Opening New Account on FIRM Portal RBI

[Sangeet Sindan]

Dear Members, 

This is with regard to opening a new login account on the FIRMS portal of RBI for the purpose of FEMA compliance and FDI. Kindly let us know whether a newly incorporated entity established in 2021 would require to open "New Business User account" or the "New Entity User", for the purpose of reporting the FDI in the said company.

Thank you in advance. 

Warm regards, 

Sangeet

M: (+91) 8904414756|(+91) 88283-94338| 

E: sangee...@gmail.com

[Tanvi Aggarwal]

Hi, 

You would be required to open both. First the entity master and then the other one. 

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[CS Mohit Saluja]

Dear Concern,

          Greetings of the Day.. !

Yes every company though it is the new established or the existing one need to register on both entity used and business user account. This is only One time registration when the FDI is being brought up in India and for further FDIs the same login accounts can be used for n no. of times

CS Mohit Saluja

CERTIFIED CSR PROFESSIONAL

Mohit Saluja & Associates

Company Secretaries

FCS, LL.B, M.Com, B.Com(Prof.)

338/7, Central Town

Near Swaran Institute

Jalandhar, Punjab-144001 

Tel: +91 9914558709 (M) 
Email: csmohit...@gmail.com | csmohits...@gmail.com

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[SAWITA RANI]

Yes

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[CS Mohit Saluja]

Dear Concern,

          Greetings of the Day.. !

Yes every company inciting teh FDI first time, need to have login accounts both under "Business User" and "New Entity User"

CS Mohit Saluja

CERTIFIED CSR PROFESSIONAL

Mohit Saluja & Associates

Company Secretaries

FCS, LL.B, M.Com, B.Com(Prof.)

338/7, Central Town

Near Swaran Institute

Jalandhar, Punjab-144001 

Tel: +91 9914558709 (M) 
Email: csmohit...@gmail.com | csmohits...@gmail.com

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[Sangeet Sindan]

Dear all, 

I heartily thank you for your response. 

@Mohit Saluja, it would be really helpful if you let us know which login accounts need to be created first, whether it is the New Entity User name or the Business User. Further, with respect to the Business User whether same needs to be created in the name of the director of the company or any professional who is authorized by the Board of the company can create the same.

Thank you in advance for your help. 

 

Warm regards, 

Sangeet

M: (+91) 8904414756|(+91) 88283-94338| 

E: sangee...@gmail.com

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[Tanvi Aggarwal]

Hi,

You first need to create entity user and then business user. Please note you will be requiring to attach authorisation letter as per the format given therein. 

For your easy understanding, please watch videos on youtube. 

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[Sangeet Sindan]

Dear Folks,

This is regarding an issue for opening the Business User account with the FIRM portal of RBI for filing of FC GPR.

We have already opened the  Entity User account, however, we are facing the issue while submitting online application for opening the Business User account. While putting the CIN number of the investee company  in the “CIN/LLPIN of the investee company” which automatically list downs the list of companies in search box, the CIN of the investee company does not appear and does not reflect in the automated list.

Does it require to first fill in the Entity User account with the details of the investee company, only the name of the investee company would appear for the purpose of opening the Business User account?

Find attached the screenshot of the dropdown search tab of the application of the Business user online application form of the FIRM Portal for your reference.

Your earliest response would be heartily appreciated.

With regards,

Sangeet

M: (+91) 8904414756|(+91) 88283-94338| 

E: sangee...@gmail.com

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[CS Sarvajit S. Yadwad]

Dear Sangeet Ji,

You will have to firstly fill the details of Investee Company in the ENTITY MASTER. After filling those details, CIN will be reflected and you will be able to create BUSINESS USER.

Thanks & Regds,

CS Sarvajit S. Yadwad

9765144257

[Sangeet Sindan]

Dear CS Sarvajit-ji and Folks, 

Thanks a lot for your response. We have a little doubt as to populating the information in the Entity User account dashboard. Until today there is no FDI or FPI investment in the company, however, the company would receive certain FDI in the coming days. In that case, could we fill in the details as "0" with respect to the column relating to FDI or FPI. 

Thank you in advance for your response.

Warm regards, 

Sangeet

M: (+91) 8904414756|(+91) 88283-94338| 

E: sangee...@gmail.com

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/759a51de-8640-40fc-90e0-c9f76966bc08n%40googlegroups.com.

[Sarvajit S. Yadwad]

Dear Sangeet Ji,

As on date if the Company does not have any FDI/FPI, no need to fill in the details in the ENTITY MASTER. Because today if you mention FDI/FPI amount 'NIL', you will have to at the time of actual reporting of FDI, request RBI to modify the ENTITY MASTER data.

It is better to enter the details once FDI/FPI comes into the Company.

Thanks & Regds,

CS Sarvajit S. Yadwad

9765144257

[Sangeet Sindan]

Dear Folks,

 

Kindly help me to understand the following questions under the Entity User account in the FIRM Portal of the RBI:

 

Question of FIRM Portal: Whether the respective reporting has been made to AD/ RBI – YES/NO

 

Does it mean the FIRC receipt or something else – please help me to understand.

 

Question of FIRM Portal: Whether the acknowledgment has been received from AD/RBI - YES/NO

 

Kindly let me know what acknowledgment it refers to – does it refer to FIRC.

Warm regards, 

Sangeet

M: (+91) 8904414756|(+91) 88283-94338| 

E: sangee...@gmail.com

[SUJEET KUMAR]

Dear Mr. Sangeet,

Question of FIRM Portal: Whether the respective reporting has been made to AD/ RBI – YES/NO.

Question of FIRM Portal: Whether the acknowledgment has been received from AD/RBI - YES/NO

Answer both questions as yes because once you file the form thereafter you can change only numerical values.

for better understanding :

2. The 'foreign investment info' is meant for transactions which have taken place before September 2018.

3. You may request for deletion of the incorrectly uploaded record as no modification will be carried out in any record unnecessarily uploaded as the request to modify the same will not be entertained.

4. Also note that figures in the aforementioned tab does not affect the shareholding pattern.

CS Sujeet Kumar 

Secretarial | Legal | Compliance

Partner | MB & Co. (Company Secretaries)

First Floor, 5-Pusa Road, New Delhi-110005.

Email: sujeetcs...@gmail.com

Cell: +91 7982358225 | +91 97185 37826 

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[Sangeet Sindan]

Dear Folks,

This is regarding reporting the second tranche and second investment of FDI in the investee company in India. We created the Entity User account with respect to the investee company for the first tranche of FDI, thereafter, we also created the Business User account and filed the FC-GPR form. Now, the investee company has received the 2nd tranche of FDI, in that regard, please let me know whether a new entry in the Entity User account is required or we can directly file the FC-GPR  using the Business User account.

Warm regards, 

Sangeet

M: (+91) 8904414756|(+91) 88283-94338| 

E: sangee...@gmail.com

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[Tanvi Aggarwal]

the old user acacount will work.

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