With a view to make initiative of ‘Make in India’ successful and to uplift the ranking of India from 142 position in ease of doing business Government of India has recently launched the E-Biz Project. It’s a single window platform through which all clearances and approvals related to setting up business in India can be obtained within a specified time. Till now securing approvals for setting up of new industries has always been a big task for the entrepreneurs as they have to get in touch with multiple departments. But with the launch of this project with the click of mouse clearances can be obtained.
Reserve Bank of India (RBI) seems to be the first to avail the benefit of the project and has accordingly issued Circular No.77 dated February 12, 2015 thereby easing reporting of transactions under Foreign Direct Investment (FDI) allowed filing of Returns with RBI through this platform too. Currently, FC-GPR form and Advance Reporting Form (ARF) form will be allowed to be filed through this platform w.e.f. February 19, 2015.
Advance Reporting Form (ARF) is required to be submitted for reporting foreign direct investment (FDI) inflow to RBI while FC-GPR Form is required to be submitted for reporting the issue of eligible instruments (shares/partly paid shares to the extent equity shares are called up/ convertible debentures / convertible preference shares/warrants to the extent equity shares are called up) to the overseas investor against the FDI inflow. Till now both the forms are filed manually within 30 days of receipt of inflow or issue of instruments respectively via AD Category -1 Bank who forward it to concerned Regional Office of Reserve Bank thereafter.
To use this online facility customer have to download the respective forms by logging in to e-Biz portal, and then upload the completed forms onto the portal along with their digitally signed certificates. After verifying with the content from documents uploaded, Authorized Dealer Bank will send the same with RBI for process and allot the Unique Identification Number (UIN).
(Author Aman Nijhawan is associated with Vinod Kothari & Company and can be reached at email@example.com)