This is regarding Introduction of 2nd phase of Single Master Form (SMF) with effect from 1st September, 2018 as per publication of RBI Circular A. P. Dir. Series Circular No. 30 dated June 07, 2018.
With the objective of integrating the extant reporting structures of various types of foreign investment in India, Single Master Form (SMF) werewas introduced by RBI.
Indian entities not complying with these instructions will not be able to receive foreign investment (including indirect foreign investment) and will be treated as non-compliant with Foreign Exchange Management Act, 1999 (FEMA) and regulations made thereunder and liable for action as laid in FEMA or the regulations made thereunder.
In the First phase, first module viz., the Entity Master were introduced which was available for data entry from 28th June, 2018 and valid till 20th July, 2018. However, all registered entities can add/edit details in Entity Master till August 15, 2018.
In the second phase, the second module containing 9 reports would be made available with effect from September 01, 2018.
With the implementation of SMF, the reporting of FDI, which is presently a two-step procedure viz., ARF and FC-GPR would be merged into a single revised FC-GPR.