RESERVE BANK OF INDIA

FOREIGN EXCHANGE DEPARTMENT

FOREIGN INVESTMENT REPORTING AND MANAGEMENT SYSTEM

(FIRMS)

User Manual for Business Users

 Version No. Date Changes Made Pages
1.0 02-08-2023 (i) LSF payment via NEFT/RTGS 16,17, and
115
(ii) Exemption to Listed Indian 104
Companies making Downstream
Investment from submitting Annex
V declaration.
2.0 20-10-2023 (i) Form ESOP, DI and InVi 75, 76, 82, 83,
94, and 95
(ii) The Form Reference Number of the 16
reporting for which LSF is being paid

column of the NEFT/RTGS

transaction.
(iii) Annexure-III: List of Mandatory 101
Documents
3.0 20-10-2023 (i) 16
TABLE OF CONTENTS:

INTRODUCTION .................................................................................................. 4
IMPORTANT ABBREVIATIONS ........................................................................... 5
DEFINITIONS ....................................................................................................... 6
BUSINESS USER (BU) REGISTRATION ............................................................. 7
PROCESSING AND SUBMISSION OF SINGLE MASTER FORM (SMF) .......... 13
FC-GPR 18
FC-TRS 35
LLP- . 48
LLP-II 55
FORM CN 64
FORM ESOP 72
FORM DI 79
FORM DRR 86
FORM INVI 93
SHAREHOLDING PATTERN AN EXPLANATION........................................... 97
CONTACT US..................................................................................................... 98
Annexure I ................................... 99
Annexure II Format of KYC Form in respect of NR Investor .......................... 100
Annexure III List of Mandatory Documents .................................................... 101
Annexure IV Letter of Authorisation for Entity reporting on FIRMS ................ 105
Annexure V Declaration to be filed by AR of the Indian Company ................. 108
Annexure VI Declaration for NR transferor/ transferee (Company) ................ 109
Annexure VII Declaration to be filed by AR of the LLP................................... 110
Annexure VIII Certification by the Designated Partner/ signatory of the LLP . 111
Annexure IX Declaration by NR transferor/ transferee (LLP) ......................... 112
Annexure X Declaration to be submitted by AD of Indian Company (ESOP) 113
Annexure XI Declaration be be submitted by AR of Indian Company (InVi) .. 114
Annexure XII Mail to be sent to concerned regional office after NEFT/RTGS 115
 INTRODUCTION
i. The Reserve Bank, in the First Bi-monthly Monetary Policy Review dated April 5, 2018
announced that with the objective of integrating the extant reporting structures of various
types of foreign investment in India, it will introduce a Single Master Form (SMF) subsuming
all the existing reports.

ii. In order to implement this announcement, the Reserve Bank introduced an online
application, FIRMS (Foreign Investment Reporting and Management System), which would
provide for the SMF.FIRMS was made online in two phases. In the first phase, the first module
viz., the Entity Master, was made available online. Instructions in this regard were issued
through A. P. Dir. Series Circular No. 30 dated June 07, 2018
(https://rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=11297).

iii. In the second phase, the second module was made available with effect from September
01, 2018. With the implementation of SMF, the reporting of FDI, which was a two-step
procedure viz., ARF and FC-GPR were merged into a single revised FC-GPR. With effect
from September 01, 2018, five forms viz., FC-GPR, FC-TRS, LLP-I, LLP-II and CN were
being made available for filing in SMF. The other three forms viz., ESOP, DI, and DRR were
made available for filing with effect from October 23, 2018. With effect from September 01,
2018, all new filings for the 5 forms and other three forms viz., ESOP, DRR and DI with effect
from October 23, 2018 have to be done in SMF only. Form InVi was made available for filing
in SMF with effect from February 05, 2019.

