Foreign Direct Investment – Reporting under FDI scheme on the e-Biz platform
- In terms of para 9(1) A of Schedule I to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations 2000 notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000 as amended from time to time, Indian companies are required to report the details of the amount of consideration received for issuing shares and convertible debentures in the Advance Reporting Form under the Foreign Direct Investment (FDI) scheme to the Regional Office of the Reserve Bank in whose jurisdiction the Registered Office of the company operates, within 30 days of receipt of the amount of consideration.
- Further, in terms of Para 9(1) B of Schedule, the companies are required to report the details of the issue of shares / convertible debentures in Form FC-GPR, to the Regional Office concerned, within 30 days of issue of shares / convertible debentures.
- With a view to promoting the ease of reporting of transactions under foreign direct investment, the Reserve Bank of India, under the aegis of the e-Biz project of the Government of Indiathrough its Circular No 77 dated 12 February 2015 has enabled the filing of the following returns with the Reserve Bank of India viz. (a) Advance Remittance Form (ARF), (b) FCGPR Form .
- The design of the reporting platform enables the customer to login into the e-Biz portal, download the reporting forms (ARF and FCGPR), complete and then upload the same onto the portal using their digitally signed certificates.
- The Authorised Dealer Banks (ADs) will be required to download the completed forms, verify the contents from the available documents, if necessary by calling for additional information from the customer and then upload the same for RBI to process and allot the Unique Identification Number (UIN).
- The ARF and FCGPR services of RBI are operational on the e-Biz platform from February 19, 2015.
- It may be noted that for the present, the online reporting on the e-Biz platform is an additional facility to the Indian companies to undertake their ARF and FCGPR reporting and the manual system of reporting as prescribed in terms of A.P. (DIR Series) Circular No. 102 dated February 11, 2014 would continue till further notice.
- To view the relevant RBI Circular, click on the below link –
RBI Circular No. 77