RBI notified FIRMS to introduced SMF for Foreign Investments in India
RBI, on Jun 27, 2018 notified, an online facility, called FIRMS (Foreign Investments Reporting and Management System) on RBI Website, for reporting total foreign investment in an Indian Entity which will introduce Single Master Form (SMF) for reporting foreign investments in India. FIRMS will be made available in two phases. In the first phase, Entity Master will be made available from Jun 28, 2018 to Jul 12, 2018 (likely to be extended to Jul 20, 2018 due to technical glitches as reported by livemint on Jul 11, 2018. During the prescribed timeline, Indian Entities, having foreign investments in them, need to fill up an Entity Master form giving details as prescribed in the said notification. Indian Entities, who fail to comply with the requirements shall be deemed to be non-compliant and will not be able to receive any foreign investments under FEMA, 1999 and regulations made thereunder. In the second phase, 9 reports module will be made available effective from Aug 1, 2018 which is aimed to merge the present two-step procedure (ARF and FC-GPR) in a single FC-GPR. RBI Notification is given herein under.
RBI FIRMS User Manual to explain step by step procedure on registration and use of FIRMS website and prerequisites can also be found herein under;
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