NOW , FC-TRS has to be filed through online only through e-Biz platform only

NOW , FC-TRS has to be filed through online only through e-Biz platform  only

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

Significant elements  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.

Regularisation of Liaison Offices / Branch Offices of foreign entities established in India during the pre-FEMA regime

Regularisation of Liaison Offices / Branch Offices of foreign entities established in India during the pre-FEMA regime

ALLOTMENT OF UIN ( Unique Identification Number for LO/BO) 

It is observed that certain Liaison Offices (LO)/ Branch Offices (BO) established by foreign Non Government Organisations (NGOs), Non Profit Organisations (NPOs), news agencies and other foreign entities are continuing to function in India, without the approval of the Reserve Bank, even after the Foreign Exchange Management Act (FEMA), 1999 came into force from June 1, 2000.

Under the provisions of FEMA Act 1999, liaison offices/ branch offices can only be established with the prior permission from the Reserve Bank of India. Reserve Bank of India considers the requests of such entities to open an office in India, in consultation with Government of India, wherever required.

Accordingly, the foreign entities which have established LO or BO in India without obtaining permission from the Reserve Bank of India should approach the Reserve Bank within a period of 90 days from the date of the A.P. (DIR Series) Circular No.02 dated July 15, 2011 for regularization of establishment of such offices in India, in terms of the extant FEMA provisions.

Further, the foreign entities who have established LO or BO with the permission from the Government of India may also approach the Reserve Bank along with a copy of the said approval for allotment of a Unique Identification Number (UIN) by the Reserve Bank of India.

For both of the above , the last date for application to be made to RBI is 14th October 2011.

All LO/BO can use this golden opportunity.

For any clarification or assistance , please contact 

rvsekar2007@gmail.com, 09848915177