RBI has vide its notification dated 1st February 2016 mandated that all forms for Foreign Direct Investment reporting i.e. Advance Remittance Form (ARF), FC-GPR and FC-TRS should be mandatorily filed with the online e-biz platform of RBI. Physical forms have been discontinued with effect from 8th February, 2016.
The relevant extracts of RBI notification is given below:
The relevant extracts of RBI notification is given below:
2. With a view to promoting the ease of reporting of transactions related to Foreign Direct Investment (FDI), the Reserve Bank of India, under the aegis of the e-Biz project of the Government of India has enabled online filing of the following returns with the Reserve Bank of India viz.
- Advance Remittance Form (ARF) which is used by the companies to report the FDI inflows to RBI;
- FCGPR Form which a company submits to RBI for reporting the issue of eligible instruments to the overseas investor against the above mentioned FDI inflow; and
- FCTRS Form which is submitted to RBI for transfer of securities between resident and person outside India.
3. At present both the options, i.e. online filing and physical filing of abovementioned forms, are available to the users.
4. Based on the experience it has been decided that beginning February 8, 2016 the physical filing of forms ARF, FCGPR and FC-TRS will be discontinued and forms submitted in online mode only through e-Biz portal will be accepted.
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