The deadline for the filing of the form was set at July 12, but the website that was designed for the purpose has been malfunctioning for the last couple of days.
The Reserve Bank of India (RBI) is likely to extend the deadline for companies to file the Foreign Investment Reporting and Management System (FIRMS), according to a report by Mint.
FIRMS is a master form in which companies are required to disclose and detail all the foreign investments they have received. It was introduced by the central bank earlier this year.
The deadline for the filing of the form was set at July 12, but the website that was designed for the purpose has been malfunctioning for the last couple of days. As a result, many companies have been unable to file their forms.
RBI had warned earlier that it would treat all the companies that did not fill out the form as as non-compliant with the Foreign Exchange Management Act, 1999 (FEMA).
In the form, companies were required to provide all relevant data on the foreign investments they have received, including indirect foreign investments. This is irrespective of whether or not they had already disclosed said investment earlier.
The window for submitting the form was to remain open from June 28 to July 12, but could now be kept open for longer.
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