The Reserve Bank today said online filing of foreign currency transfer of shares will be operational from Monday next week to facilitate reporting of transactions under foreign direct investment.
RBI along with the e-Biz project of government has enabled online filing of (FCTRS) returns for reporting transfer of shares, convertible debentures, partly paid shares and warrants from a person resident in India to a person resident outside India or vice versa.
The design of the reporting platform enables the customer to login into the e-Biz portal, download the reporting form (FCTRS), complete and then upload the same onto the portal using their digitally signed certificates.
RBI said the authorised dealer banks (ADs) will need to download completed forms and verify the contents from the available documents and if necessary, call for additional information from the customer and then upload the same for RBI to process and allot the Unique Identification Number (UIN).
"The FCTRS services of RBI will be made operational on the e-Biz platform from August 24, 2015," RBI said in a notification.
RBI said for the present, the online reporting on e-Biz platform is an additional facility to the Indian residents to undertake their FCTRS reporting and the manual system of reporting would continue till further notice.
