With a view to facilitate ease of reporting transactions under
the foreign direct investment (FDI) scheme, the Reserve Bank of
India (RBI) has enabled online filing of the following reports/
forms on the e-biz portal of the Government of India:
Foreign Currency Transfer of
Shares Form (FCTRS): to be filed in case of transfer of
shares, compulsorily and mandatorily convertible debentures, others
from resident to non- resident or vice versa.
Advance Remittance Form (ARF)
- to be submitted by Indian companies receiving
consideration for issue of shares/ debentures under the FDI
Form FCGPR –
to be filed when shares/ debentures/ other instruments, are issued
to a foreign investor under the FDI scheme.
RBI Circulars & Press releases
These facilities were made available by the RBI to the Indian
companies pursuant to the following circulars:
A.P. (DIR Series) Circular No. 9
dated August 21, 2015; and
A.P (DIR Series) Circular No. 77
dated 12 February 2015.
The facility pertaining the online reporting of the ARF and the
Form FCGPR is operational from 19 February 2015 and that of Form
FCTRS is operational from 24 August 2015.
The RBI has further clarified in its press release dated 21
August 2015 that the online reporting facility on eBiz portal of
the Ministry will be available in parallel with the physical filing
of returns. Physical filing of forms will be discontinued in the
next three months.
How it works
The design of the reporting platform enables the customer to
login into the e-Biz portal, download the reporting forms, 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 ADs will be required to access the e-Biz portal (which is
hosted on the National Informatics Centre (NIC) servers) using a
Virtual Private Network (VPN) Account obtained from NIC. The
financial aspects for obtaining/using the VPN accounts is being
finalised in consultation with Government of India, DIPP and NIC.
The same will be informed in due course
The facilitation of online reporting is a positive step towards
simplification of the regulatory processes. It is hoped that the
ebiz portal will prove to be efficient and aid in making India into
a favourable investment destination.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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