iv. The first module was made available to the public for data entry between June 28 (at
1:00PM) and July 12, 2018. The date was extended till July 20, 2018. For those companies
which could not register within the stipulated time period may register for the entity master
with effect from September 01, 2018. However, they shall provide the reasons for not making
registration within the time period along with the authority letter. (Please see the user manual
for entity master).

v. From January 05, 2023, a rationalised version of FIRMS was launched to implement the
following changes
(a) Auto-acknowledgement of SMF on FIRMS to address the issue of sequential filing.
(b) Online calculation of Late Submission Fee (LSF).
IMPORTANT ABBREVIATIONS

ABBREVIATION DESCRIPTION

NDI Rules Foreign Exchange Management (Non-debt Instruments) Rules,

2019 dated October 17, 2019 as amended from time to time.

FEMA 395 Foreign Exchange Management (Mode of Payment and

Reporting of Non-Debt Instruments) Regulations, 2019 dated
October 17, 2019, as amended from time to time.

SMF Single Master Form

AD Bank Authorised Dealer Bank

BU Business User

EM Entity Master

LLP Limited Liability Partnership

CN Convertible Notes

ESOP Employee Stock Option Plan

DR Depository Receipts

ADR American Depository Receipts

GDR Global Depository Receipts

DI Downstream Investment

InVi Investment vehicle

DEFINITIONS:

i. FIRMS: An online reporting platform for reporting of foreign investment into India
brought in accordance with FEMA or the rules and regulations framed, or directions
issued thereunder as amended from time to time and as applicable FIRMS provides a
one stop, 24x7 online reporting facility for applicants.

ii. Single Master Form (SMF): A master form which provides for the reporting of 9 forms
for foreign investment viz., FC-GPR, FC-TRS, LLP-I, LLP-II, CN, DRR, ESOP, DI and
InVi. With effect from September 1, 2018, five forms viz., FC-GPR., FC-TRS, LLP-1,
LLP-II and CN were made available. Other three forms viz., ESOP, DI and DRR were
made available for filing with effect from October 23, 2018. Form InVi was available
for filing with effect from February 05, 2019.

iii. Business User (BU): A BU is an applicant who reports the transaction in Single
Master Form in FIRMS. A BU can use his login credentials for only the entity that has
authorized him/her to report the transactions. If the person wants to act as a BU for
another entity, he must register himself separately. Further, at the time of registration,
the BU must select the IFSC code of the bank which would approve the e-KYC
. In case the IFSC details
are changed i.e., BU wishes to submit the reporting to another branch or another bank,
while the entity being the same, the BU needs to repeat the registration process for
Business user with the new IFSC code and obtain separate Login.

iv. e-KYC: Every business user has to be e-KYC verified before any reporting can be
made in the Single Master Form. This would ensure that only genuine logins are made
available in the FIRMS application. All e-KYC would be verified by the AD banks.

v. Know Your Customer (KYC): For the remittance received from the non-resident
investor, the KYC of the same is to be provided along with the forms in SMF as and
where applicable and indicated. The format of the KYC is at Annex II.
BUSINESS USER (BU) REGISTRATION
1. Process flow for BU Registration:
Legend:
EM Entity Master (Investee Company)

BU Business User (Authorized person to file Forms)

FIRMSBU portal for AD/RBI users can be

FIRMS portal for filing forms by BU Users can be accessed over internet via
https://firms.rbi.org.in
2. REGISTRATION FOR BUSINESS USER:
STEP 1: Go to the FIRMS website at https://firms.rbi.org.in

STEP 2: At the Login box, click on Registration form for New Business User.
STEP 3: Fill up the details in the popped-up registration form for BU as below:

Field Name Description

First Name First Name of the BU
Middle Name Middle Name of the BU
Last Name Last Name of the BU
User Name User name for the BU. It shall be unique.
Email
Confirm email Email ID of the BU
Phone No Mobile No of the BU
Address Correspondence Address of the BU
Whether the Select YES or NO
Business User is
for Form InVi If YES is selected, then CIN/LLPIN details of the
Investee Company is NOT required as Form InVi is for
reporting foreign inflows in an Investment vehicle and
not foreign investment in an Entity.

