Hi All
Can a business user id be created for reporting FC-GPR without the issuance of FIRC KYC by the bank?
Dear Folks,
This is with reference to FEMA compounding due to the non-issuance of FIRC by the intermediary AD.
Initially, the FDI amount came to an AD bank which was further remitted to the investment account managed by the invest company with another scheduled bank. The first AD Bank denied the FIRC on the ground that the mode of remittance of FDI is not allowed under their exchange house, hence, they would not be able to issue to FIRC. However, note that the FDI is completely in compliance of the FEMA (Non-Debt) Rules.
The company wants to file the compounding application with RBI for non-filing the FC-GPR, and non-reporting, and non-issuance of FIRC. Please confirm if the same is viable or not.
firc
issuance
compounding
Dear All,
The company has received FDI in HSBC Bank through Standard Chartered Bank INR Vostro account. Now both the banks are refusing to issue FIRC and passing the responsibility on each other. Has anyone else faced same issue?
Dear All,
The company has received FDI in HSBC Bank through Standard Chartered Bank INR Vostro account. Now both the banks are refusing to issue FIRC and passing the responsibility on each other. Has anyone else faced same issue?
Thanks & Regards,
