FDI reporting module to promote ease of doing business, says RBI

Reserve Bank on Monday said the launch of a module for reporting Foreign Currency Transfer of Shares (FCTRS) is a step forward in the direction of promoting ease of doing business in India.

RBI, last week had launched a module for reporting Foreign Currency Transfer of Shares (FCTRS) on eBiz portal of the Ministry of Commerce & Industry.

"This initiative is a step forward in the direction of promoting the ease of doing business in India," it said in a statement.

The FCTRS service on eBiz portal will facilitate reporting of transactions relating to transfer of shares and other instruments of foreign direct investments (FDI) between a resident and a non-resident, currently being done in FCTRS form.

The online reporting facility on eBiz portal of the Ministry will be available in parallel with the physical filing of returns.

Physical filing of returns will be discontinued in next three months, RBI said.