Standard Operating Procedure (SOP) for Filing of FCGPR by a professional
FCGPR Stands for Foreign Contribution Gross Provisional Return.
It is the form issued by RBI under Foreign Exchange Management Act, 1999 and it has to be filed for issue of capital instruments by an Indian Company to a preson resident outside India.
When the company receives the foreign investment and against such investment the company allots shares to such foreign investor then it is the duty of the company to file details of such allotment of shares with The RBI within 30 days from the date of allotment and the Company has to use the form FC-GPR for submitting the details to RBI.
Before reporting the transactions, one needs to obtain the following information/documents for filing the form.
1. FIRC (Foreign Inward Remittance Certificate) – issued by the banker post remittance
2. KYC of the foreign investor – Issued by the banker
3. Certificate of incorporation, MOA and Board Resolution to invest (Only incase the foreign investor is an entity) – Board Resolution Ref. Annexure I for the format
4. Copy of resolution for allotment of shares – Ref Annexure II for the format
5. Copy of Certificate of Incorporation and MOA (For filing incase of subscription to MOA)
6. Copy of valuation Report from a Chartered Accoutant – Ref Annexure III for the format
7. Copy of a certificate from a Company Secretary – Ref Annexure IV for the format
8. Debit Authorisation Letter for debiting the normal bank charges – Ref Annexure V for draft
9. Copy of declaration by the Company in the prescribed format – Ref Annexure VI for the format
10. A declaration regarding the excess amount received, if any – Ref Annexure VII for the format
11. A clarification letter for delay in filing – Ref Annexure VIII for the format
Pre-requisites for filing:
1. The entity should be registered in the RBI FIRMS portal i.e. https://firms.rbi.org.in – For detailed instructions about the entity registration, refer Annexure IX
2. The entity should authorise a person on behalf of the Company to file the necessary forms at the formal i.e. Business User registration at RBI FIRMS portal – For detailed instructions about the business user registration, refer Annexure X.
3. Every filing happens only through the business user login.
Points of caution while filing FC-GPR:
1. Name and address of the investor entered in the form shall match with that of FIRC and KYC
2. Number of shares entered in the form shall exactly match with that of Board Resolution/MOA in case of subscription to MOA
3. The form shall be filed within 30 days from the date of allotment in case of allotment and within 30 days from the date of issue of share certificates in case of subscription to MOA.
4. The date of issue of share certificates can be a date after the date of remittance of subscription amount.
5. The amount of remittance in FIRC shall not be less(not even a rupess because of exchage fluctuation) than the amount of allotment/subcription.
6. If amount is remitted multiple times, all the FIRC and KYC copies have to be attached while filing.