If NO is selected, then CIN/LLPIN of the Investee

Company is required for making registration.
IFSC code Select the IFSC code of the Bank branch to whom the
reporting would be made. This field shall be carefully
selected so that the reporting is made to the correct
branch of the bank. The applicant shall be versed with
the working model of his/her bank for the foreign
investment reporting in terms of the branches which
are operating for the approval/rejection of the reported
forms in the FIRMS application. Not all branches are
incorporated in the FIRMS application, but only those
as specified by the respective bank.

If the applicant is unable to find its respective branch

under the IFSC code, he/she may contact its AD Bank
for clarification on this issue.
Bank name Auto-populated as per the IFSC code selected.
Authority letter- Attachment in the specified format for Authority letter.
Attachment It is common for all forms filing in SMF. Attach PAN
card of the individual registering as a Business User.
Company Select the CIN or LLPIN of the entity of which the
CIN/LLPIN foreign investment is being affected i.e., the Indian
investee company.
PAN Number Auto-populated based upon CIN/LLPIN selection.
Entity name Auto-populated based upon CIN/LLPIN selection.
STEP 4: Click Submit button. In case any error is displayed, rectify the same and click Submit
button.

STEP 5: A Message is displayed at the top of Login box. This

message intimates that the form has been submitted for processing and is not equivalent to
approval.

After BU submits the registration form, the same will have to be verified by the AD Bank
Branch concerned. The Approval/ Rejection of the same would be communicated through
email notification to the BU.

NOTE:
i. Unlike Entity User registrations, Business User registration is processed at AD
bank level, whose IFSC has been selected at the time of registration.
ii. If an error Username already exists is displayed while submitting the Business
User registration Form, use a different username and submit.
iii. Board Resolution is not required at the time of BU registration. Only the authority
letter in the specified format is necessary.

3. LIST OF MANDATORY DOCUMENTS WHILE DOING BUSINESS USER

REGISTRATION: Refer Annex III
4. LOGGING INTO FIRMS:
STEP 1: Go to the FIRMS website at https://firms.rbi.org.in

STEP 2: Enter User Name and default password as provided via email notification. Enter
captcha and click submit. Please do not copy paste the password, instead type the same. If
the wrong password is provided, the account will be locked after three failed attempts.

STEP 3: Upon first Login, BU would be prompted to change the password through a pop-up
window. Enter

STEP 4: Enter user name, new password and captcha in the Login Box and click submit. The
user would be taken to his/ her workspace.

Upon subsequent logins, the BU may enter username, password and captcha in the Login
box and click submit. The user would be taken to his/ her workspace.
 USING FORGOT PASSWORD:

In case the user forgets his /her password, the following steps shall be followed.

STEP 1: Click on forgot password provided in the Login Screen.

STEP 2: Enter the username and registered email id in the pop-up window and click submit.
An email would be sent to the email id with the default password. The user shall check its
registered email id for the new default password and follow the steps
.
PROCESSING AND SUBMISSION OF SINGLE MASTER FORM
(SMF)

1. WORKFLOW:

Legend:
(i) BU Business User (Authorized person for filing Forms)
(ii) FIRMSBU portal for AD/RBI users can be
(iii) FIRMS portal for filing forms by BU can be accessed over internet via
https://firms.rbi.org.in
2. DESCRIPTION OF THE PROCESSING OF FORMS IN FIRMS:

-
stamp and an auto-generated email
acknowledgement will be sent to the applicant based on the submission.

(A) FOR FORMS SUBMITTED WITHIN THE PRESCRIBED TIMELINES:

(i) The onus of ensuring the correctness of the information submitted in the portal lies with
the applicants as hitherto.

(ii) Post acknowledgement, the forms will be verified by the AD banks based on the uploaded
mandatory documents and ensure that the same are in compliance with the extant guidelines.

