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.