FCTRS

Intimation to RBI for Transfer of Shares from Resident to Non-Resident or visa-versa

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FC-TRS Filing
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Preparation of Documents
Prepare all the documents for submission to RBI
FIRC Approval form AD Bank
FIRC approval from the bank
Fill the Form FC-TRS
Fill the form SMF for FC-TRS
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WHAT IS FCTRS?

The meaning of Form FC-TRS is Foreign Currency Transfer of Shares. This form is filed in case of transfer of shares of an Indian Company from a resident to a Non-Resident/Non-Resident Indian and vice versa through its authorised dealer bank (AD Category-1 Bank)

WHO IS AUTHORISED TO FILE THE FORM FC-TRS?

The onus of filing the Form FC-TRS is on the Indian resident whether transferor or transferee. However, In the case where the Non-Resident investor, acquires shares on the stock exchanges, the responsibility of filing the form FC-TRS is on Investee Company.

WHAT IS THE DUE DATE OF FILING THE FORM FC-TRS?

The form FC-TRS shall be filed with the Authorised Dealer bank within sixty days of transfer of capital instruments or receipt/ remittance of funds whichever is earlier

NON FILING OF FC-TRS

Any contravention, under FEMA, may invite following kinds of penalties: If, the amount against which offence is quantities, and then penalty will be "THRICE" the sum involved in contravention. Where the amount cannot be quantified the penalty may be imposed up to two lakh rupees.

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Documents Required For FCTRS

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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KEY HIGHLIGHTS

PURPOSE OF FILING -FORM FC-TRS

It is a intimation to RBI through AD Bank for transfer of shares from a Non-Resident to Resident or visa-versa. It is a form used by shareholder resident outside India and resident Indian or vice versa when they transfer their shares. The form FC-TRS along with the Form FC-GPR will be submitted to its authorized dealer bank, who will submit the same to the RBI.

WHEN YOU NEED TO FILE

Form FC-TRS is filed in case of transfer of shares or convertible debentures of an Indian Company from a resident to a Non-Resident/Non-Resident Indian and vice versa by way of sale. The Indian company is required to report the transactions to the AD Category – I bank in the form FC-TRS

PROVISION.

FCTRS Filing under FEMA or the Foreign Exchange Management Act was passed in the parliament of India in the year 1999. Under this act, all financial activities are monitored related to foreign trade and payments.Under the provision of FEMA the government has provided many categories that can be filed as per the nature of the business FOREIGN CURRENCY- TRANSFER OF SHARES or the FC- TRS is one of the types.

WHAT IF FC-TRS IS NOT FILED WITHIN 60 DAYS.

Any contravention, under FEMA, may invite following kinds of penalties: If, the amount against which offence is quantities, and then penalty will be "THRICE" the sum involved in contravention. Where the amount cannot be quantified the penalty may be imposed up to two lakh rupees.

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Frequently asked questions

What is Form FC-TRS

Form FC-TRS stands for ¨Foreign Currency-Transfer of Shares¨. The FC-TRS form is used for reporting of transaction of transfer to Authorised Dealer bank (AD Category-1 Bank).

When does Form FC-TRS is required to be filed?

Since Form FC-TRS is related to reporting of an Foreign Direct Investment translation therefore, the same is required to be filed only when a Non-resident is involved in a transaction. Therefore, Form FC-TRS is required to be file for transfer of capital instruments by way of sale in accordance with FEMA guidelines in following cases: a Non-resident, holding capital instruments of Indian company on a repatriable basis, transfer it to Non-resident holding such capital instruments on a non-repatriable basis; a non-resident, holding capital instruments in an Indian company on non-repatriable basis, transfers it to Indian resident holding capital instruments on repatriable basis; a Non-resident, holding capital instruments in an Indian company, on repatriable basis transfers it to Indian Resident. an Indian Resident, holding capital instruments in an Indian company, transfers it to Non-Resident holding such capital instruments on a repatriable basis.

In which cases Form FC-TRS is not required to be filed?

For the Following transactions, the FC-TRS form is not required to be filed: A non-resident, holding capital instrument of an Indian Company on Non-repatriable basis, transfers it to resident and vice versa. A non-resident, holding capital instrument of an Indian Company on repatriable basis, transfers it to resident on repartiable basis. Transfer of capital instruments by way of gift.

For which type of capital instruments does form FC-TRS is required to be filed?

For a transaction in the following capital instrument is required to be reported in Form FC-TRS: Equity Shares compulsorily and mandatory convertible preference shares (CMCPS) Debentures.

Who is liable to file the FC-TRS Form?

Following persons are liable to file Form FC-TRS: When any resident is involved in the transaction of transfer of share then such resident whether transferor or transferee and When no resident is involved in transaction, Non-resident holding capital instruments on a non-repatriable basis

What is the time limit for filing FC-TRS Form?

The Authorised Dealer bank must receive the form FC-TRS within 60 days from earlier of the following dates: Date of the transfer of capital instruments or Date of receipt/remittance of funds.

What is E-KYC

Every business user has to be eKYC verified before any reporting can be made in the Single Master Form. This would ensure that only genuine Logins are made available in the FIRMS application. All eKYC would be verified by the AD banks.

Type of Securities considered under FDI.


Equity Shares.
Convertible Preference shares
Convertible Debentures

FC-TRS is not required for..?

For transfer of shares of an Indian company from a non-resident holding the shares on non-repatriable basis to a resident and vice versa.

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