What is FIRMS Portal of RBI ?:
The RBI, announced that, with the objective of integrating the extant reporting structures of various types of foreign investment in India, it will introduce a Single Master Form (SMF) subsuming all the existing reports.
The Reserve Bank is introducing an online application, FIRMS (Foreign Investment Reporting and Management System), which would provide for the SMF. FIRMS would be made online in two phases. In the first phase, the first module viz., the Entity Master, was made available online.
In the second phase, the second module is being made available for these reporting:
What is the Meaning of Entity ?
1. Company within the Companies Act, 2013.
2. A Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008
3. A startup which complies with the conditions laid down in Notification No. G.S.R 180(E) dated February 17, 2016 issued by Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India
What is Entity User ?
Note: If the entity wishes to change the Entity user, it may contact RBI helpdesk, the details of which are available under “Contact Us”.
Registration for an Entity User
Authority letter: The entity may issue an authority letter, in the format as given at Annex to the identified personnel authorizing him/her for registering as an Entity user for the entity.
The Entity user may keep ready all details of foreign investment in the entity
What is Business User ?
The applicant reporting the for the transaction in Single Master form at FIRMS.
A BU can use his login credentials for only the entity that has authorized him/her to report the transactions. If the person wants to act as a BU for another entity, he must register himself separately.
Further, at the time of registration, BU has to select the IFSC code of the bank which would approve the eKYC (explained under the head “Registration of Business User”) and the reporting would be made in SMF.
In case the IFSC details are changed i.e. BU wishes to submit the reporting to another branch or another bank, the entity being the same, he/she needs to repeat the registration process for Business user with the new IFSC code and obtain separate Login.
Below mentioned is the draft of Business User Registration.
Whom to contact for any help in the online application of SMF?
Helpdesk for FIRMS to receive queries from stakeholders regarding entries to be made in FIRMS.
FIRMS Helpdesk Team E-mail: email@example.com
For technical queries: firstname.lastname@example.org Telephone Number (022 – 22601000 – Extn: 2617)