FDI Reporting Switch Over to NIC 2008 Activity Code from NIC 1987 Ver
Uniform
State and District Code List for Reporting in Form FCGPR
[RBI
Circular No. 06 dated 18th July 2014]
Sub:
Foreign Direct Investment – Reporting under FDI Scheme
Attention
of Authorised Dealers Category-I (AD Category - I) banks is invited to the
provisions of the Foreign Exchange Management (Transfer or Issue of Security by
a Person Resident outside India) Regulations 2000, notified by the Reserve Bank
vide Notification No.FEMA20/2000-RB, dated 3rd May 2000, as amended from time
to time.
2. The Department
of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry,
Government of India has, vide Press Note 4 (2014 Series) dated June 26, 2014
decided to switch over to the National Industrial Classification 2008 (NIC
2008) from the NIC 1987 version, for the purpose of classification of
activities under the industrial classification system. In terms of Para 9 (1) B
of Schedule I to the FEMA Notification No. 20 dated May 03, 2000 as amended
from time to time, Indian companies are required to report the details of the
issue of shares, convertible debentures, partly paid shares and warrants in
form FC-GPR, to the Regional Office concerned, within 30 days of issue of
shares / convertible debentures. In terms of Para 10 of the Schedule ibid,
transfer of shares, convertible debentures, partly paid shares and warrants by
way of sale from a person resident in India to a person resident outside India
or vice versa, are required to be reported by the transferor/transferee
resident in India to the AD Bank in form FCTRS, within 60 days from the date of
receipt or payment of the amount of consideration. Indian companies are
required to report the NIC Codes in the FCGPR and FCTRS forms as per the NIC
2008 version, henceforth.
3. It has also
been decided to introduce a uniform State and District code list for reporting
of details of foreign direct investment by Indian companies in Form FCGPR. The
list can be accessed on the RBI website (www.rbi.org.in
FEMA
– State and District Code List).
4. AD Category -
I banks may bring the contents of this circular to the notice of their
constituents and customers concerned.
5. The directions
contained in this circular have been issued under sections 10(4) and 11(1) of
the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice
to permissions / approvals, if any, required under any other law.