Tag Archives: FC-TRS

FDI reporting on e-Biz platform

RBI has enabled online filing of form FC-TRS on the e-Biz platform vide RBI notification dated 21st August, 2015.

Salient features are:

2. With a view to promoting the ease of reporting of transactions under foreign direct investment, the Reserve Bank of India (RBI), under the aegis of the e-Biz project of the Government of India has enabled online filing of the Foreign Currency Transfer of Shares (FCTRS) returns for reporting transfer of shares, convertible debentures, partly paid shares and warrants from a person resident in India to a person resident outside India or vice versa.

3. The design of the reporting platform enables the customer to login into the eBiz portal, download the reporting form (FCTRS), complete and then upload the same onto the portal using their digitally signed certificates. The Authorised Dealer Banks (ADs) will be required to download the completed forms, verify the contents from the available documents and if necessary, call for additional information from the customer and then upload the same for RBI to process and allot the Unique Identification Number (UIN). The FCTRS services of RBI will be made operational on the e-Biz platform from August 24, 2015. The user manual for this service is Annexed to this Circular.

4. It may be noted that for the present, the online reporting on the e-Biz platform is an additional facility to the Indian residents to undertake their FCTRS reporting and the manual system of reporting as prescribed in terms of A.P. (DIR Series) Circular No.6 dated July 18, 2014 would continue till further notice.

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FDI in financial sector – Transfer of shares

In case of FDI in the financial sector and where there is transfer of shares from residents to non-residents and the investee company is in the financial sector, hitherto, a no objection was required to be obtained from the sectoral regulator. Now the RBI has clarified vide its circular dated 11/11/2013 as per link below that the NOC is not any more required to be attached to the documents to be submitted in this connection ie. along with the form FC-TRS to the authorised banks. However “fit and proper criteria needs to be followed and due diligence requirement to be carried out in respect of the non resident investor as may be specified by the financial sector regulator.

Copy of the RBI circular can be found in this link  

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8561&Mode=0

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