Any company in India getting financial deposits in form of convertible shares, debentures or equity from a foreign country should inform with a copy of FIRC ( Foreign Inward Remittance Certificate ) to the Reserve Bank of India within 30 days
The form FC GPR has to be filed and it should be attached with a certificate of Compliance from a company secretary and also a certificate from the SEBI authorized chartered account informing about the current prices of shares.
Annual return on the foreign assets and liabilities has to be filed with RBI every year. Transfer of shares also has to be done within 60 days from the receipt of the amount.
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