Modification in FC-GPR form for reporting of FDIs

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{image-inflation+rbi_16032008.jpg www.oneindia.com}Mumbai, Mar 16: In the wake of recent policy changes in foreign investment and also taking into account the suggestions and feedback received from various entities, the Reserve Bank of India (RBI) has modified form FC-GPR.

The Part B of the form has been modified so as to capture break up of the details of foreign investor class, RBI official sources said here. The RBI last Friday had placed the modified form on its websites for public comments and draft format for reporting of Foreign Direct Investment (FDI). In order to capture the details of FDI in a more comprehensive manner, form FC-GPR was revised in April last year. In terms of which the AD category-I bank in India receiving foreign remittance for issue of shares was required to obtain a Know Your Customer (KYC) report in respect of the foreign investor from the overseas bank remitting the amount.

In the revised form, the class of investors has been broadened to include several new entities like foreign nationals, foreign companies, foreign institutional investors (FIIS) and foreign venture capital investors (FVCI) registered with SEBI (Security and Exchange Board of India).

It may be recalled that FDI in India was permitted under the automatic and government route. An Indian company issuing shares and convertible debentures to non-residents under automatic and government routes is required to submit the details of the investment in a two-stage reporting procedure. Firstly, receipt of funds has to be reported to the RBI within 30 days of receipt and secondly the company has to file form FC-GPR with the RBI within 30 days.

The Apex Bank has invited feedback from ll interested stakeholders on the draft format of FC-GPR on or before March 31, sources added.

UNI

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