在经济改革政策实施后，外国直接投资（FDI）长期以来一直是实现全球化效益的重要渠道。印度在对外投资方面采取了更为自由的政策，而其他国家也可以通过多种渠道投资印度。然而，任何缺乏监管的对印投资都可能带来风险，因此，所有对印投资均由印度储备银行（RBI）直接监管。
外国直接投资的相关信息必须向印度储备银行（RBI）报备。为简化并规范报告流程，印度储备银行已采取了一系列必要措施，并对FDI的报告要求进行了多项调整。本文将简要探讨向RBI报告FDI方式的变更。
1. 早期FDI报告要求
- 早期，所有与外国直接投资相关的信息均需通过多种表格进行申报，例如FC-GPR（外币总额临时申报表）、LLP-I表格、LLP-II表格等。
- 所有表格均需单独提交，导致申报流程复杂且耗时。
- 所有适用的表格此前均需在e-biz平台上分别进行申报。
2. 早期FDI申报所需表格
早期，FDI申报适用以下表格：
1.1.1 FC-GPR
向非印度居民发行权益工具的印度公司，应在权益工具发行之日起30天内提交外币总额临时申报表（FC-GPR）。此前，还需同时提交用于报告资本工具发行对价金额的预付汇款表（ARF）以及“了解你的客户”（KYC）表格。
1.1.2 FCTRS
视具体情况而定，印度居民转让方/受让方，或持有非汇回型权益工具的非印度居民，应在权益工具转让或资金收付（以较早者为准）之日起60天内提交外币股份转让（FCTRS）表格。
1.1.3 LLP (I) 表格
A Limited Liability Partnership (LLP) that is receiving an amount of consideration for the capital contribution should file the LLP(I) Form, within 30 days from the date of receipt of the amount of consideration.
1.1.4 LLP (II) 表格
视具体情况而定，印度居民转让方或受让方需在收到资本出资转让对价之日起60天内提交LLP(II) 表格，该规定适用于居民与非居民之间的资本出资转让。
1.1.5 CN 表格
The Indian start-up company, which is issuing convertible notes to a person resident outside India, is required to file the CN Form, within 30 days from the date of issuance of the convertible notes. Further, the resident transferor or transferee also must file the CN Form, within 30 days of the transfer of the convertible notes issued by an Indian start-up company, from a resident to a non-resident, or vice-versa.
1.1.6 DRR 表格
The domestic custodian who issues/transfers the depository receipts, in accordance with the Depository Receipt Scheme, 2014 is required to report it in the DRR Form, within 30 days of issuance or transfer of depository receipts.
1.1.7 ESOP 表格
任何向非印度居民（包括其员工/董事，或其控股公司/合资企业/全资海外子公司的员工/董事）授予员工股票期权的印度公司，均应在员工股票期权授予之日起30天内提交ESOP 表格。
1.1.8 DI 表格
对另一家印度实体进行下游投资的印度实体或投资工具（该投资对被投资的印度实体而言被视为间接外国投资），需在权益工具配发之日起30天内提交DI 表格。
1.1.9 INVI 表格
Within 30 days of the date of issuance of units, an investment vehicle that has issued units to a person residing outside of India must file the INVI Form.
1.1.10 Annual Return on Foreign Liabilities and Assets (FLA Form)
FLA Form is an annual return required to be filed by all Indian resident companies which have received any FDI or made any Overseas Direct Investment (ODI) in any of the previous year(s), including the current year. FLA should be filed by 15th July every year.
1.1.11 Form LEC(FII):
Form LEC (FII) is a statement that shows company-wise details of total purchases and sales of equity shares/convertible debentures made by designated branches on behalf of Foreign Institutional Investors through stock exchanges in India and out of issues directly made. Therefore, Form LEC (FII) is required to be filed by Authorised Bank with RBI.
1.1.12 LEC(NRI):
The Authorised Dealer Category I banks shall report to the Reserve Bank in Form LEC (NRI) the purchase/ transfer of capital instruments by Non-Resident Indians or Overseas Citizens of India stock exchanges in India.
Apart from the above, various other forms are filed to provide information related to FDI.
3. New reporting requirement related to FDI
- The Reserve Bank of India (RBI) vide A.P (DIR Series) Circular No. 30 dated June 07, 2018 (FDI Circular) has simplified the foreign investment reporting by the Indian entities by introducing one master form namely-Single Master Form (SMF).
- For the purpose of filing of SMF, a new portal https://firms.rbi.org.in has been introduced.
