The Reserve Bank of India (RBI) on January 04, 2023, issued a notification regarding the Foreign Investment in India – Rationalization of reporting in Single Master Form (SMF) on FIRMS Portal. The following changes are being implemented:
- The forms submitted on the portal will be auto-acknowledged. The AD banks shall verify the same within five working days based on the uploaded documents, as specified.
- In cases of delayed reporting, the AD banks shall either advise the Late Submission Fee (LSF) to the applicants, which will be computed by the system or advise for compounding of contravention, as the case may be.
