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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 - 395/2019-RB - G.S.R . 795(E) - Foreign Exchange Management

Extract

..... ations shall have the same meanings respectively assigned to them in the Act or the Rules. 3. Mode of Payment and Remittance of sale proceeds: 3.1 Schedule of the Rules Instructions on Mode of payment and Remittance of sale proceeds I. Schedule I (Purchase or sale of equity instruments of an Indian company by a person resident outside India) A. Mode of payment (1) The amount of consideration shall be paid as inward remittance from abroad through banking channels or out of funds held in NRE/FCNR(B)/Escrow account maintained in accordance with the Foreign Exchange Management (Deposit) Regulations, 2016. Explanation : The amount of consideration shall include: (i) Issue of equity shares by an Indian company against any funds payable by it to the investor (ii) Swap of equity instruments. (2) Equity instruments shall be issued to the person resident outside India making such investment within sixty days from the date of receipt of the consideration. Explanation: In case of partly paid equity shares, the period of 60 days shall be reckoned from the date of receipt of each call payment (3) Where such equity instruments are not issued within sixty days from the date of receipt of the consi .....

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 - 395/2019-RB - G.S.R . 795(E) - Foreign Exchange Management

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..... ld in NRE/FCNR(B) account. (4) Subscription to National Pension System shall be paid as inward remittance from abroad through banking channels or out of funds held in NRE/FCNR(B)/NRO account. B. Remittance of sale proceeds The sale proceeds (net of taxes) of equity instruments may be remitted outside India or may be credited to NRE (PIS) account of the person concerned. The sale proceeds (net of taxes) of units of mutual funds and subscription to National Pension System may be remitted outside India or may be credited to NRE (PIS)/FCNR(B)/NRO account of the person concerned at the option of the NRI/OCI investor. IV. Schedule IV (Investment by NRI or OCI on non-repatriation basis) 1. Purchase or sale of equity instruments of an Indian company or units or contribution to the capital of a LLP by Non-Resident Indian (NRI) or Overseas Citizen of India (OCI) on Non-repatriation basis. A. Mode of Payment The amount of consideration shall be paid as inward remittance from abroad through banking channels or out of funds held in NRE/FCNR(B)/NRO account maintained in accordance with the Foreign Exchange Management (Deposit) Regulations, 2016. B. Sale/maturity proceeds (1) The sale/maturity pr .....

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 - 395/2019-RB - G.S.R . 795(E) - Foreign Exchange Management

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..... and exclusively for transactions under this Schedule. B. Remittance of sale/maturity proceeds The sale/maturity proceeds (net of taxes) of the securities may be remitted outside India or may be credited to the foreign currency account or a Special Non-resident Rupee Account of the FVCI. VIII. Schedule VIII (Investment by a person resident outside India in an Investment Vehicle) A. Mode of payment The amount of consideration shall be paid as inward remittance from abroad through banking channels or by way of swap of shares of a Special Purpose Vehicle or out of funds held in NRE or FCNR(B) account maintained in accordance with the Foreign Exchange Management (Deposit) Regulations, 2016. B. Remittance of sale/maturity proceeds The sale/maturity proceeds (net of taxes) of the units may be remitted outside India or may be credited to the NRE or FCNR(B) account of the person concerned. IX. Schedule X (Issue of Indian Depository Receipts) A. Mode of Payment NRIs or OCIs may invest in the IDRs out of funds held in their NRE/FCNR(B) account, maintained in accordance with the Foreign Exchange Management (Deposit) Regulations, 2016. B. Remittance of sale/maturity proceeds Redemption/convers .....

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 - 395/2019-RB - G.S.R . 795(E) - Foreign Exchange Management

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..... he case may be. Note: Transfer of equity instruments in accordance with the rules by way of sale between a person resident outside India holding equity instruments on a non-repatriable basis and person resident in India is not required to be reported in Form FC-TRS. (b) Transfer of equity instruments on a recognised stock exchange by a person resident outside India shall be reported by such person in Form FC-TRS. (c) Transfer of equity instruments prescribed in Rule 9(6) of the Rules, shall be reported in Form FC-TRS on receipt of every tranche of payment. The onus of reporting shall be on the resident transferor/transferee. (d) Transfer of 'participating interest/rights' in oil fields shall be reported Form FC-TRS. The form FCTRS shall be filed within sixty days of transfer of equity instruments or receipt/remittance of funds whichever is earlier. (4) Form Employees' Stock Option (ESOP): An Indian company issuing employees' stock option to persons resident outside India who are its employees/directors or employees/directors of its holding company/joint venture / wholly owned overseas subsidiary/subsidiaries shall file Form-ESOP, within 30 days from the date of issu .....

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 - 395/2019-RB - G.S.R . 795(E) - Foreign Exchange Management

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