Excess FDI Amount Received Due to Foreign Exchange Fluctuation – FEMA Treatment & FC-GPR Reporting

Published by IndiaBizExperts  |  Reviewed by Authorized Chartered Accountant: CA Manoj Kumar

Foreign direct investment transactions in India are often agreed in a foreign currency but ultimately involve the issue of equity instruments in an Indian company at a value denominated in Indian rupees. Because exchange rates can change between the date of investment agreement, remittance, receipt of funds and share allotment, an Indian company may sometimes receive an INR amount that is higher than the consideration for which equity shares are actually issued.

This creates a practical FEMA compliance question:

What should an Indian company do when the foreign investor sends the agreed foreign-currency amount, but the INR amount credited to the Indian bank account is higher than the value of shares issued?

The issue can become particularly important while preparing Form FC-GPR on the RBI FIRMS portal. RBI's FC-GPR guidance specifically addresses cases where the Total Amount of Inflow is higher than the Amount for which capital instruments have been issued and requires the company to explain the treatment of the excess amount.

The difference may arise because of foreign exchange fluctuations, transaction timing, multiple remittances, bank conversion rates or other transaction-specific circumstances. The company should therefore reconcile the foreign currency received, INR credited, shares actually allotted and the resulting difference before completing its FEMA reporting.

This practical guide explains how excess FDI can arise, what FEMA rules need to be considered, how the excess is reflected in FC-GPR reporting, when refund or subsequent allotment may need to be considered, the role of the AD bank, documentation requirements and common mistakes.

Quick Answer: What Happens When FDI Received Exceeds Share Consideration?

If an Indian company receives an amount from a foreign investor that is higher than the amount for which equity instruments have actually been issued, the difference should be identified, reconciled and appropriately dealt with rather than automatically being treated as additional share capital.

RBI's FC-GPR guidance specifically asks the applicant to explain an excess where total inflow is higher than the amount for which capital instruments have been issued. The guidance contemplates explanations relating to:

• excess already utilised for a previous allotment;
• excess intended to be utilised for a subsequent allotment;
• excess already refunded; or
• excess proposed to be refunded.

The appropriate treatment depends on the facts of the transaction and should be discussed with the company's Authorised Dealer (AD) bank before implementation.

The company should also distinguish between the amount received and the consideration for the equity instruments actually issued.

What Is Excess FDI?

For the purpose of this article, excess FDI refers to a situation where the amount received from a non-resident investor is greater than the amount for which the Indian company has issued or is reporting the issue of equity instruments.

For example:

In this example, ₹20 lakh remains to be explained and appropriately dealt with.

The fact that the money came from the foreign investor does not automatically mean that the entire ₹8.50 crore should be treated as consideration for shares issued.

Why Does Excess FDI Occur Due to Foreign Exchange Fluctuation?

Foreign investors frequently commit to investments in USD, EUR, GBP or another foreign currency, while the Indian company may have a negotiated INR share price.

Exchange rates can change between different transaction dates, including:

• date of investment agreement;
• date of remittance instruction;
• date of foreign currency debit;
• date of receipt in India;
• date of conversion into INR; and
• date of share allotment.

As a result, the same foreign-currency amount may produce a different INR equivalent.

For example, a foreign investor may remit USD 1 million. If the INR equivalent at the relevant bank conversion rate is higher than the INR consideration for the shares being issued, an excess can appear in the Indian company's bank reconciliation.

This does not necessarily mean that the investor has intentionally paid a higher price for the shares. It may simply reflect currency movement and the banking conversion rate.

Practical Example of Excess FDI

Assume an Indian private limited company agrees to issue:

• 2,00,000 equity shares;
• issue price: ₹500 per share;
• total consideration: ₹10 crore.

The foreign investor remits USD equivalent to the agreed investment.

Because of foreign exchange movement, the Indian company's bank account is credited with ₹10.18 crore.

The company should prepare a transaction reconciliation explaining how the ₹18 lakh difference arose and determine the appropriate treatment.

It should not simply increase the number of shares issued by an arbitrary amount to eliminate the difference.

