INTRODUCTION OF ANNUAL RETURN ON FOREIGN LIABILITIES AND ASSETS REPORTING BY INDIAN COMPANIES AND DISCONTINUATION OF THE   PART B    OF FORM FC-GPR

The Reserve Bank of India vide  A.P. (DIR Series) Circular No. 45 dated 15^th  March 2011 , has replaced the Part B of the Form FC-GPR by a separate Form i.e. ‘Annual Return on Foreign Liabilities and Assets’ in order to capture the inward and outward statistics relating to Foreign Direct Investment (FDI) in a more comprehensive way and to line up with the international best practices.

Key points:-

·         Requirement of submitting Part B of Form FC – GPR has been replaced with the submission of the “Annual Return on Foreign Liabilities and Assets”.

·         The Annual Return should be submitted by July 15^th of every year to the Director, Department of Statistics and Information Management (DSIM), Reserve Bank of India, Mumbai, instead of 31^st  July every year , as provided earlier .

·         The Balance Sheet for the reporting year should also be enclosed along with the return.

·         The Return should be submitted by all the Indian companies which have received FDI and/or made Overseas Investment in the previous year(s) including the current year.

·         The information given in the return should be based on audited balance sheet. But in case the return is filed on the basis of unaudited figures, then the audited balance sheet shall also be submitted in due course. Further in case of any major differences in the reported figures, then a revised return is to be submitted by the company on the basis of audited balance sheet along with a copy of the audited balance sheet.

·         These directions shall come into force with immediate effect i.e. 15^th March, 2011.

For further clarification, please download the attached circular.