RBI Introduces Annual Return on Foreign Liabilities and Assets
[RBI
Circular No. 45 dated 15th March 2011]
Sub: Introduction
of Annual return on Foreign Liabilities and Assets reporting by Indian
Companies and discontinuation of the Part B of form FC-GPR
Attention of the Authorised
Dealer Category – I (AD Category – I) banks is invited to A. P. (DIR Series)
Circular No.40 dated April 20, 2007 wherein, it was, inter-alia, stipulated
that Part B, which is an annual return of all investments made in the company
during a financial year, is required to be submitted directly by the Company to
the Director, Balance of Payment Statistics Division, Department of Statistics
and Information Management, Reserve Bank of India, C-9,8th floor, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051, by June 30th of every year.
2. In order to
capture the statistics relating to Foreign Direct Investment (FDI), both inward
and outward in a more comprehensive manner as also to align it with
international best practices, it has been decided to replace Part B of the Form
FC-GPR by a separate ‘Annual Return on Foreign Liabilities and Assets’ given as
Annex-I. The return should be submitted by July 15 of every year to the
Director, Balance of Payment Statistics Division, Department of Statistics and
Information Management (DSIM), Reserve Bank of India, C-9, 8th floor, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. Further, the return should be
submitted by all the Indian companies which have received FDI and/or made FDI
abroad (i.e. overseas investment) in the previous year(s) including the current
year. The Annex –II gives the concepts and definitions useful in filling the
Annual Return on Foreign Liabilities and Assets.
3. These directions will come into force with immediate effect. AD
Category-I banks may bring the contents of this circular to the notice of their
constituents and customers concerned.
4. Necessary
amendments to the Foreign Exchange Management (Transfer or Issue of Security by
a Person Resident outside India) Regulations, 2000 and the Foreign Exchange
Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations,
2004 notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000 and
Notification No. FEMA 120 dated July 07, 2004, respectively will be issued
separately.
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.