FEMA Framework Governing the Transaction

Foreign investment in India is governed primarily by the Foreign Exchange Management Act, 1999 (FEMA), the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, and RBI directions and regulations governing payment and reporting.

The RBI's Master Direction – Foreign Investment in India explains the regulatory framework and states that the instructions relating to mode of payment and reporting are contained in FEMA 395.

The RBI's Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 – FEMA 395 prescribe the payment and reporting framework for investment in India by persons resident outside India.

Accordingly, the company should consider the following before finalising the treatment:

• applicable FDI entry route;
• sectoral cap;
• investor eligibility;
• pricing guidelines;
• mode of payment;
• date of receipt;
• date of allotment;
• FC-GPR reporting;
• Companies Act requirements; and
• AD bank requirements.

Share Issue Price vs Actual INR Inflow

This distinction is central to the issue.

The share issue price is the price at which the equity instruments are issued to the foreign investor, subject to the applicable FEMA pricing requirements.

The actual INR inflow is the amount credited by the banking system after the foreign currency remittance is converted or credited according to the applicable banking process.

These two amounts may differ because of foreign exchange movement.

Therefore, the company should not assume that a change in the INR equivalent automatically changes the number of shares to be issued.

How Is Excess Inflow Reported in FC-GPR?

FC-GPR is the RBI reporting form used for reporting an issue of eligible equity instruments to a person resident outside India where the transaction is reportable as FDI.

RBI's FIRMS guidance contains a specific validation for cases where the Total Amount of Inflow exceeds the Amount for which capital instruments have been issued.

The company is required to explain the treatment of the excess amount through the applicable attachment/other attachment mechanism.

The RBI guidance contemplates the following situations:

This is an important practical point: the FC-GPR filing should explain the difference rather than conceal it by artificially matching inflow with the share consideration.

What Are the Treatment Options?

There is no single treatment that applies automatically to every transaction.

The company should determine the treatment based on the transaction documents, timing, purpose of the remittance, actual allotment, bank records and the applicable FEMA framework.

Option 1 – Excess Already Utilised for Previous Allotment

Where the excess amount has already been utilised for a previous allotment, the company should identify the relevant previous transaction and reporting reference and provide the appropriate explanation.

Option 2 – Excess Intended for Subsequent Allotment

Where the company genuinely intends to issue additional capital instruments in a subsequent transaction, the excess may be examined for possible utilisation against that subsequent allotment, subject to applicable FEMA, Companies Act, pricing and AD bank requirements.

Option 3 – Excess Already Refunded

If the excess has already been refunded to the foreign investor, the company should maintain the refund trail and provide the appropriate refund details in its regulatory documentation.

Option 4 – Excess Proposed to Be Refunded

If the company does not intend to utilise the excess for a permissible subsequent allotment, refund may be considered through the applicable banking channel after coordinating with the AD bank.

Can Excess FDI Be Used for a Subsequent Allotment?

RBI's FIRMS guidance expressly contemplates a situation where excess inflow will be utilised for a subsequent allotment.

However, this should not be interpreted as a general permission to retain foreign investor funds indefinitely.

Before relying on subsequent allotment, the company should verify:

• whether another genuine investment/allotment is proposed;
• whether the investor remains eligible;
• whether the sectoral cap permits the additional investment;
• whether the applicable entry route is satisfied;
• whether the proposed issue price complies with FEMA pricing rules;
• whether the Companies Act approvals are complete;
• whether the transaction can be correctly reported; and
• whether the AD bank accepts the proposed treatment.

The subsequent allotment should be a genuine transaction and not merely a mechanism created to absorb an unexplained bank balance.

When Can Excess FDI Be Refunded?

Where the excess is not intended to be utilised for a permissible subsequent allotment, refund may need to be considered.

The company should coordinate with its AD bank before processing the outward remittance.

FEMA 395 also provides an important timeline for issue of equity instruments. Equity instruments are required to be issued within 60 days from the date of receipt of consideration. If the instruments are not issued within that period, the consideration is required to be refunded within 15 days from completion of the 60-day period, through the permitted banking mechanism, subject to the applicable provisions.

