PROCESS TO GET APPROVAL IF FC-GPR GOT REJECTED MANY TIMES

How to get approval if your FC-GPR got rejected by RBI in case of FDI

                                     

FCGPR

When to file FC-GPR

Within 30 days of issue of securities, Company needs to file FC-GPR to RBI in Single Master Form at https://firms.rbi.org.in/firms/faces/pages/login.xhtml.

What are the Documents required for FC-GPR

1) Duly completed FC-GPR form online on FIRMS portal

2) Company Secretary Certificate

3) Declaration by the Authorized Representative of the Indian Company

4) 6 pointer KYC of Foreign Investor on Bank's letter head as per RBI format

5) Copy of FIRC with endorsement

6) If excess/shortage amount received, declaration on company's letter head for the status of excess/shortage amount

7) CA certificate on CA's letter head with firm Reg. No. & Membership No. of CA indicating the manner of arriving at the price of the shares issued to the persons resident outside India (CA certificate must be prior to the date of issue of shares)

8) Debit authority letter to collect AD charges for filling of FC-GPR

9) True Copy of the Board Resolution of the Indian Company (Only the relevant extracts)

10) In case of delay, reason for delay

Possible Queries Can be raised by RBI

1) There is a mismatch in the date of remittance as provided in Form FC-GPR with FIRC

 2) There is a mismatch in the date of remittance as mentioned in Form FC-GPR with FIRC ( In case of multiple FIRCS please mention the earliest date )

3) Endorsement on FIRC obtained from ICICI branch only specifically mentioning total amount received minus amount utilised in share allotment equal to Balance (in INR only) not provided

4) In case of valuation certificate please mention SEBI REGN

5) Please provide debit authorization letter. The applicable charges is Rs.5000+ GST.( Only applicable in case of ICICI Bank not for other Banks)

6) Please provide authorized representative declaration as per FIRMS user manual.

7) Please provide excess inward remittance declaration.( if any)

8) Please provide board resolution passed for allotment of shares.

9) Please provide Delay Reason

Note 1: I have observed so many rejected cases of FC-GPR and Found the above mentioned queries has been raised by RBI/AD end no of times.

Note 2: Many times we see that after complying all the requirements of RBI still FC-GPR got rejected. This problem arises from Ad Bank side even a minor negligence from issuer side can be rejected. In case you are getting continuous rejections for same. You should contact with your AD bank Because sometimes we need to clarify few things to AD bank personally for which is he is not getting convinced.

It is advisable every time when you file FC-GPR ( keep all above documents ready with yourself) try to resolve above queries at prima facie.

In case of any query post down comment below.