Amendment of Entity Master Data on FIRMS portal of RBI

Learn the seamless process of amending Entity Master Data on the FIRMS portal of RBI. Follow the steps, including drafting a confirmation letter and sending the details via email for swift resolution. Clear your doubts and ensure accurate information in compliance with RBI guidelines.

In the previous article, we have studied about Entity Mater Creation on the FIRMS portal of RBI. After creation of entity master, we are required to enter the basic details of the Company, particularly pertaining with respect to the shareholding pattern.

Sometimes, it may happen that the details of the Company in the Entity Master Form (EMF) gets incorrectly filled. Then in such cases, when you file FC-GPR or FC-TRS, the rejection comes asking you to amend the EMF in accordance with Q9 of FAQS given at firm.rbi.org.in.

Accordingly, in this article we shall study about the small process of amendment of Entity Master Form after updating on the FIRMS portal as the same shall be done at the RBI end only.

Step 1: Please draft a confirmation for change in Entity Master and get the same signed by Managing Director/ Director/Secretary of the Company/Designated Partner (in case of LLP)

DRAFT OF THE CONFIRMATION LETTER

Date:

To,

The Chief General Manager-in-Charge,                                    

Foreign Exchange Department

Reserve Bank of India

Regional Office Mumbai

Post Bag No. 901, Main Building,

Shahid Bhagat Singh Marg,

Mumbai-400001

Dear Sir,

Sub: Confirmation for change in Entity Master

1. We hereby authorise Mr. _______________S/o Mr. _____________________ to make changes in “ENTITY MASTER APPLICATION” for submission of returns in Foreign Investment Reporting and Management System (FIRMS) on behalf of our Company named “______________________________ PRIVATE LIMITED” bearing CIN: _______________________________ and having registered office at _____________________

2. We further confirm that we are liable for and bound by all acts and of commission and omission by the authorised representative. All acts committed by the above authorised representatives shall be treated as if these acts were committed by the Company.

Yours Faithfully

Name:

Director

DIN:

Date: 19.04.2023

Seal of the Signing authority

Step 2: Draft the content of the email as per the following format:

Respected Sir,

Below are the all details which are required to rectify the entity master of the Company named “_____________ PRIVATE LIMITED” and confirmation letter for change in Entity Master are attached herewith.

• User ID:
• CIN/LLP Number:
• Registered Email Id:
• Issue description (Reasons for the change):
• What are the changes need to be done:

Your co-operation is greatly appreciated.

Thank you.

Step 3: Please send the email with the content as mentioned in Step 2 and attaching the confirmation letter as mentioned Step 1 to [email protected] and [email protected].

The RBI team is really quick to response and normally, response from them is expected within 2-4 working hours.

{The author i.e., Mrs. Kajal Goyal is a Company Secretary in Practice and can be reached at (M) +91-9999952595 and (E) [email protected]}