(iii) The AD-Bank will have five working days to verify these Forms, pursuant to which the
status of the Form will change from Auto-acknowledged to Approved.

(B) FOR FORMS SUBMITTED WITH A DELAY:

(i) The system would identify the reporting delay as the difference between the date of
reporting and the due date of reporting.

(ii) -

(iii) The system will forward such forms to the AD banks for verification as explained above.

(iv) The AD Bank will have two options while approving the same -
1.

2.

(v) For forms approved subject to Compounding - a system generated acknowledgement

will be sent to the applicant and the concerned Regional Office (RO) of RBI and it can also
be viewed on the FIRMS portal. The applicant may thereafter approach RBI with their
application for compounding.
(vi) For forms approved subject to payment of LSF-

Online calculation of Late Submission Fee (LSF): The LSF will be computed by the
system and when the AD bank approves the form subject to payment of LSF, an email to
that effect will be sent to the applicant and the concerned Regional Office (RO) of RBI
specifying the amount of LSF and the timeline within which it is to be paid to the concerned
RO of RBI.
Once the LSF amount is realised, the concerned RO will update the status in the FIRMS
portal and the updated status will be communicated to the applicant through a system
generated e-mail which can also be viewed in the FIRMS portal.
have the option to pay LSF either through Demand Draft (DD),
NEFT or RTGS.

In case Business User opts to pay LSF through NEFT/RTGS, the amount has to be paid
only in the account of the concerned Regional Office of RBI. The payment should be
completed by 1:00 PM.
Please note: The Form Reference Number of the reporting for which LSF is being

Thereafter, the BU shall provide details of the payment through email to the concerned
Regional Office of RBI in the format as given in Annexure-XII of this manual. The aforesaid
email should be sent keeping the auto-generated LSF advice email received from FIRMS
in trail. Please note that this email has to be sent within two hours of making the
LSF payment.

Payments done after 1:00 PM or mails sent after the prescribed time of two hours would
be considered null and void. Thus, the LSF amount paid by the applicant would be
refunded.

The account details of Regional Offices along with their is provided in the
table below

Sr. Account No. IFSC Code Email Id

No. Office
1. Ahmedabad 186003001 RBIS0AHPA01 [email protected]
2. Andhra Pradesh 186003001 RBIS0APPA01 [email protected]
3. Bengaluru 8024133 RBIS0BGPA01 [email protected]
4. Bhopal 186003001 RBIS0BLPA01 [email protected]
5. Bhubaneswar 186003001 RBIS0BBPA01 [email protected]
6. Chandigarh 186003001 RBIS0CGPA01 [email protected]
7. Chennai 186003001 RBIS0CNPA01 [email protected]
 8. Guwahati 186003001 RBIS0GWPA01 [email protected]
9. Hyderabad 186003001 RBIS0NEFTHY [email protected]
10. Jaipur 186003001 RBIS0JPPA01 [email protected]
11. Jammu 8714295 RBIS0JMPA01 [email protected]
12. Kanpur 186003001 RBIS0KNPA01 [email protected]
13. Kochi 186003001 RBIS0KCPA01 [email protected]
14. Kolkata 186003001 RBIS0KLPA01 [email protected]
15. Mumbai 04802413301 RBIS0MBPA04 [email protected]
16. New Delhi 186003001 RBIS0NDPA01 [email protected]
17. Panaji 186003001 RBIS0PJPA01 [email protected]
18. Patna 186003001 RBIS0PTPA01 [email protected]

(C) FOR FORMS SUBMITTED WITH DISCREPANCY:

(i) In case of any discrepancy, the AD shall reject the Form and the status of the form will
change to Rejected.

(ii) If the form is Rejected, the rejected status and the remarks of the AD Bank will be
communicated to the applicant through a system generated email and the same can also be
viewed on the FIRMS portal.