Updated guide to RBI's FIRMS portal covers FC-GPR, FC-TRS, FLA returns, Entity Master registration, and LLP reporting deadlines. Timely submission is mandatory under FEMA.
Mandatory Reporting via RBI’s FIRMS Portal
The Reserve Bank of India’s Foreign Investment Reporting Management System (FIRMS) portal has become the centralised platform for all cross-border investment reporting under FEMA. Entities must file forms FC-GPR (foreign capital inflow), FC-TRS (transfer of shares), and FLA (annual position of foreign liabilities and assets) through the portal within prescribed timelines.
New registrants must complete Entity Master setup and assign Business Users with role-based access. Reporting obligations extend to LLPs receiving foreign investment and companies undergoing downstream investments. The deadline for FLA returns is 15 July annually, while FC-GPR must be filed within 30 days of receipt of inbound remittances.
Failure to comply may attract penalties under Section 13 of FEMA, 1999. Practitioners must ensure clients maintain accurate records and adhere to the digital filing regime to avoid enforcement actions.
Citations
- Foreign Exchange Management Act, 1999, Section 13