Therefore, companies should not allow an unresolved foreign investment receipt to remain outstanding without determining the appropriate compliance treatment.

Role of the Authorised Dealer Bank

The AD bank is central to the operational processing of foreign investment receipts and FEMA reporting.

For an excess FDI case, the company should provide the AD bank with a clear reconciliation.

The reconciliation should normally identify:

• name of foreign investor;
• foreign currency received;
• date of remittance;
• date of receipt;
• INR amount credited;
• exchange rate/bank conversion details;
• number of shares issued;
• issue price per share;
• total consideration for shares issued;
• excess amount;
• reason for excess; and
• proposed treatment.

If the transaction involves an unusual structure or the AD bank has a compliance objection, the company should obtain transaction-specific professional advice rather than relying on a generic internet explanation.

Documents Required

A complete documentation trail can make the difference between a straightforward explanation and a prolonged FEMA compliance issue.

Investment Documents

• Share subscription/investment agreement
• Term sheet, where applicable
• Board and shareholder approvals
• Foreign investor KYC
• Foreign investor identification documents
• Valuation report/certificate, where applicable

Banking Documents

• SWIFT/remittance advice
• Bank credit advice
• FIRC/e-FIRC or applicable bank evidence
• Bank statement
• Foreign currency conversion details
• Refund evidence, if applicable

Corporate Documents

• Board resolution
• Shareholder resolution, where required
• Share allotment records
• PAS-3 and related MCA records, where applicable
• Register of members
• Share certificates
• Updated capitalisation table

RBI/FEMA Documents

• FC-GPR filing
• FC-GPR acknowledgement
• FIRMS transaction details
• AD bank correspondence
• Explanation of excess amount
• Previous allotment reference, where relevant
• Subsequent allotment reference, where relevant
• Refund documentation, where relevant

How to Prepare an Excess FDI Reconciliation

A practical reconciliation should be prepared before FC-GPR filing.

Accounting Treatment and Corporate Records

FEMA treatment and accounting treatment should be analysed separately.

Receiving money from a foreign investor does not automatically mean that the entire amount should be classified as issued share capital.

If shares have been issued for ₹10 crore but the bank account contains ₹10.18 crore attributable to the foreign investor, the company should not simply increase share capital by ₹18 lakh without completing the necessary corporate and FEMA processes.

The finance team should discuss the appropriate accounting classification with the statutory auditor and ensure that the accounting records reconcile with:

• bank statements;
• share allotment records;
• share capital;
• securities premium, where applicable;
• foreign currency reconciliation; and
• FEMA reporting.

FC-GPR vs FC-TRS – Do Not Confuse the Two

One common source of confusion is the use of the terms FC-GPR and FC-TRS.

FC-GPR is generally associated with the issue of equity instruments by an Indian company to a person resident outside India.

FC-TRS is associated with specified transfers of equity instruments between residents and non-residents.

Therefore, if your transaction involves a fresh issue of shares against foreign investment, the analysis in this article is primarily relevant.

If your transaction involves a transfer of existing shares between a resident and a non-resident, the pricing, reporting and treatment should be examined under the applicable FC-TRS framework.

For that situation, see our detailed guide:

Share Transfer Between Resident and Non-Resident Under FEMA – FC-TRS Guide.

What If the Excess Amount Is Not Caused by Forex Fluctuation?

Not every excess amount is necessarily caused by foreign exchange movement.

The difference may result from:

• incorrect remittance instructions;
• multiple remittances;
• bank conversion differences;
• bank charges or transaction adjustments;
• investor accidentally remitting a higher amount;
• investment terms being amended after remittance;
• shares being allotted for a lower amount than originally expected; or
• incorrect internal reconciliation.

Therefore, the company should establish the actual cause before selecting a treatment.

Common Mistakes in Excess FDI Transactions

1. Treating the Entire Bank Receipt as Equity

The amount credited to the bank account should not automatically be equated with the amount for which equity instruments have been issued.

2. Ignoring the Foreign Exchange Difference

The company should prepare a clear foreign currency-to-INR reconciliation.

