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RBI Clearances

Whether extension of compulsorily convertible preference shares (CCPS) or compulsorily convertible debentures (CCDs) requires RBI approval?

Tenor of convertible instruments will be guided by the instructions framed under the Companies Act, 2013 and the rules framed thereunder. However, the investee company should ensure that the price/ conversion formula of convertible capital instruments is determined upfront at the time of issue of the instruments. The price at the time of conversion should not in any case be lower than the fair value worked out, at the time of issuance of such instruments, in accordance with the extant FEMA regulations.

Which are the cases related to Remittance of Assets for which prior approval of RBI is to be sought for effecting the remittance?

RBI approval is required if: (i) Remittance is in excess of USD 1,000,000 (US Dollar One million only) per financial year: on account of legacy, bequest or inheritance to a citizen of foreign state, resident outside India; and by NRIs/ PIOs out of the balances held in NRO accounts/ sale proceeds of assets/ the assets acquired by way of inheritance/ legacy.

What action the AD is required to take in case of any adverse reporting in Annual Activity Certificate (AAC) of LO/BO or non-submission of AACs?

In case the designated AD Category I bank notices any adverse findings by the auditor in respect of LO/BO or the LO/BO is defaulting in submission of AACs, then the same should be immediately reported to the Reserve Bank.

What are the instructions for transfer of shares against deferred payment?

In case of transfer of shares between a resident buyer and a non-resident seller or vice-versa, not more than twenty five per cent of the total consideration can be paid by the buyer on a deferred basis within a period not exceeding eighteen months from the date of the transfer agreement. The amount deferred can also be either in the form of an indemnity or an Escrow. In all cases the pricing guidelines should be complied with.

What is the concept of downstream investment and Indirect Foreign Investment?

Downstream investment is investment by one Indian company in another Indian company. If the investor company is not owned and not controlled by resident Indian citizens or owned or controlled by persons resident outside India then such investment shall be “Indirect Foreign Investment” for the investee company.

Who is an Authorized Dealer (AD)?

An Authorised Dealer (AD) is any person specifically authorized by the Reserve Bank under Section 10(1) of FEMA, 1999, to deal in foreign exchange or foreign securities (the list of ADs is available on www.rbi.org.in) and normally includes banks.

HOW IT WORKS

1

SELECT A PACKAGE

  • Select a service that you require
  • Choose a suitable Package or Plan depending on the Work involved the Services required
2

REGISTER

  • Submit or eMail your Contact details or provide the Client Registration Form
  • Provide basic documents (relevant KYC)
  • Make payment (Gateway, NEFT, Cheque, or Cash)
3

DOCUMENTATION

  • Speak to our Advisor
  • Submit your remaining documents / details by any of the following modes:
    • eMail to info@TaxAssist.in
    • Courier to HelpDesk
    • Visit to our Branches
    • or even WhatsApp
4

FINALIZATION

  • Once we have finalised, we will send you the Draft for Approval
  • Once approved & submissions made, you will receive Final Documents from us by eMail, courier or visit.

DOCUMENTS

To initiate the process, we will request you to provide us the following basic documents:
(We donot require any original documents. The documents can either be Emailed, Couriered, Physically delivered to our branches or even Whatsapped to us)

    Resident (Individuals)
  • PAN
  • Passport
  • PIO, OCI (if applicable)
  • Aadhaar Card
    Resident (Corporates)
  • PAN
  • TAN, VAT, GST
  • MOA, AOA
  • Incorporation Certificate
    NRI's & Expats
  • PAN
  • Passport
  • PIO, OCI, CDC (if applicable)
  • Aadhaar Card


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EXPRESS ONLINE (RBI CLEARANCES) EXPRESS ONLINE (RBI CLEARANCES)

EXPRESS ONLINE (RBI CLEARANCES)

Suitable for individuals having an income less than 10 Laks p.a and interest income only where there is an expected  tax refund of less than Rs 10000.Express Online is the perfect package for salaried individuals...

₹2,500.00
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Silver (RBI CLEARANCES) Silver (RBI CLEARANCES)

Silver (RBI CLEARANCES)

Suitable for individuals having an income of Rs 10-20 Laks p.a and interest income only OR an investment portfolio of less than Rs 20 Laks...

₹5,000.00
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GOLD (RBI CLEARANCES) GOLD (RBI CLEARANCES)

GOLD (RBI CLEARANCES)

Suitable for individuals having an income between Rs 10-20 Laks p.a Or an investment portfolio between Rs 20-50 Laks...

₹10,000.00
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DIAMOND (RBI CLEARANCES) DIAMOND (RBI CLEARANCES)

DIAMOND (RBI CLEARANCES)

Suitable for individuals having an income of more than Rs 20 Laks p.a OR an investment portfolio of more than 50 Laks OR a net worth of more than 3 crores having CG from sale of Real Estate OR planning to relocate to/from India OR having income from ..

₹20,000.00
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PLATINUM (RBI CLEARANCES) PLATINUM (RBI CLEARANCES)

PLATINUM (RBI CLEARANCES)

Premium personalised services for TDS Advisory, Filing, Certifications & Compliance with personalised attention throughout the transaction...

₹40,000.00
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TITANIUM (RBI CLEARANCES) TITANIUM (RBI CLEARANCES)

TITANIUM (RBI CLEARANCES)

Suitable for individuals having an income of more than Rs 20 Laks p.a OR an investment portfolio of more than 50 Laks OR a net worth of more than 3 crore OR having CG from sale of Real Estate OR planning to relocate to/from India OR having an income ..

₹80,000.00
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