Date of amendment: 4th Jan 2023
Prior to the amendment, the forms submitted at FIRM's portal were not auto-acknowledged. With this amendment, the authorized dealers are hereby informed that now forms submitted at FIRM's portal including Form FC GPR, FC TRS, DI reporting, etc. will be auto-acknowledged with time and stamp and auto generated email will be sent to registered email id.
AD bank has to verify the same within five working days based on the uploaded documents.
Where there is delay in reporting, the AD Bank will either advise LSF which is Late Submission fee or advise compounding depending on case to case.
Detailed guidelines are at FIRMS portal https://firms.rbi.org.in
i) The forms submitted within prescribed timelines, will be verified by the AD banks based on the uploaded mandatory documents and ensure that the same are in compliance with the extant guidelines.
ii) The system would identify the delay in reporting, if any.
iii) For forms filed with a delay less than or equal to three years, the AD banks will approve the same, subject to payment of LSF.
iv) The LSF will be computed by the system and an e-mail will be sent to the applicant and the concerned Regional Office (RO) of RBI specifying the amount and the timeline within which it is to be paid to the concerned RO of RBI.
v) Once the LSF amount is realised, the concerned RO will update the status in the FIRMS portal and the updated status will be communicated to the applicant through a system generated e-mail, which can also be viewed in the FIRMS portal.
vi) The AD bank will approve the forms filed with a delay greater than three years, subject to compounding of contravention. The applicant may thereafter approach RBI with their application for compounding.
vii) The remarks of the AD Bank for rejection of forms, if any, will be communicated to the applicant through a system generated e-mail and the same can also be viewed in the FIRMS portal.
