RBI/2014-15/133
A.P. (DIR Series) Circular No. 6
July 18, 2014
To
All Category - I Authorised Dealer banks
Madam / Sir,
Foreign Direct Investment –Reporting under FDI Scheme
Attention of Authorised Dealers Category-I (AD Category - I) banks is
invited to the provisions of the Foreign Exchange Management (Transfer or Issue
of Security by a Person Resident outside India) Regulations 2000, notified by
the Reserve Bank vide
Notification No.FEMA20/2000-RB, dated 3rd May 2000, as
amended from time to time.
- The Department of Industrial Policy and Promotion (DIPP), Ministry of
Commerce and Industry, Government of India has, vide Press Note 4 (2014 Series)
dated June 26, 2014 decided to switch over to the National Industrial
Classification 2008 (NIC 2008) from the NIC 1987 version, for the purpose of
classification of activities under the industrial classification system. In
terms of Para 9 (1) B of Schedule I to the FEMA Notification No. 20 dated May
03, 2000 as amended from time to time, Indian companies are required to report
the details of the issue of shares, convertible debentures, partly paid shares
and warrants in form FC-GPR, to the Regional Office concerned, within 30 days of
issue of shares / convertible debentures. In terms of Para 10 of the Schedule
ibid, transfer of shares, convertible debentures, partly paid shares and
warrants by way of sale from a person resident in India to a person resident
outside India or vice versa, are required to be reported by the
transferor/transferee resident in India to the AD Bank in form FCTRS, within 60
days from the date of receipt or payment of the amount of consideration. Indian
companies are required to report the NIC Codes in the FCGPR and FCTRS forms as
per the NIC 2008 version, henceforth.
- It has also been decided to introduce a uniform State and District code list
for reporting of details of foreign direct investment by Indian companies in
Form FCGPR. The list can be accessed on the RBI website (www.rbi.org.in → FEMA –
State and District Code List).
- AD Category - I banks may bring the contents of this circular to the notice
of their constituents and customers concerned.
- The directions contained in this circular have been issued under sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(B.P.Kanungo)
Principal Chief General Manager