Circular on Foreign Investment in India – Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal (dated-04.01.2023)-RBI.View Pdf
Circular on Foreign Investment in India – Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal (dated-04.01.2023)-RBI.
- It is advised that the following changes are being implemented with respect to the reporting of foreign investment in SMF on FIRMS portal:
- The forms submitted on the portal will be auto-acknowledged. The AD banks shall verify the same within five working days based on the uploaded documents, as specified.
- In cases of delayed reporting, the AD banks shall either advice the Late Submission Fee (LSF) to the applicants, which will be computed by the system or advice for compounding of contravention, as the case may be.
- The salient features of the changes made in the system are given in Annex for ready reference. For detailed guidelines, the FIRMS manual available at https://firms.rbi.org.in may be referred to, and the version of manual available at the portal will have the finality in case of any mismatch, refer attachment for further details.