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FC-TRS Reporting I FCTRS Reporting I Compliance Hands

FC-TRS Reporting

FC-TRS is a reporting form when a resident transfer its securities to non resident or vis a vis. Government approval is not required for transfer of shares in the investee company from one non-resident to another non-resident in sectors which are under automatic route. The price as applicable to transfer of shares from resident to non-resident as per the pricing guidelines laid down by the Reserve Bank from time to time, where the issue of shares is on preferential allotment.

FC-TRS should be as per provisions of the act otherwise such non compliance of these provisions may lead to rejection of  application which waste of time & money that’s why experienced professional guidance required.

We, Compliance Hands,a team of more than 50 qualified professionals like CA, CS, Advocates etc, having experience of more than 5 years of handling task like this and have completed more than 2000 projects. We ensure are the all the compliance in the best way.
Applicability for filing of FC-TRS
Form FCTRS is required to be filed for transfer of capital instruments between:
1. a person resident outside India holding capital instruments in an Indian company on a repatriable basis and person resident outside India holding capital instruments on a non-repatriable basis;and
2. a person resident outside India holding capital instruments in an Indian company on a repatriable basis and a person resident in India,
Note: The onus of reporting is on the resident transferor/ transferee or the person resident outside India holding capital instruments on a non-repatriable basis, as the case may be.
Non applicability for filing of FC-TRS: 
Transfer of capital instruments between a person resident outside India holding capital instruments on a non-repatriable basis and person resident in India.
The following are the instances where an Indian company will require filing of Form FC-TRS:
1. Sale of capital instruments on a recognized stock exchange by a person resident outside India.
2.Transfer of capital instruments viz., payment on deferred basis, shall be reported in Form FC-TRS to the AD bank on receipt of every tranche of payment. The onus of reporting shall be on the resident transferor/ transferee;
3.Transfer of ‘participating interest/ rights’ in oil fields;
4. buying back shares in a scheme of merger/ de-merger/ amalgamation of Indian companies approved by NCLT/ competent authority;
Time limit for filing of FCTRS:
within sixty days of transfer of capital instruments or receipt/ remittance of funds, whichever is earlier.
Process of FCTRS Reporting:

A.  The transferor/transferee filing the form needs to register itself with RBI-Firms portal before filing it.
B. following steps are followed for successful registration of transfer of securities from Resident to Non-Resident:
1. Receipt of consideration from non-resident.
2. Obtain FIRC (Foreign Inward Remittance certificate) and KYC (Know your customer) of person residing outside India from AD Category-I bank.
3. Submitting Security transfer deed and other documents required with the company.
4. Company registers the transfer.
5. File FC-TRS on FIRMS RBI Portal along with the attachments. (as mentioned below in Annexure 1)
6. Approval of FC-TRS by RBI.

C. Following documents shall be attached while filling e-form FC-TRS:
1. Consent letter for transfer/receipt of consideration duly signed by the buyer and the seller.
2. The shareholding pattern of the investee company (“the company, whose securities are transferring from one person to another”) before and after the acquisition of securities by a person resident outside India.
3. Certificate indicating fair value of securities from a Chartered Accountant.
4. Declaration from the buyer to the effect that he is eligible to acquire shares/compulsorily and mandatorily convertible preference shares/debentures under FDI policy.
5. Declaration from the non-resident transferee as per the format provided by the RBI in their SMF- user manual.
6. Requests letter from the transferee/transferor to register the transfer of securities in favor of investee Company.
7. Board Resolution of Investee Company to approve and acknowledge the securities transfer.
8. Securities Transfer Deed in form SH 4.
9. Security Purchase agreement, if any.
10. FIRC/KYC received from the AD Bank of transferor/transferee.

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