RBI Issues Circular in regard to Foreign Investment in India – Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal

On 04th January 2023, the Reserve Bank of India (RBI) issued a circular bearing the subject “Foreign Investment in India – Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal”. This particular circular was addressed to Authorised Dealer Category-I Banks (AD Banks) with reference to A.P. (DIR Series) Circular No. 30 issued on 07th June 2018.

The RBI advised that the following changes are to be implemented with respect to the reporting of Foreign Investments in SMF on the FIRM’s Portal –
The forms must be submitted on the portal that is to be autoacknowledged. The AD Banks are to verify the same within five working days in accordance with the uploaded
documents as prescribed.