3. Artificially Increasing the Number of Shares

Additional shares should not be issued merely to make the bank receipt equal to the allotment consideration.

4. Ignoring the FC-GPR Validation

RBI's FIRMS guidance specifically recognises excess inflow and requires the company to provide an explanation.

5. Assuming a Universal Forex Tolerance

Practitioner discussions sometimes mention specific percentage or rupee thresholds for exchange-rate differences. Such figures should not be presented as a universal current RBI permission unless the applicable official framework supports them for the particular transaction.

6. Delaying the Resolution

An unresolved excess can become more difficult to address if the statutory issue/refund timelines are missed.

7. Ignoring the AD Bank

The AD bank should be involved in transaction-specific treatment, particularly where refund or subsequent adjustment is proposed.

8. Confusing FC-GPR With FC-TRS

A fresh share issue and a transfer of existing shares are different FEMA transactions and should not be treated identically.

9. Failing to Reconcile Books With FEMA Reporting

The bank statement, share allotment, accounting records and FC-GPR should tell the same transaction story.

10. Relying on Old FEMA Rules

Foreign investment rules have changed over time. Companies should use the current RBI framework rather than relying on older FEMA 20-era articles or outdated practitioner explanations.

Detailed Practical Case Study

Facts

An Indian private company proposes to issue 1,00,000 shares to a foreign investor at ₹1,000 per share.

Total share consideration = ₹10 crore.

The foreign investor remits USD 1.2 million.

Because of the exchange rate applicable at the time of the Indian bank's credit/conversion, the company receives ₹10.16 crore.

Excess = ₹16 lakh.

Step 1 – Verify the Transaction

The company should verify the investment agreement, number of shares, issue price and valuation documentation.

Step 2 – Verify the Bank Receipt

The company should obtain the remittance and bank credit evidence and establish the actual foreign currency received and INR credited.

Step 3 – Calculate the Difference

The company should document:

₹10.16 crore actual inflow – ₹10 crore share consideration = ₹16 lakh excess.

Step 4 – Identify the Cause

If the difference is genuinely attributable to currency movement or banking conversion, that should be documented.

Step 5 – Discuss Treatment With AD Bank

The company should determine whether the excess is to be dealt with through a previous allotment reference, subsequent allotment, refund or another permitted route.

Step 6 – Complete FC-GPR Correctly

The FC-GPR should reflect the actual transaction and include the appropriate explanation/documentation for the excess.

Step 7 – Maintain the Audit Trail

The company should retain the agreement, valuation, bank records, allotment documents, reconciliation and AD bank correspondence.

Excess FDI Compliance Checklist

• ☐ Identify the foreign investor.
• ☐ Verify investor eligibility.
• ☐ Verify applicable FDI route.
• ☐ Check sectoral cap.
• ☐ Verify pricing requirements.
• ☐ Obtain valuation documentation where applicable.
• ☐ Verify foreign currency remittance.
• ☐ Verify bank credit date.
• ☐ Verify INR amount received.
• ☐ Calculate actual share consideration.
• ☐ Calculate excess amount.
• ☐ Identify the reason for excess.
• ☐ Prepare forex reconciliation.
• ☐ Discuss proposed treatment with AD bank.
• ☐ Determine whether previous allotment reference applies.
• ☐ Determine whether subsequent allotment is proposed.
• ☐ Determine whether refund is required/proposed.
• ☐ Maintain refund evidence, where applicable.
• ☐ Complete FC-GPR accurately.
• ☐ Attach appropriate explanation.
• ☐ Reconcile FEMA reporting with accounting records.
• ☐ Maintain complete transaction documentation.

When Should Professional FEMA Assistance Be Taken?

Professional FEMA review should be considered particularly where:

• the excess amount is material;
• the company has already completed the allotment;
• the FC-GPR has already been filed;
• the FC-GPR contains inconsistent figures;
• the 60-day issue timeline is approaching;
• the 60-day period has already expired;
• the foreign investor wants a refund;
• a subsequent allotment is proposed;
• multiple remittances are involved;
• the remitter and investor are different;
• the company has received an AD bank objection;
• the transaction involves a related party;
• the company is close to its sectoral cap; or
• the transaction may require FEMA regularisation or further regulatory review.

