Foreign currency share capital framework applies to IFSC companies, with accounting and filing rules aligned to currency conversion requirements. Companies set up and incorporated in an International Financial Services Centre must issue and maintain share capital in a permitted foreign currency, and pre-existing IFSC companies may convert existing share capital from Indian rupee within the period and manner specified by regulation. Such companies must maintain books of account, financial statements and other records in the permitted foreign currency, though presentation in Indian rupee may be allowed by the Authority. The Central Government may require use of the permitted foreign currency for filings, while fees, fines and penalties remain payable in Indian rupees.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign currency share capital framework applies to IFSC companies, with accounting and filing rules aligned to currency conversion requirements.
Companies set up and incorporated in an International Financial Services Centre must issue and maintain share capital in a permitted foreign currency, and pre-existing IFSC companies may convert existing share capital from Indian rupee within the period and manner specified by regulation. Such companies must maintain books of account, financial statements and other records in the permitted foreign currency, though presentation in Indian rupee may be allowed by the Authority. The Central Government may require use of the permitted foreign currency for filings, while fees, fines and penalties remain payable in Indian rupees.
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