A circular was released by
Reserve Bank of India (‘RBI’) on June 7, 2018 in which RBI is proposing
that with the objective of integrating the reporting structures of various
types of foreign investment in India, it will introduce a Single Master Form (“SMF”)
which shall be a consolidated form for reporting any foreign investment
received by an Indian company to the Reserve Bank of India.
Reserve Bank of India (‘RBI’) on June 7, 2018 in which RBI is proposing
that with the objective of integrating the reporting structures of various
types of foreign investment in India, it will introduce a Single Master Form (“SMF”)
which shall be a consolidated form for reporting any foreign investment
received by an Indian company to the Reserve Bank of India.
Prior to implementation of SMF, RBI has
provided an interface to the Indian entities to input the data on total foreign
investment in the form FIRMS (Foreign Investment Reporting and Management
System). The interface is available on RBI website (www.rbi.org.in) from June 28,
2018 to July 12, 2018 (now extended up to July 20, 2018). Indian entities
holding any foreign investment have to provide the details thereof using the
Form FIRMS on or before the dates provided above. Indian entities not complying
with this pre-requisite will not be
able to receive foreign investment (including indirect foreign investment) and
will be non-compliant with Foreign Exchange Management Act, 1999 and
regulations made thereunder.
provided an interface to the Indian entities to input the data on total foreign
investment in the form FIRMS (Foreign Investment Reporting and Management
System). The interface is available on RBI website (www.rbi.org.in) from June 28,
2018 to July 12, 2018 (now extended up to July 20, 2018). Indian entities
holding any foreign investment have to provide the details thereof using the
Form FIRMS on or before the dates provided above. Indian entities not complying
with this pre-requisite will not be
able to receive foreign investment (including indirect foreign investment) and
will be non-compliant with Foreign Exchange Management Act, 1999 and
regulations made thereunder.