Related IndiaBizExperts Guides

For related FEMA and foreign investment topics, see:

• FC-GPR Filing in India – Complete RBI Reporting Guide
• Share Valuation Under FEMA – Complete FEMA Valuation Rules Guide
• FDI Compliance in India – FEMA, RBI Reporting, FC-GPR & FLA Guide
• FDI Limits in India by Sector – Complete Sectoral Cap Guide
• Foreign Direct Investment in India – Complete Guide for Foreign Companies & Investors
• Share Transfer Between Resident and Non-Resident Under FEMA – FC-TRS Guide
• FEMA Compounding Application in India – RBI Compounding Guide

Frequently Asked Questions

1. What happens if FDI received is more than the amount for which shares are issued?

The difference should be identified, reconciled and appropriately dealt with. RBI's FIRMS guidance specifically provides for explanation where total inflow exceeds the amount for which capital instruments have been issued.

2. Can foreign exchange fluctuation cause excess FDI in INR?

Yes. A foreign-currency remittance can produce a different INR equivalent depending on the exchange rate and banking conversion.

3. Is excess FDI automatically treated as share capital?

No. The amount received should not automatically be treated as additional share capital merely because it came from the foreign investor.

4. Does exchange-rate movement change the number of shares issued?

Not automatically. The company should separately evaluate the share issue price and the actual INR amount received.

5. What is FC-GPR?

FC-GPR is the RBI reporting form used for reporting specified issues of equity instruments to persons resident outside India under the FDI framework.

6. Does RBI FIRMS recognise excess inflow?

Yes. RBI's FIRMS guidance specifically addresses cases where total inflow exceeds the amount for which capital instruments have been issued.

7. How should excess inflow be explained in FC-GPR?

The company should provide the applicable explanation and supporting attachment, including whether the amount relates to a previous allotment, subsequent allotment or refund.

8. Can excess FDI be used for a subsequent allotment?

RBI's FIRMS guidance contemplates excess being utilised for a subsequent allotment. The proposed allotment must independently comply with the applicable FEMA and corporate requirements.

9. Can excess FDI be refunded?

Refund may be considered where appropriate, subject to the applicable FEMA framework and banking process. The AD bank should be consulted before processing the refund.

10. What is the role of the AD bank?

The AD bank handles important operational aspects of foreign exchange transactions and FEMA reporting. It should be involved in transaction-specific excess FDI treatment.

11. Is there a fixed RBI tolerance for forex fluctuation?

Companies should not assume a universal percentage or rupee tolerance without verifying the applicable current RBI framework and the position of the AD bank for the particular transaction.

12. Does the excess amount affect foreign ownership?

Not automatically. Foreign ownership is linked to the equity instruments actually issued/held and the applicable regulatory framework.

13. Should additional shares be issued to absorb the excess?

Not automatically. Additional shares require independent compliance with FEMA pricing, Companies Act requirements and applicable approvals.

14. What if the excess is only ₹5,000?

The company should still reconcile the amount. The appropriate treatment should be determined based on the applicable transaction and the AD bank's guidance rather than assuming a universal tolerance.

15. What if the excess is ₹10 lakh?

A material difference should be specifically documented and reviewed before FC-GPR reporting or refund/adjustment.

16. What if the excess is caused entirely by exchange-rate movement?

The company should document the foreign currency remittance, bank conversion and INR credit and explain the resulting difference.

17. What if the foreign investor intentionally remitted more?

The company should determine the commercial purpose of the excess and obtain transaction-specific FEMA and AD bank guidance before retaining or utilising the funds.

18. Can excess FDI remain in the bank account?

The company should not assume that unresolved foreign investor funds can remain indefinitely without an identified compliance treatment.

19. What is the 60-day rule?

Under FEMA 395, equity instruments are generally required to be issued within 60 days from receipt of consideration.

