A checklist covering the key requirements for FC-GPR filing with the RBI. It includes transaction details, corporate approvals, valuation documents, and share allotment information.The checklist ensures all required documents and declarations are complete and accurate.It also helps track compliance with applicable FEMA/RBI timelines and requirements.

FC-GPR Filing- Checklist

1. Applicability

Important Filing Timeline

• The triggering event is the date of allotment of securities.
• Reconcile the allotment date with the Register of Members and PAS-3.
• The 30-day filing period starts from the allotment date, not from the date on which funds were received.

2. Mandatory Documents

Additional Documents (Situation-Specific)

• Government Approval Letter – Where Government Route applies.
• FIPB/SIA Approval – For applicable legacy investments.
• Power of Attorney (POA) – If filed through an authorised representative.
• Digital Signature Certificate (DSC) – Valid DSC of the authorised signatory.
• Debenture Trust Deed – Where convertible debentures are issued.
• File Format – PDF format.
• File Size – Maximum 1 MB per document.
• Document Quality – Clear, complete and legible scans.

3. Step-by-Step Process for Form FC-GPR Filing on the FIRMS Portal

4. Late Filing: Fees and Consequences

The LSF framework was standardized by RBI Circular No. 16 (RBI/2022-23/122) dated September 30, 2022.

Common Mistakes That Cause FC-GPR Filing Problems

Based on RBI query data and AD bank feedback, these are the most frequent errors in FC-GPR filings:

1. Allotment date mismatch — the date in the board resolution, PAS-3, and FC-GPR form must all match exactly
2. Valuation methodology errors — for unlisted companies, the DCF (Discounted Cash Flow) method must be used; using book value or NAV alone is not FEMA-compliant
3. Wrong entry route selected — selecting automatic route when the sector requires government approval, or vice versa
4. FIRC currency mismatch — the currency in the FIRC must match the currency reported in the FC-GPR form
5. Missing FIRC for tranched investments — if the investment came in multiple tranches, each tranche needs a separate FIRC and all must be uploaded
6. Filing after share transfer (not allotment) — FC-GPR is for new allotments only; share transfers between residents and non-residents require Form FC-TRS
7. Not filing for bonus/rights to existing foreign shareholders — bonus shares and rights issues to existing foreign shareholders still require FC-GPR
8. DSC expiry — the Business User's Digital Signature Certificate must be valid at the time of submission

After Filing – Key Compliance Points

• • FLA Return: File the Annual Return on Foreign Liabilities and Assets with RBI by the applicable due date, including July 15 where applicable.
  • Annual Compliance Certificate: Obtain the annual FEMA compliance certificate from the Company Secretary, where applicable.
  • Downstream Investment: Complete applicable reporting if FDI funds are used for further investments.
  • Transfer Pricing: Maintain contemporaneous transfer-pricing documentation for applicable international transactions.

Notes:

• File within 30 days of the allotment date — not the date of receiving funds, not the date of board resolution, the date of allotment as per PAS-3
• Prepare all documents before logging in — especially the valuation certificate (must be less than 90 days old) and FIRC from the AD bank
• Register Entity User and Business User separately — RBI approval for Entity User takes 3-5 working days, so start this process well before the filing deadline
• Late filing costs real money — LSF starts at INR 7,500 and scales with the investment amount and delay period; beyond 3 years, it becomes a compounding matter
• If your filing is rejected, modify and resubmit — do not create a new filing; use the modification feature on the same ARN