Within 30 days of the day of allotment of the shares by the Indian company in which the investment is made, in a country other than in India, it should furnish the information to the pertinent Regional Office of the Reserve Bank of the amount of sum of the consideration.
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Scope of Work:
1. Preparation of documents;
2. Preparation of Form FCGPR;
3. Obtaining RBI Approval Certificate;
Note - PCS Certificate if required shall be charged separately.
And it is also expected to direct to the Regional Office of the Reserve Bank the information on the number of considerations in not more than 30 days of the date of allotment of the shares allotted by Indian Company as recipient of investment outside India and as an issuer of shares / convertible debentures or, preferences shares to Filth the FDI Scheme.
Laws that govern it are under the Foreign Exchange Management Act (FEMA), 1999.
Regulations and rules:
Form FCGPR is that form of returns which is supposed to be submitted to the Reserve Bank of India on a possible foreign investment in any Indian company offering equity shares or any compulsorily convertible portion (CCPS, CCDs) to a foreign resident.
It is ex post facto reporting requirement and shall be furnished only after foreign investors have been allotted the share/securities.
Event |
Time Limit |
Receipt of foreign remittance |
Within 30 days – report through ARF (Advance Remittance Form) |
Allotment of shares |
60 days beyond the handing in date of money |
Filing of Form FCGPR |
the same in 30 days after allotment |
Delay in reporting attracts penalties under FEMA.
The following should be in place prior to filling Form FCGPR:
Indian Company is a company having entity user registrant named as Indian Company in FIRMS portal.
Business user registration of authorised persons that files on behalf of business.
FDI investment in the company balances of the bank.
Distribution of the shares should be done through board resolution by the board of directors.
Submission of PAS-3 to the Ministry of Corporate Affairs (MCA) on the issue of allotment of the shares.
Valuation report of a Securities Exchange Board of India (SEBI) Registered Merchant Banker or a Chartered Accountant to the effect that the shares have been fairly valued by FEMA pricing guidelines.
The KYC report of the remitting bank.
The documents indicated below (must be) uploaded on the FIRMS Portal:
Allotment of shares- Board Resolution
FIRC ( Foreign Inward Remittance Certificate ) is given by the bank.
AD bank KYC report
Valuation Certificate (ICAI registered Merchant Banker)
The authorization of the Coming out statement
Certificate of incorporation of foreign investor (where his/her is a corporation)
MoA of the company
Suitable governmental consents (in the event that they are needed, like FIPB or DPIIT approval)
PAS-3 filled at MCA
Post allotment polling of the company
Login to FIRMS Portal: https://firms.rbi.org.in
Click on Single Master Form -> FC-GPR
Fill in:
Upload documents required
Present to the Authorised Dealer (AD) Bank to be verified
On the review of AD Bank, it is relayed to RBI where it is to be processed finally
FEMA punishments:
Moreover, there is an imposition of a fine of upto 5000 Rs. per day in case of persisting violation
Will affect later financing or international financing
Proper communication with AD banks should be maintained since they help in confirming documents.
Submit up-to-date formats of KYC and valuation reports.
Forms may be necessitated to be uploaded using digital signatures (DSCs).
RBI does not compromise on valuation standards and, you must make sure that there is no violation in the valuation process.
Review industry sector specific limits and entry, (Auto entry vs government approval).