Foreign Remittance & Form FC-GPR.

This query is : Resolved

Guest

Guest (Querist)

22 April 2010 Dear Experts,

Based on your experience, please give your views on the following :

A Pvt Ltd received foreign remittance and reported to AD-I Category Bank within 30 days and RBI acknowledged the Reporting of Inflow and thus, allotted the UIN.

The company also within the stipulated time filed the Form FC-GPR with the AD-I Category Bank.

Query :

Whether company will receive any letter from RBI acknowledging the Form FC-GPR.

I shall wait for your views.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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22 April 2010 RBI WRITES LETTER IF THEY REQUIRE ANY FURTHER DOCUMENTS OR ANY FURTHER CLARIFICATION.

Guest

Guest (Querist)

22 April 2010 Is there any time limit for RBI writing letter for clarification ?

Can we conclude the work is over once we successfully complete the filing of Form FC-GPR with the AD-I Category Bank ?

Thanks for your response.

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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25 July 2024 Once a Pvt Ltd company receives foreign remittance and reports it to the AD-I Category Bank within 30 days, and subsequently files Form FC-GPR (Foreign Currency-Gross Provisional Return) with the AD-I Category Bank, there are certain processes and expectations regarding communication from RBI:

1. **Acknowledgment from RBI:**
- Typically, RBI does not issue a separate acknowledgment letter specifically for the filing of Form FC-GPR. The acknowledgment of the foreign remittance reporting (which includes Form FC-GPR) is often communicated through the Unique Identification Number (UIN) allotted by the bank.
- The UIN serves as an acknowledgment that the reporting (including Form FC-GPR) has been successfully processed and accepted by the AD-I Category Bank.

2. **Clarifications from RBI:**
- If there are any clarifications required or additional information needed by RBI regarding the Form FC-GPR or the foreign remittance, they may communicate directly with the AD-I Category Bank or with the company through the bank.
- There isn't a fixed timeline mentioned for RBI to seek clarifications or issue letters related to Form FC-GPR. It depends on the specific circumstances and queries raised by RBI during their review process.

3. **Completion of Process:**
- Filing Form FC-GPR with the AD-I Category Bank within the stipulated time is a crucial step in complying with RBI regulations for reporting foreign remittances.
- Once Form FC-GPR is filed and the UIN is allotted by the AD-I Category Bank, it indicates that the company has completed the necessary reporting requirements as per RBI guidelines.
- The company should keep all records and documents related to the foreign remittance and Form FC-GPR filing for future reference and audits.

In summary, receiving a separate acknowledgment letter from RBI specifically for Form FC-GPR is uncommon. The UIN allotted by the AD-I Category Bank serves as the primary acknowledgment. If RBI requires any clarifications or additional information, they may communicate through the AD-I Category Bank. Once Form FC-GPR is successfully filed and UIN is received, the company can consider the reporting process completed, pending any further communications from RBI or the AD-I Category Bank.