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April 2011

A.P. (DIR Series) Circular No. 45, dated 15-3-2011 — Introduction of annual return on foreign liabilities and assets reporting by Indian companies and discontinuation of the Part B of Form FC-GPR.

By Gaurang Gandhi, Chartered Accountants
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Presently, Part B of Form FC-GPR containing details of all investments made in the company during a financial year, is required to be submitted by 30th June directly by the company to the Director, Balance of Payment Statistics Division, Department of Statistics and Information Management, Reserve Bank of India, C-9, 8th floor, Bandra-Kurla Complex, Bandra (E), Mumbai-400051, by June 30th of every year.

 However, from this year onwards filing of Part B is being discontinued and in its place a separate ‘Annual Return on Foreign Liabilities and Assets’ is to be submitted by 15th July of every year to the Director, Balance of Payment Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-9, 8th floor, Bandra-Kurla Complex, Bandra (E), Mumbai-400051. This new return is to be submitted by all the Indian companies which have received FDI and/or made overseas investment (ODI) in the previous year(s) including the current year.

The new Form is given as Annex-I and the concepts and definitions is given as Annex-II to this Circular.

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