Section 4(12) in Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019
(12)Form Convertible Notes (CN):a. The Indian start-up company issuing Convertible Notes to a person resident outside India shall file Form CN within 30 days of such issue.b. A person resident in India, who may be a transferor or transferee of Convertible Notes issued by an Indian start-up company shall report such transfers to or from a person resident outside India, as the case may be, in Form CN within 30 days of such transfer.Provided, the format, periodicity and manner of submission of such reporting shall be as prescribed by Reserve Bank in this regard.Provided further that unless otherwise specifically stated in these regulations all reporting shall be made through or by an Authorised Dealer bank, as the case may be.
