Alerts & Updates

  • RBI grants in-principal approval for Payment Banks.

  • Online reporting with RBI.

  • Note on clarification issued by MCA.

Online reporting with RBI

With a view to promote ease in reporting´s and intimation requirements in respect to Foreign Exchange Management (Transfer of issue of securities by a person resident outside Indian) the Reserve Bank of India has vide its circular dated August 21, 2015 enabled filing of form Foreign Currency Transfer of Shares (FC-TRS) for reporting transfer of shares, convertible debentures from resident to non-resident or vice-versa.

Online reporting with Reserve Bank of India is expected to ease the burden of preparing the documents and filing physical application with Authorised Dealer Banks and undertaking various follow-up actions thereon.

The form along with requisite annexures is required to be filed by affixing the Digital Signature along with the other requisite annexures on the Reserve Banks of India´s reporting platform. Using this link the Authorised Dealer Banks will authorise the transaction and have been instructed by RBI to call for further documents for verification and issuing approval to the transaction.

The A. P. (DIR Series) Circular No. 9 issued by the Reserve Bank of India has been enclosed herewith for further reference:

- Mgb Updates 2