- Following forms are subsumed under SMF into one master form:
- FCGPR Form,
- FCTRS Form,
- LLP (I) Form,
- LLP (II) Form,
- CN Form,
- DRR Form,
- ESOP Form,
- DI Form and
- INVI Form
- However, following forms are not yet subsumed under SMF and therefore are required to be filed as earlier:
- Annual Return on Foreign Liabilities and Assets (FLA Form)
- Form LEC(FII)
- LEC(NRI)
- Rest all other forms, other than 9 subsumed forms, shall continue to file in the earlier manner.
4. Manner of reporting on FIRMS portal
- For the purpose of migration to FIRMS portal, RBI has notified procedure for following two types of entities namely:
- Entities holding FDI on the date of implementation of SMF; and
- Entities not holding any FDI on the date of implementation of SMF.
- For the purpose of migration to FIRMS portal, all entities having FDI were required to register on FIRMS portal through and then information related to FDI held on the date of migration is required to be provided through Entity Master Form (EMF).
Know how to file Entity Master.
- Entities obtaining FDI on date after implementation of SMF are required to register themselves as Business User on FIRMS portal and then all applicable forms can be filed there.
5. How to register a business on the FIRMS portal?
Here’s a step-by-step guide for you to register your business on FIRMS portal:
5.1 STEP-1
Visit the FIRMs website as https://firms.rbi.org.in
5.2 STEP-2
Click on the Registration form for “New Business User” at the login box.
5.3 STEP-3
Fill the legitimate details as asked in the registration form.
| Field Name |
Description |
| First Name |
First Name of the BU |
| Middle Name |
Middle Name of the BU |
| Last Name |
Last Name of the BU |
| User Name |
User name for the BU. (It shall be unique) |
| E-mail ID |
Email ID of the BU |
| Confirm E-mail ID |
Email ID of the BU |
| Phone No. |
Phone number of the BU |
| Address |
Correspondence Address of the BU |
| IFSC Code |
Select the IFSC code of the Bank branch to whom the reporting would be made.
This field shall be carefully selected so that the reporting is made to the correct branch of the bank.
The applicant shall be versed with the working model of their bank for the foreign investment reporting in terms of the branches which are operating for the approval/rejection of the reported forms in the FIRMS application.
Note: Not all branches are incorporated in the FIRMS application, but only those as specified by the respective bank.
If the applicant is unable to find its respective branch under the IFSC code, he/she may contact its branch for clarification on this issue.
|
| Bank Name |
Auto-populated as per the IFSC code selected |
| Authority Letter-Attachment |
Attachment in the specified format for Authority letter. It is common for all forms filing in SMF.
Attach the PAN card of the individual registering as a Business User.
|
| Company CIN/LLPIN |
Select the CIN or LLPIN of the entity of which the foreign investment is being affected. i.e. the Indian investee company.
|
| PAN No. |
Auto-populated based upon CIN/LLPIN selection |
| Entity name |
Auto-populated based upon CIN/LLPIN selection |
5.4 STEP-4
Click the Submit button.
NOTE: In case any error is displayed, rectify the same and click the Submit button.
5.5 STEP-5
A Message confirming “Record Saved Successfully” will be displayed at the top of the Login box and you are successfully registered
Once the registration form is submitted by BU, it will be verified by the AD Bank Branch concerned. In case of approval or rejection, the same would be communicated through email notification to the concerned BU.
6. How to log into FIRMS?
Here’s a step-by-step guide on how to log in into FIRMS:
6.1 STEP-1
Visit the FIRMS website at: https://firms.rbi.org.in
6.2 STEP-2
- Enter the User Name and default password which has been provided to you via email notification.
- Enter captcha and click submit.
6.3 STEP-3
- Upon first Login, Business Under (“BU”) would be prompted to change the password through a pop-up window.
- Enter the details as required, and submit.
- Upon success, Message “Password changed successfully” would appear on the Login Box.
6.4 STEP-4
- Enter your user name, new password and captcha in the Login Box and click submit.
- The user would be taken to his/ her workspace.
Upon further logins, the BU may simply enter their username, set password and captcha in the Login box and click submit. The user would be taken to their workspace directly!
6.5 使用“忘记密码”功能
如果用户忘记了密码，请按照以下步骤操作。
- 第一步： 点击登录框中的“忘记密码”选项。
- 第二步： 在弹出的窗口中输入用户名和注册邮箱，然后点击提交。系统将向该邮箱发送一封包含默认密码的邮件。用户请查收注册邮箱中的新默认密码，并按照“登录 SMF”章节下的步骤登录 SMF。
7. Conclusion
虽然在规定时间内通过统一的 SMF 表格处理申请简化了外商直接投资（FDI）交易的申报流程，但 SMF 账户申报仍存在明显的实际局限性：即在同一时间点，印度实体名下的所有 SMF 账户仅能处理一份申请。在当前申请获得批准或驳回之前，该印度实体无法通过其任何 SMF 账户提交新的申请。
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