Foreign Inward Remittance

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..... Foreign Inward Remittance
Query (Issue) Started By: - Gopalarathnam Muralidharan Dated:- 16-9-2014 Last Reply Date:- 2-1-2016 FEMA
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FEMA
Dear Sir I would like to have your valuable opinion on this. 1) My client is an Indian Co., Its shares are held by Kuwaiti Citizen 95% and the balance 5% is held by 4 individuals (all are Indian citizens). All of them are directo .....

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..... rs in Indian Company. 2) Kuwaithi national also runs similar type of company and he holds almost 95% shares in Dubai 2) The company deals in wholesale trading of Plastic granules 3) The Kuwaithi national in order to sustain Indian operations kept sending amount to Indian Company. 4) These remittances were made by the Dubai based company on account of the Kuwaithi national. 5) In India For .....

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..... eign Inward Remittance Certificate issued by the Bank was in the name of company rather than the foreign national. 6) The company applied to RBI Mumbai and FC-GPR filed in the name of Foreign national and shares allotted. 7) Subsequently also the foreign national kept sending the money for sustaining Indian operations. Though the individual sent all the remittances in his name through his office .....

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..... at Dubai but FIRC obtained in India was in the name of Dubai company only. 8) Since FIRC issued by Banks were in the name of Dubai based company, credit was given in the name of Dubai company in our books and it is exhibited in Long term borrowings. 9) Though all the remittances were from the Foreign National but erroneously FIRCs were given in the name of Dubai company, can we incorporate in t .....

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..... he notes on accounts saying that Long term borrowings are from the Foreign national. 10) These remittances were from 2003 to 2012. 11) No inward remittances during 2012-13 and 2013-14. 12) Kindly let me know how to go about. Whether rectification possible at RBI Level else how it can be brought in the Notes on Accounts 13) Looking forward to your reply Reply By MARIAPPAN GOVINDARAJAN: The Rep .....

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..... ly: Whether you have got clarified in the above issue? If not please inform.
Discussion Forum - Knowledge Sharing .....

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