Foreign Exchange Management (Deposit) Regulations 2000
This query is : Resolved
16 December 2008
Who has to obtain the KYC?
When the bank will provide FIRC?
When the bank will provide FIRC?
16 December 2008
with regard to the submission of FCGPR
16 December 2008
The bank who receives inward remittance has to obtain KYC.
16 December 2008
Bank will provide FIRC after the transfer of money in your account. It will come to your office through registered post.
16 December 2008
Dear Tilak
Request you to email the relavant provisions of submission of FCGPR, to my email ID
srinivas_penuballi@satyam.com
Request you to email the relavant provisions of submission of FCGPR, to my email ID
srinivas_penuballi@satyam.com
16 December 2008
Reporting under FDI Scheme - Revised procedure
Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to provisions of 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 and
A. P. (DIR Series) Circular No.40 dated April 20, 2007.
2. In terms of para 9 (1) A of Schedule I to the Notification, Indian companies are required to report the details
of the amount of consideration received for issuing shares and convertible debentures 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 ibid, 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.
3. In order to capture the details of FDI in a more comprehensive manner, form FC-GPR was revised vide A.
P. (DIR Series) Circular No.40 dated April 20, 2007. The reporting framework was again reviewed and further
revisions were proposed and the revised draft of form FC-GPR was placed in public domain on March 14,
2008 inviting feedback from the public. Based on the feedback received, form FC-GPR has been revised. The
revised form is enclosed at Annex I. Further, a standard format for reporting of the receipt of the amount of
consideration for issue of shares / convertible debentures has been prescribed as Annex II. A format for the
KYC report on the non-resident investor from the overseas bank remitting the amount required to be
submitted along with the form FC-GPR has also been introduced (Annex III). The KYC report should,
henceforth, be submitted at the time of reporting the receipt of the amount of consideration from the nonresident
investor.
4. Accordingly, Indian companies are required to report the details of the receipt of the amount of
consideration for issue of shares / convertible debentures in Annex II, together with a copy/ies of the FIRC/s
evidencing the receipt of the remittance along with the KYC report on the non-resident investor in Annex III,
through an AD Category – I bank, not later than 30 days from the date of receipt of the amount of
consideration. The report would be acknowledged by the Regional Office concerned, which would allot a
Unique Identification Number (UIN) for the amount reported.
5. The details of the issue of shares / convertible debentures should, henceforth, be reported in the revised
form FC-GPR (Annex I). While forwarding form FC-GPR to the Regional Office concerned, the AD Category –
I bank should ensure that the UIN is correctly indicated in the form. It is also clarified that the annual report of
all investments which is to be filed in Part B of the revised form FC-GPR, which is hitherto to be submitted by
June 30 every year, would now have to be submitted by July 31 every year.
6. Necessary amendments 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
will be issued separately.
7. AD Category - I banks may bring the contents of this circular to the notice of their constituents and
customers concerned.
8. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign
Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any,
required under any other law.
Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to provisions of 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 and
A. P. (DIR Series) Circular No.40 dated April 20, 2007.
2. In terms of para 9 (1) A of Schedule I to the Notification, Indian companies are required to report the details
of the amount of consideration received for issuing shares and convertible debentures 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 ibid, 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.
3. In order to capture the details of FDI in a more comprehensive manner, form FC-GPR was revised vide A.
P. (DIR Series) Circular No.40 dated April 20, 2007. The reporting framework was again reviewed and further
revisions were proposed and the revised draft of form FC-GPR was placed in public domain on March 14,
2008 inviting feedback from the public. Based on the feedback received, form FC-GPR has been revised. The
revised form is enclosed at Annex I. Further, a standard format for reporting of the receipt of the amount of
consideration for issue of shares / convertible debentures has been prescribed as Annex II. A format for the
KYC report on the non-resident investor from the overseas bank remitting the amount required to be
submitted along with the form FC-GPR has also been introduced (Annex III). The KYC report should,
henceforth, be submitted at the time of reporting the receipt of the amount of consideration from the nonresident
investor.
4. Accordingly, Indian companies are required to report the details of the receipt of the amount of
consideration for issue of shares / convertible debentures in Annex II, together with a copy/ies of the FIRC/s
evidencing the receipt of the remittance along with the KYC report on the non-resident investor in Annex III,
through an AD Category – I bank, not later than 30 days from the date of receipt of the amount of
consideration. The report would be acknowledged by the Regional Office concerned, which would allot a
Unique Identification Number (UIN) for the amount reported.
5. The details of the issue of shares / convertible debentures should, henceforth, be reported in the revised
form FC-GPR (Annex I). While forwarding form FC-GPR to the Regional Office concerned, the AD Category –
I bank should ensure that the UIN is correctly indicated in the form. It is also clarified that the annual report of
all investments which is to be filed in Part B of the revised form FC-GPR, which is hitherto to be submitted by
June 30 every year, would now have to be submitted by July 31 every year.
6. Necessary amendments 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
will be issued separately.
7. AD Category - I banks may bring the contents of this circular to the notice of their constituents and
customers concerned.
8. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign
Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any,
required under any other law.
16 December 2008
for further full details download from the following URL:
http://rbidocs.rbi.org.in/rdocs/notification/PDFs/84724.pdf
http://rbidocs.rbi.org.in/rdocs/notification/PDFs/84724.pdf
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