Big Relief for FC-GPR Filers! Must-Know Update Inside

Big Relief for FC-GPR Filers! Must-Know Update Inside

Filing Form FC-GPR on the FIRMS portal has often been a time-consuming process for professionals, especially when a form was rejected by the AD Bank. Earlier, once rejected, professionals had no option but to start from scratch—preparing a fresh form, re-uploading all documents, and re-entering every detail. This not only doubled the effort but also led to significant delays and frustration.

Now, there’s a major relief. The RBI has introduced a modification option in the FIRMS portal. If the AD Bank returns an FC-GPR form for corrections, the user can now edit the same form based on the bank’s comments and resubmit it directly, without having to prepare a fresh one.

Key Benefits:

• No need to create a new FC-GPR form
  
• Edit the existing submission as per the AD Bank comments
  
• Save time and effort and avoid redundant work

This small but impactful change will very materially relieve the compliance burden for professionals managing FDI reporting.

Moreover, it is to be noted that if the FC-GPR form is returned for correction, the date of resubmission will be treated as the official date of reporting for the purpose of calculating any Late Submission Fee (LSF) under FEMA.