With a view to promoting ease of reporting of foreign direct investment (FDI) transactions, the Reserve Bank of
India (RBI), under the e-biz project of the Government of India has, vide A.P (DIR Series) Circular No.77 dated
February 12, 2015, enabled filing of the following returns on a new e-fling platform:
 Advance Remittance Form (ARF) – used to report FDI inflow to RBI not later than 30 days from the receipt
of consideration for issue of shares/convertible debentures/other FDI compliant instruments under the FDI
scheme; and
 FC-GPR Form – used to report the issue of FDI compliant instruments to the overseas investor against the
above mentioned FDI inflow.

The reporting platform (https://www.ebiz.gov.in/home) enables the Indian company to login into the e-biz portal
using a user-specific id and password, download the reporting forms (ARF and FCGPR), complete and then upload
the same onto the portal using its digitally signed certificates. Authorised Dealer Banks (ADs) will be required to
download the completed forms, verify the contents from the available documents, if necessary by calling for
additional information from the customer and then upload the same for RBI to process and allot the Unique
Identification Number (UIN). The e-biz platform for filing ARF and FC-GPR is already operational with effect from
February 19, 2015.

International financial services centre to be set up

In March, the RBI will notify an international financial services centre (IFSC) under the Foreign Exchange
Management Act, 1999 (FEMA), to be set up in Gandhinagar, Gujarat. The notification will make regulations
relating to financial institutions (or their branches) set up in the IFSC. Such financial institutions (or their branches)
set up in the IFSC will be treated as non-resident Indian entities located outside India, and will conduct business
in such foreign currency and with such entities, whether resident or non-resident, as the regulatory authority may
determine. Also, subject to certain provisions, nothing contained in any other regulations will apply to a unit located
in IFSC. The respective regulatory authority will develop the regulatory framework for provisions of financial
services in IFSC. The Government of India would permit the Insurance Regulatory Development Authority (IRDA)
to allow insurers (life, non-life and health insurers) including foreign insurer or re-insurers to set up branches in
IFSC. Similarly, RBI would permit the setting up of IFSC Banking Units (IBUs) by banks. The RBI has also
formulated a draft scheme for the setting up of IBUs by banks. The Securities and Exchange Board of India (SEBI)
will allow setting up of exchanges and allow other activities for fund raising, merchant banking, brokerage, fund
management, private equity, etc. Activities like currency derivatives, NIFTY futures, depository receipts, etc. will
take place on the exchanges like any other IFSC.
Corporate Law Update
 MCA notifies new Form: The Ministry of Corporate Affairs has notified a new form – GNL-4 – for providing
additional information or documents called for by the Registrar of Companies in respect of an application, eform or document electronically filed with the MCA. A copy of Form No. GNL-4 is available on the MCA website.
 Companies (Appointment and Qualification of Directors) Rules, 2014 amended: This allows foreign directors
in Indian companies where Form DIR-12 (Particulars of appointment of directors and changes among them)
has already been filed, to authorise (in writing) a practicing chartered accountant or cost accountant in practice
or company secretary in practice or any other resident director of the Indian company to sign Form DIR-11
(Notice of resignation of a director to the Registrar) and file the same on his behalf intimating the reasons for
his resignation.