The Reserve Bank of India (RBI), vide its Notification dated August 21, 2015, has launched a module for reporting of the form FC-TRS (Foreign Currency Transfer of Shares) (required under Foreign Direct Investment) through eBiz portal of the Ministry of Commerce & Industry, Government of India. The form is for the reporting of 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.
This is the third service of its reporting service relating to Foreign Direct Investment (FDI) that the RBI has launched on eBiz portal of the Ministry. Other online filing of forms was launched on the eBiz portal of the Ministry in February 2015.
The highlights of the particulars of the service are as follows:
a) The service provided is for three types of users: Business User, AD Bank User and the Department User;
b) The 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 certificate;.
c) RBI has also issued the User Manual for the service in form of Annexure for the convenience. Steps for submission of FC-TRS, online payment, offline payment, etc., are provided in detail in the user manual;
d) There are no payments to be made to RBI for submission of FC-TRS. Applicant is required to pay a nominal eBiz transaction fee (Rs.30/- as per the Manual) while submitting the application form online through eBiz portal.;
e) Applicant can apply for Submission of FC-TRS at any time of the year;
f ) 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) for the submission of such return;
g) FC-TRS services of RBI have been made operational on the e-Biz platform from August 24, 2015.
h) The manual system of reporting as prescribed in terms of A.P. (DIR Series) Circular No.6 dated July 18, 2014 would continue in parallel with the online reporting facility up to three months from August 24, 2015 as per the press release of the RBI. The physical filing of returns will be discontinued thereafter.
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