FCTRS
WHAT IS FCTRS?
Every transfer of securities between Nonresident and resident shall require prior approval of RBI. Such reporting shall be made in form FC-TRS. Reserve Bank of India (RBI) allowed the facility to file form FC-TRS electronically on rbi.org
WHO IS AUTHORISED TO FILE THE FORM FC-TRS?
The form FC-TRS shall be submitted by the Indian resident only whether he is the transferor or transferee. However, in case the Non-resident investor acquires shares on stock exchange, the onus of filing the form is on Investee Company.
WHAT IS THE DUE DATE OF FILING THE FORM FC-TRS?
The form FC-TRS shall be filed within 60 days from the date of receipt of the amount of consideration with RBI.
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.
Documents Required for FCTRS
Process Involved
Step 1
Login to rbi.org
Step 2
Select form FC-TRS
Step 3
Fill all the required details of buyer and seller
Step 4
Attach all the required documents
Step 5
Save and submit the application.
Step 6
Application number generated for future purposes.
