FCGPR Reporting
FCGPR stands for Foreign Currency-Gross Provisional Return. It is a mandatory compliance requirement under the Foreign Exchange Management Act (FEMA), 1999. This reporting is necessary for Indian companies that receive foreign investments, ensuring that such transactions comply with Indian regulations.
Importance of FCGPR Reporting
The primary purpose of FCGPR reporting is to keep the Reserve Bank of India (RBI) informed about foreign direct investments (FDIs) in Indian companies. It helps in maintaining a transparent and regulated environment for foreign investments, preventing any misuse or illegal activities associated with foreign currency inflows.
Required Documents for FCGPR Reporting
To ensure smooth FCGPR reporting, the following documents are typically required:
- 1. Certificate from the Company Secretary: Certifying that the company has complied with the requirements of the Companies Act.
- 2. KYC Report: From the remitter bank.
- 3. Foreign Inward Remittance Certificate (FIRC): From the bank that received the amount.
- 4. Board Resolution: Authorizing the allotment of shares.
- 5. Details of Issue: Number of shares, face value, issue price, and date of issue.
- 6. Copy of Form PAS-3: Filed with the Registrar of Companies (ROC) for the allotment of shares.
- 7. Valuation Report: From a Chartered Accountant or a SEBI-registered Merchant Banker.
The Process of FCGPR Reporting
- 1. Receiving Foreign Investment: The company receives the foreign investment amount..
- 2. Issuance of Shares: The company issues shares to the foreign investor.
- 3. Filing FCGPR Form: Within 30 days of the allotment of shares, the company must file Form FCGPR online via the RBI's FIRMS portal.
- 4. Submission of Documents: Upload all required documents, including the board resolution and valuation report.
- 5. Acknowledgment from RBI: Once the form and documents are verified, the RBI provides an acknowledgment for the same.
How Accto Helps with FCGPR Reporting
Accto offers comprehensive services to ensure seamless FCGPR reporting, including:
- 1. Expert Consultation: Our experts guide you through every step of the FCGPR reporting process, ensuring compliance with all regulatory requirements.
- 2. Document Preparation: We assist in preparing and verifying all necessary documents, ensuring accuracy and completeness.
- 3. Filing Assistance: Our team helps you file Form FCGPR on the RBI’s FIRMS portal, reducing the risk of errors.
- 4. Timely Updates: We keep you informed about any changes in the regulatory framework, ensuring your company remains compliant at all times.
- 5. Post-filing Support: Our support doesn’t end with filing. We provide continuous assistance, addressing any queries or issues that may arise post-filing.
FAQ on FCGPR Reporting
Form FCGPR is a mandatory filing for Indian companies to report the issue of shares to foreign investors under the Foreign Exchange Management Act (FEMA).
Any Indian company that receives foreign direct investment (FDI) and issues shares to foreign investors must file Form FCGPR.
The form must be filed within 30 days from the date of issue of shares to the foreign investor.
Non-compliance can lead to penalties, including fines, and may attract scrutiny from regulatory authorities.
Yes, FCGPR reporting is done online through the RBI’s FIRMS portal.
This certificate confirms that the company has complied with all necessary requirements under the Companies Act for the issue of shares.
The RBI does not charge a fee for filing Form FCGPR, but there may be professional fees if you engage a consultant or legal advisor.
Yes, revisions can be made, but it must be done promptly to avoid any regulatory issues.
The form requires details such as the amount of foreign investment received, the number of shares issued, the issue price, and the date of issue.
Accto provides end-to-end assistance, including expert consultation, document preparation, filing support, and post-filing assistance to ensure compliance with all regulatory requirements.