee equivalent

› Name and address of the Authorised Dealer through whom the funds have been received, and

› Details of Government approval for the investment, if any.

What are the Components of File FC GPR Form?

» This FC GPR Form consists of Two Parts:

› FC GPR Part A

› FC GPR Part B

What is FC GPR Part A?

» Part A of Form FC-GPR has to be duly filled up and signed by the Authorised Signatory and submitted to the Authorised Dealer of the company, who will forward it to the Reserve Bank.

» While forwarding the Form, the Authorised Dealer will enclose a KYC Report on the foreign investor. Along with Part A of FC-GPR, the following documents has to be attached by the company:

» (i) A certificate from the Company Secretary of the company certifying that

› (a) all the requirements of the Companies Act, 1956 have been complied with;

› (b) terms and conditions of the Government approval, if any, have been complied with;

› (c) the company is eligible to issue shares under these Regulations; and

› (d) the company has all original certificates issued by authorised dealers in India evidencing receipt of amount of consideration;

» (ii) A certificate from Statutory Auditors or Chartered Accountant indicating the manner of arriving at the price of the shares issued to the persons resident outside India.

What is FC GPR Part B?

» This filing has to be done in the month of June every year, for all outstanding investment by way of FDI as well as Portfolio / other investments and by way of re-invested earnings for the previous April to March period.

» [For example, all Indian companies who have received FDI, Portfolio investments, other investments (such as bonds, debentures etc.) from foreign investors during the period April 2006 to March 2007, have to report in Part B of Form FC-GPR in the month of June 2007, along with their retained earnings during the period.]

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