WHY Form FC-GPR is filed?
Within 30 days of receipt of share application money/amount of consideration from the foreign investor, the Indian company must report details of the FDI inflow to the Foreign Exchange Department, Reserve Bank of India.
Any person (not necessarily a director, managing director or secretary of the company) duly authorised by the Board can digitally sign the Form using his/her DSC. It is advisable that a scanned copy of the Board resolution giving the said authority be attached in Form. This is to prevent any further user clarification from AD Bank/RBI.
Documents Required For FCGPR
- Endorsed FIRC from banker.
- Valuation report from Chartered Accountant.
- Certificate from Practicing Company Secretary.
- COI, MOA and AOA of the Company.
- Debit Authorisation.
- KYC report issued by the banker.
- Other declarations as required by the RBI.
Legally FC-GPR stands for Foreign Collaboration- General Permission Route and FC-TRS stands for Foreign Currency- Transfer of Shares. Non submission of FC-GPR is a non compliance and RBI may impose penalty thereon. It depends on a case to case basis.
Advance Remittance Form for Investment in Company. Advance remittance form is used in transactions for foreign investment that comes into India in various forms. In effect, the remittance can be refunded within 75 days from the date of remittance without any approval from RBI.
Within 30 days from the date of issue of shares, form FC-GPR must be filed with the RBI along with the following documents.
FIRC (Foreign Inward Remittance Certificate) refers to a document which acts as a testimonial for all the inward remittances entering to India. Most of the statutory authorities use this document as a proof that an individual has received a payment in foreign currency from outside the country.
The e-EDPMS refers to Electronic Essential Drug Price Monitoring System which was created by the DOH to support the establishment of an efficient and effective system and procedures for collecting price and inventories of essential drugs and other drugs stated in RA 9502.
The term is used to facilitate the adjustment of export documents handled by the bank (A) against the IRM reported by bank (B).For all practical purposes, the IRM unique number is the only source to adjust export documents.
An Entity User is a person authorized by the entity (company/ LLP/startup) to register an entity in the Entity Master of FIRMS application. One person can also be an entity user for more than one entity.
Remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. Like the cash register tape, the remittance advice serves as a record of cash initially received.
A remittance is the funds an expatriate sends to his or her country of origin via wire, mail, or online transfer. These peer-to-peer transfers of funds across borders are economically significant for many of the countries that receive them.
Inward Remittance simply means funds received into your bank account. This could be either from another account within India or from an account abroad. Outward remittances is money that you are sending out of India. Inward Remittance is money from overseas which is getting credited to your INR Account.
Authorised Dealer Category -I Banks (AD Category–I Banks) is one of the three types of Authorised Money Changers (AMCs) approved by the RBI under Section 10 of the Foreign Exchange Management (FEMA) Act, 1999. An AMC is a Full Fledged Money Changer (FFMC) permitted to deal in foreign exchange for specified purposes
An Authorised Dealer is a bank which has been authorised by the Central Bank to deal in gold and all foreign currencies, and for this purpose, can open and maintain accounts in such currencies within the limits established by the Bank. They can offer banking services to resident and non-resident clients.
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution (including a brokerage firm) offers a wide array of face-to-face and automated services to its customers.
The British Retail Consortium (BRC) first introduced its Global Standard for Food Safety, a GFSI benchmarked standard, in 1998. Today the BRC Global Standard for Food Safety has almost 16,000 certified sites in over 100 countries world-wide.
Inward Clearing Inward clearing means all those cheques which are issued by account holders to other parties and now these cheques are presented for payment (in term of amount of cheque credit to presenter account).
National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) allow individuals, companies and firms to transfer funds from one bank to another. You can check the RBI website for a list of NEFT and RTGS-enabled branches of your bank.
A document sent by a customer to the supplier of a product or service informing the supplier of the payment of their invoice or bill. In a common business practice, a remittance advice slip is typically included by the customer along with their payment check and could also be attached to it in some way.
A payment receipt is a proof of payment document that can be issued to customers to show that their money has been received. Some customers might request this, especially if they are a business or are placing a large order. Remittance advice notes, on the other hand, are sent by customers to businesses.