Banks to file FDI related forms only online from today

Zee Media Bureau

New Delhi: The FDI related forms like Advanced Remittance Form (ARF), Foreign Collaboration General Permission Route(FC-GPR) and Foreign Collaboration Transfer of Shares (FC-TRS)  can be filed only online on e-Biz portal from today.

The Reserve Bank of India had announced last week that physical filing of these forms will be discontinued from February 8, 2016.

Advance Remittance Form (ARF) is used by companies to report FDI inflows to RBI while a company submits Foreign Collaboration General Permission Route(FCGPR) Form for reporting issue of eligible instruments to overseas investor against the FDI inflow. Foreign Collaboration Transfer of Shares (FC-TRS) Form relates to transfer of securities between a resident and a person outside India.

The RBI announced the measure only after assessing the readiness of the banks to adhere to the procedure.