MCA - Notice inviting Comments on the Report of the Companies Law Committee dated 1st February, 2016

The Ministry of Corporate Affairs had, on 4th June, 2015, constituted a Companies Law Committee (CLC) to make recommendations on issues arising from the implementation of the Companies Act, 2013 and on the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on CSR, the Law Commission and other agencies. The CLC has submitted its Report to the Government on 1st February, 2016 which has been placed on the website of the Ministry of Corporate Affairs (MCA). 

The report is available at the following link

http://www.mca.gov.in/Ministry/pdf/Report_Companies_Law _Committee_01022016.pdf

It has been decided to invite comments/suggestions on the said Report from all the stakeholders through an online facility made available on the MCA website upto 15th February, 2016. It is requested that comments/suggestions on the Report may be provided through such facility by 15th February, 2016. Comments/suggestions should be with specific reference to one or more paragraphs of the Report of the CLC and should be submitted through the online facility only. Suggestions not related to the paragraphs will not be taken on record. In order to avoid repetition/duplication of comments/suggestions, the members/ patrons of the Professional Institutes/ Councils/ Industry Chambers should route their comments/ suggestions through respective Institute/Council/Chamber. 

Foreign Direct Investment –Reporting under FDI Scheme, Mandatory filing of form ARF, FCGPR and FCTRS on e-Biz platform and discontinuation of physical filing from February 8, 2016

RBI/2015-16/303
A.P. (DIR Series) Circular No. 40

February 01, 2016

To

All Category - I Authorised Dealer Banks

Madam / Sir,

Foreign Direct Investment –Reporting under FDI Scheme, Mandatory filing of
form ARF, FCGPR and FCTRS on e-Biz platform and discontinuation of
physical filing from February 8, 2016

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. FEMA 20/2000-RB, dated 3rd May 2000, as amended from time to time. Attention of AD Category – I banks is also invited to A.P. (DIR Series) Circular No.102 dated February 11, 2014; A.P. (DIR Series) Circular No.6 dated July 18, 2014; A.P.(DIR Series) Circular no.77 dated February 12, 2015; A.P.(DIR Series) Circular No. 95 dated April 17, 2015 andA.P.(DIR Series) Circular No.9 August 21, 2015.

2. With a view to promoting the ease of reporting of transactions related to Foreign Direct Investment (FDI), the Reserve Bank of India, under the aegis of the e-Biz project of the Government of India has enabled online filing of the following returns with the Reserve Bank of India viz.

- Advance Remittance Form (ARF) which is used by the companies to report the FDI inflows to RBI;

- FCGPR Form which a company submits to RBI for reporting the issue of eligible instruments to the overseas investor against the above mentioned FDI inflow; and

- FCTRS Form which is submitted to RBI for transfer of securities between resident and person outside India.

3. At present both the options, i.e. online filing and physical filing of abovementioned forms, are available to the users.

4. Based on the experience it has been decided that beginning February 8, 2016 the physical filing of forms ARF, FCGPR and FC-TRS will be discontinued and forms submitted in online mode only through e-Biz portal will be accepted.

5. AD Category-I banks may bring the contents of this circular to the notice of their customers / constituents concerned. They are advised to extend necessary guidance/ assistance to their constituents for uploading the abovementioned forms on the e-Biz platform.

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(B. P. Kanungo)
Principal Chief General Manager
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=10248&Mode=0