Forms submitted on FIRMS portal for reporting of foreign investment will be auto-acknowledged: RBI
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- Last Updated on 5 January, 2023
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RBI/2022-23/160 A.P. (DIR Series) Circular No. 22, Dated, 04.01.2023
Earlier, the RBI vide A.P. (DIR Series) Circular No. 30 dated June 07, 2018 had notified Single Master Form (SMF). It was introduced with the objective of integrating the extant reporting structures of various types of foreign investment in India.
Now, the RBI has advised all Authorized Dealer Category-I banks that significant modifications to the reporting of foreign investment has been made in SMF on the FIRMS portal. Accordingly, the forms submitted on the portal will now be auto-acknowledged. The AD banks shall verify the same within 5 working days based on the uploaded documents.
Further, in cases of delayed reporting, the AD banks shall either advice the Late Submission Fee to the applicants, which will be computed by the system or advice for compounding of contravention.
All forms submitted with the requisite documents will be auto-acknowledged on the FIRMS portal with a time stamp and an auto-generated e-mail will be sent to the applicant.
The forms submitted in FIRMS will now be processed as given below:
(a) The forms submitted within prescribed timelines, will be verified based on the uploaded mandatory documents by the AD banks and ensure that the same is in compliance with the extant guidelines.
(b) The system would identify the delay in the reporting, if any.
(c) For forms filed with a delay less than or equal to three years, the AD banks will approve the same, subject to payment of LSF.
(d) The LSF will be computed by the system and an e-mail will be sent to the applicant and the concerned Regional Office (RO) of RBI specifying the amount and the timeline within which it is to be paid to the concerned RO of RBI.
(e) The concerned RO will update the status in the FIRMS portal after the LSF amount has been realized. The new status will be communicated to the applicant through a system-generated email, which can also be accessed in the FIRMS portal.
(f) The AD bank will approve the forms filed with a delay greater than three years, subject to the compounding of contravention. The applicant may thereafter approach RBI with their application for compounding.
(g) The remarks of the AD Bank for rejection of forms, if any, will be communicated to the applicant through a system-generated e-mail and the same can also be viewed in the FIRMS portal.
Click Here To Read The Full Circular
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