FCGPR

Intimation to RBI for Allotment of shares

Avoid non-compliance and penalty

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Advance Reporting Filing of FC-GPR Advance Reporting & FC_GPR
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Preparation of Documents
Prepare all the documents for submission to RBI
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Fill the Form FC-GPR
Fill the form SMF for FC-GPR
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WHAT IS FC-GPR?

FC-GPR stands for Foreign Currency Gross Provisional Return. It is form which is introduced by the RBI under Foreign Exchange Management Act, 1999. As announced in the First Bi-monthly Monetary Policy Review dated April 5, 2018 announced that, with the objective of integrating the extant reporting structures of various types of foreign investment in India, it will introduce a Single Master Form (SMF) subsuming all the existing reports. The filing of SMF would be online.

WHY Form FC-GPR is filed?

Every Company having foreign direct investment (FDI) is required to report Reserve Bank of India for the same. When a company receives foreign investment and allots securities against such investment to such foreign investor, then it is the duty of company to file details of such allotment of shares with RBI within 30 days from the date of allotment of securities.

WHAT IS THE TIME LIMIT FOR FILING OF FORM FC-GPR?

The company should file the Form FC-GPR to the RBI within 30 days from the date of issue of securities.

WHO IS AUTHORIZED TO FILE OR SIGN THE FORM FC-GPR?

Any person (not necessarily a director, managing director or secretary of the company) duly authorized by the Board can digitally sign the Form using his/her DSC. It is advisable that a scanned copy of the Board resolution giving the said authority be attached in Form. This is to prevent any further user clarification from AD Bank/RBI.

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Documents Required For FCGPR

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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KEY HIGHLIGHTS

PURPOSE OF FILING -FORM FC-GPR

In Form FC-GPR, the transaction being reported is for issue of capital instruments by an Indian Company to a person resident outside India i.e., allotment of Equity shares/Compulsorily Convertible Preference Shares/Compulsorily Convertible Debentures, whether at the time of incorporation or post incorporation of the Company.

WHEN YOU NEED TO FILE

When the company receives the foreign investment and against such investment the company allots shares to such foreign investor then it is the duty of the company to file details of such allotment of shares with The RBI within 30 days and for that company has to use the form FC-GPR (Foreign Currency- Gross Provisional Return) for submitting details with RBI.

PROVISION.

1. The Foreign Investment is subject to Consolidated FDI Policy (relating to sectoral caps and whether entry is through automatic or approval route, pricing guidelines etc. and;
2. The securities issued are in accordance with the provisions of Foreign Exchange Management Act, 1999, Companies Act, 2013 and SEBI Regulations and other applicable laws and rules made thereunder.

WHAT IF FC-GPR IS NOT FILED WITHIN 30 DAYS.

In case of delay beyond the prescribed time period shall be liable to penalty of 1% of the total amount of investment subject minimum of Rs. 5,000 and Maximum of Rs/. 5,00,000 per month or part for 1st six months of delay and twice that rate thereafter, to be paid online into a designated account in RBI.

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Frequently asked questions

What is form FC GPR?

Legally FC-GPR stands for Foreign Currency Gross Provisional Return and FC-TRS stands for Foreign Currency- Transfer of Shares. Non submission of FC-GPR is a non compliance and RBI may impose penalty thereon. It depends on a case to case basis.

What is advance remittance form?

Advance Remittance Form for Investment in Company. Advance remittance form is used in transactions for foreign investment that comes into India in various forms. In effect, the remittance can be refunded within 75 days from the date of remittance without any approval from RBI.

When can I file FC GPR?

Within 30 days from the date of issue of shares, form FC-GPR must be filed with the RBI along with the complete documents.

What is Entity Master form?

An Entity User is a person authorized by the entity (company/ LLP/startup) to register an entity in the Entity Master of FIRMS application. One person can also be an entity user for more than one entity.

What is remittance in banking?

A remittance is the funds an expatriate sends to his or her country of origin via wire, mail, or online transfer. These peer-to-peer transfers of funds across borders are economically significant for many of the countries that receive them.

What is inward and outward remittances?

Inward Remittance simply means funds received into your bank account. This could be either from another account within India or from an account abroad. Outward remittances is money that you are sending out of India. Inward Remittance is money from overseas which is getting credited to your INR Account.

What is Ad bank?

Authorised Dealer Category -I Banks (AD Category–I Banks) is one of the three types of Authorised Money Changers (AMCs) approved by the RBI under Section 10 of the Foreign Exchange Management (FEMA) Act, 1999. An AMC is a Full Fledged Money Changer (FFMC) permitted to deal in foreign exchange for specified purposes

Why you cannot see option for filing Single Master Form (SMF) after registered as an Entity user?

For filing in SMF, one has to register as a Business User, which is separate from Entity User.

What are the documents to be attached at the time of Entity User and Business User registration?

At the time of Entity User: The authorisation letter as per the Entity Master User Manual. (https://firms.rbi.org.in/firms/) and PAN Card of the Entity User. At the time of Business User: The authorisation letter as per the Firms User Manual (https://firms.rbi.org.in/firms/) and PAN Card of the Business User.

What is the process for rectifying/modifying the Entity Master details?

To modify the existing details on Entity Master, a request must be made by sending an e-mail to fedsupport@rbi.org.in and helpfirms@rbi.org.in by attaching a scan copy of the request letter from an authorised representative of the Company.

What are sectors prohibited for receiving FDI

Investment by a person resident outside India is prohibited in the following sectors:
Lottery Business including Government/ private lottery, online lotteries.
Gambling and betting including casinos and Chit funds (except for investment made by NRIs and OCIs on a non-repatriation basis).
Nidhi company.
Trading in Transferable Development Rights (TDRs).
Real Estate Business or Construction of Farm Houses.
Manufacturing of Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes including wholesale cash and carry, retail trading etc. will be governed by the sectoral restrictions laid down in Regulation 16 of FEMA.
Sectors do not open to private sector investment i.e., atomic energy and Railway operations.
Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities.

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