What is FC-TRS Filing? know more

The full form of Form FC-TRS is Foreign Currency Transfer.

This is a type of Form FC-TRS which is filed, In case of transfer of shares or convertible debentures of an Indian Corporation from a resident to a Non-Resident/Non-Resident Indian and vice versa by means of sale. The Indian corporation must report the transactions to the AD Category – I bank in the form FC-TRS.

Who is to file form FC-TRS?
The responsibility of reporting FC-TRS filing would be on the resident transferor/ transferee or the individual resident outside India holding capital instruments on a non-repatriable basis, as the matter might be.

Documents required for FC-TRS filing
The necessary documents required in order to file Form, FC-TRS are-

Consent Letter through the seller and buyer or their duly appointed agent and in the latter case the Power of Attorney Document.

Disclosure of the shareholding pattern of the investee corporation after the acquisition of shares by an individual resident outside India.

A Certificate from a Chartered accountant representing the fair value of shares.

Broker’s note, relating to a sale, which has been made on the Stock Exchange.

Buyer’s declaration that he is entitled under FDI policy and the existing sectoral limits as well as Pricing Guidelines which needs to be complied with.