Issue of Shares against inward foreign remittance

Procedure:

1. Collect FIRC (Foreign Inward Remittance certificate) from Bank (AD) preferably in duplicate

2. Prepare the following documents and submit the same with the AD within 30 days of inward remittance received:

   1. Covering letter (in duplicate-for acknowledgement)

   2. Annexure II

   3. Annexure III

   4. Photocopy of FIRC

3. Allot the shares within six months of the date of inward remittance.

4. Call a board meeting , allot shares and File form no. 2 (along with the list of allottees ) with the concerned ROC within 30 days of allotment

5. File form FC (GPR) Part-A with the RBI through your AD as soon as possible along with the following documents

   1. Covering letter (in duplicate-for acknowledgement)

   2. Form FC (GPR) Part A

   3. Original FIRC

   4. Certificate from Practicing Chartered Accountant for valuation of shares

   5. Certificate from Practicing Company Secretary (if the company doesn’t have one) or form the Company Secretary of the company (if the company has one)

6. File Form FC (GPR) Part B before 30 June of the financial year