If the shares or convertible debentures are not issued within.....days from the date of receipt of the inward remittance or date of debit to NRE/FCNR(B)/Escrow account, the amount shall be refunded.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

If the shares or convertible debentures are not issued within____days from the date of receipt of the inward remittance or date of debit to NRE/FCNR(B)/Escrow account, the amount shall be refunded.

A	210 days
B	150 days
C	180 days
D	120 days

Explanation:

Detailed explanation-1: -If the shares or convertible debentures are not issued within 180 days from the date of receipt of the inward remittance or date of debit to NRE / FCNR(B) / Escrow account the amount of consideration shall be refunded.

Detailed explanation-2: -Accordingly government approval shall be provided.

Detailed explanation-3: -Transfer of shares must be reported in Form FC-TRS to RBI through an AD bank within 60 days of receipt/remittance of sale consideration. The onus of submission of the said Form FC-TRS is on the transferor / transferee resident in India.

Detailed explanation-4: -FEMA permits receipt of foreign inward remittance by Indian residents either directly or through ADs. Foreign exchange received directly has to be surrendered to ADs within 7 days, except for retention limit of USD2, 000 referred to earlier. 2. Foreign Currency coins can be retained indefinitely without any limit.

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