If Co. receives FDI before introduction of SMF by RBI??

[Sonia Yadav]

Dear Member,

1.Just wanted to confirm whether SMF introduced by RBI will remove the requirement of fililng ARF also??

2. If a Co. received FDI before the introduction of SMF, Then how should it do its filings??

3. We have issued FDI, now while putting data in interfece opened by RBI. How should be convert CCD into shares, will it be at facevalue or FMV as per valuation report.

Regards

Sonia

[TANISHA YADAV]

Dear Soniya,

Answer to your question are as follows:

1. You can submit the Details as SMF interface is provided by RBI.

2. If Company received FDI before the SMF and due date of filing of ARF has gone even then you need to file SMF.

3. You can put the details under the capital on fully diluted basis, there is no other option. it will be on face value.

[Bhakti Talikot]

i have a qeury,

The companies which have already done filing of FCGPR and received Acknowledgement, whether those company have to file SMF and create Entity master?

Pls guide.

Bhakti

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Thanks & Regards

CS Bhakti Talikot

M/s Bhakti Talikot & Associates

PH. 9822594632
off. (0253) 2350607
Office: Flat No. 03, Kunwar Apartment,

Behind Reliance Petrol Pump,

Near Perfect Circle, Pipeline Road,
Nashik 422007

[TANISHA YADAV]

Yes, Company need to register and file the information of FDI received irrespective of the fact that the earlier compliance were complied by the company or not.

On Wednesday, July 4, 2018 at 3:04:51 PM UTC+5:30, bhakti patel wrote:

i have a qeury,

The companies which have already done filing of FCGPR and received Acknowledgement, whether those company have to file SMF and create Entity master?

Pls guide.

Bhakti

On Tue, Jul 3, 2018 at 5:00 PM, TANISHA YADAV <cstanis...@gmail.com> wrote:

Dear Soniya,

Answer to your question are as follows:

1. You can submit the Details as SMF interface is provided by RBI.

2. If Company received FDI before the SMF and due date of filing of ARF has gone even then you need to file SMF.

3. You can put the details under the capital on fully diluted basis, there is no other option. it will be on face value.

 

On Tuesday, July 3, 2018 at 12:43:41 PM UTC+5:30, soniyaa wrote:

Dear Member,

1.Just wanted to confirm whether SMF introduced by RBI will remove the requirement of fililng ARF also??

2. If a Co. received FDI before the introduction of SMF, Then how should it do its filings??

3. We have issued FDI, now while putting data in interfece opened by RBI. How should be convert CCD into shares, will it be at facevalue or FMV as per valuation report.

Regards

Sonia

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[Ajay Saharan]

as per my understanding only Entry master is required is required. please correct if i am wrong

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[Bhakti Talikot]

Dear sir,

Even im of the opinion that Only entry master must have been required.

[TANISHA YADAV]

Yes, 

You need to only create the entity master and file the required details under it and submit the form.

Single master form is not yet notified by the RBI and it will launch in the second phase by RBI with effect from August 01, 2018.

Thanks & Best Regards

Tanisha Yadav

Company Secretary, M.com - BP & CG, B.com (H)

Add:- B-117/6,East Vinod Nagar
Near Mayur Vihar Phase-2, Delhi- 110091

Ph No.:- 7838446043
Email id: cstanis...@gmail.com

Skype id :- tanisha.yadav5

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[Ajay Saharan]

thanks for clarification, i just want to understand one more thing...those company who have already reported through FCGPRS, FCTRS is also required to give all detail through SMF after second phase launch or this second phase will be for those company who will received FDI after this SMF 

[TANISHA YADAV]

RBI has not given any clarity about the filing of SMF by company which have already filed the FC-Gpr or ARF forms for FDI.

It'll be clear once the forms hosted by the RBI in its Master directions or any further information provided by the RBI. Till date only Entity master is required to register and file.

But in my opinion there will be no requirement to file the SMF for those companies which have already filed the ARF and FC-Gpr forms, Because the whole process is to simplify the process of informing the RBI about the FDI and for tracking the future FDI transaction of every company.

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[ruchi sikka]

Please refer page 1 of directions issued by RBI, reproduced below:

"1.4 The first module will be available to the public for data entry between June 28 (at 1:00

pm) and July 12, 2018. It would provide an interface for Indian entities [as defined in

Foreign Exchange Management (Transfer or issue of security by a person resident outside

India) Regulations, 2017 dated November 07, 2017 and as amended from time to time] to

input their existing foreign investment (including indirect foreign investment) data. Entities

shall provide data with respect to all foreign investments received, irrespective of the fact

that the regulatory reporting to the Reserve Bank for the same has been made or not and

whether the same has been acknowledged or not."

Also refer Note on page 15:

"(Note: In case a company that has created the entity master, allots shares which are not

reported in the Entity Master and reports the same on e-biz, the company has to update

the entity master at ‘Foreign Investment in Company / LLP’ and ‘Foreign Investment Info’)"

Thus, it is quite clear all companies having Foreign Direct Investment as on date need to report details in Entity Master.

Infact those companies whose FCGPR has been approved and acknowledgment generated, need to specify acknowledgment number in the form.

Regards,

Ruchi

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[Dp SHUKLA]

What information to be filled on the 4th tab of Entity Master (FOREIGN INVESTMENT INFO)

Date of Issue/Transfer

Description

Instrument Type / Capital Contribution or Profit Share for an LLP

Number of Instruments / Percentage of capital contribution

Whether the respective reporting has been made to AD/ RBI

Whether the acknowledgement has been received from AD/RBI

As we are the foreign subsidiary, Do we need to file share issue detail of the company or anything other information?

[Nandish Dave]

Our Company had received foreign Investment in March '18. But, failed to file FC-GPR within due time.

Now, it has been come to the company's notice about requirement of filing the same.

Company has made Entity Registration.

Now, should company wait till SMF for filing FC-GPR & ARF or is there any other way to file FC-GPR form???

Thank you. 

जय हिन्द...

Thanks & Regards,

Nandish Dave

Company Secretary

Cell No.  :   09825303126

E-Mail    :   nandis...@gmail.com

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[Sonia Yadav]

In circular it was mentioned that from 1st Aud,18 SMF will come, But I dont think form has been introduced yet..

You may try to do filing on EBIZ Platform.

[Nandish Dave]

Ok Ma'am,

Thanks a lot.

जय हिन्द...

Thanks & Regards,

Nandish Dave

Company Secretary

Cell No.  :   09825303126

E-Mail    :   nandis...@gmail.com