What changed
RBI revised the FC-GPR form (Annex I) for reporting share/convertible debenture issues under FDI, based on public feedback. A new standard format (Annex II) for reporting receipt of consideration and a KYC report (Annex III) on non-resident investors were introduced. The annual report filing deadline shifted from June 30 to July 31.
What it means for you
Banks must now collect and submit a KYC report on non-resident investors along with the receipt of consideration, adding a compliance step. The revised FC-GPR form requires UIN from the Regional Office, ensuring better tracking. The extended annual report deadline gives companies an extra month to file Part B of FC-GPR.
What you must do
- Update internal systems to use the revised FC-GPR form (Annex I) for all FDI share/debenture issue reports.
- Ensure receipt of consideration is reported using Annex II, with FIRC copies and KYC report (Annex III), within 30 days.
- Verify that the Unique Identification Number (UIN) from the Regional Office is correctly entered in FC-GPR before forwarding.
- Inform customers that the annual report (Part B of FC-GPR) deadline is now July 31 each year.
- Train staff on the new KYC requirement for non-resident investors from the remitting overseas bank.
Who it affects
AD Category-I banks handling FDI remittances, Indian companies issuing shares/convertible debentures to non-residents, Regional Offices of RBI processing FDI reports
What is the new KYC requirement for FDI?
A KYC report on the non-resident investor (Annex III) must be obtained from the overseas remitting bank and submitted along with the receipt of consideration (Annex II) within 30 days.
When is the annual report for FDI investments now due?
The annual report (Part B of revised FC-GPR) must be submitted by July 31 every year, instead of the earlier June 30 deadline.
Do we need to use the old FC-GPR form for pending reports?
No, all reports after this circular must use the revised FC-GPR form (Annex I). The old form is superseded.