20. What happens if shares are not issued within 60 days?

The applicable FEMA framework provides for refund of the consideration within 15 days after completion of the 60-day period, subject to the relevant provisions.

21. What documents prove the forex difference?

Bank credit advice, remittance advice, foreign currency amount, conversion details, bank statement and a detailed reconciliation are useful evidence.

22. Is valuation required for the share issue?

Where applicable, the issue price must comply with the FEMA pricing framework and the relevant valuation requirements.

23. Can an excess amount affect FEMA valuation?

The company should distinguish between the valuation/issue price of the equity instruments and the INR equivalent of the foreign currency actually received.

24. Can excess FDI be adjusted against another investor?

The company should not assume that one investor's funds can automatically be applied against another investor's allotment. Investor-wise reconciliation and FEMA requirements must be examined.

25. Can excess FDI be adjusted against a future funding round?

A future allotment may be considered where permitted, but the subsequent issue must independently satisfy the applicable FEMA, pricing and corporate requirements.

26. What if the company has already refunded the excess?

The company should retain complete refund evidence and disclose the treatment appropriately in its FEMA records and reporting.

27. What if the excess is proposed to be refunded?

The company should coordinate with the AD bank and document the proposed refund and supporting transaction details.

28. What if the FC-GPR has already been filed with incorrect figures?

The company should review the filing and transaction records with the AD bank and determine the appropriate correction or regularisation route.

29. Can excess FDI result in FEMA non-compliance?

Potentially, depending on how the funds were received, retained, allotted, reported or refunded. Each case should be examined on its facts.

30. Is FC-TRS relevant to excess FDI?

FC-TRS is relevant to specified share transfers, whereas FC-GPR generally relates to specified fresh issues of equity instruments to non-residents.

31. What if the transaction involves a share transfer rather than a fresh issue?

The transaction should be analysed under the applicable FC-TRS and transfer pricing framework rather than applying the FC-GPR treatment automatically.

32. Can bank charges cause a difference?

Yes, transaction-level differences can have multiple causes. The company should identify the actual reason from the banking records.

33. Does the excess need to be shown separately in accounting?

The accounting classification depends on the facts and applicable accounting requirements. The finance team should coordinate with the statutory auditor.

34. Should the company prepare a written declaration?

A written explanation and supporting documentation may be required for the FC-GPR submission where the inflow exceeds the consideration for instruments issued.

35. Does sectoral cap matter if excess money is received?

Yes. If additional shares are proposed, the company should verify the applicable sectoral cap and foreign ownership position before proceeding.

36. What if the company is close to the sectoral cap?

Additional allotment should not be undertaken without carefully checking the applicable foreign ownership limit and regulatory requirements.

37. What if the investor is a related party?

The company should undertake additional scrutiny of pricing, documentation, corporate approvals and FEMA requirements.

38. What if multiple remittances were received?

The company should maintain a tranche-wise reconciliation showing each remittance, bank credit, allotment and reporting reference.

39. What if the remitter is different from the investor?

The company should establish the relationship and purpose of the payment and obtain AD bank guidance before completing the reporting.

40. What if the AD bank objects to the proposed treatment?

The company should obtain clarification and resolve the issue through the appropriate FEMA/AD bank process rather than proceeding on an assumed treatment.

41. Does excess FDI affect FLA Return?

Potentially, the final foreign investment position should be consistent across the company's books and applicable FEMA reporting. FLA Return is a separate annual reporting requirement and should not be confused with FC-GPR.

42. Can the issue affect future fundraising?

An unresolved FEMA discrepancy can create questions during investor due diligence, audit, fundraising or acquisition exercises.

43. Can the issue affect an acquisition or merger?

Potentially. Historical FEMA discrepancies are commonly reviewed during cross-border due diligence and corporate transactions.

44. Should a FEMA transaction file be maintained?

Yes. A dedicated FEMA transaction file can help maintain the investment agreement, bank records, valuation, allotment documents, FC-GPR and AD bank correspondence.

45. Where can the company obtain clarification?

The company should first approach its AD bank with the transaction facts and supporting documents. Complex cases may require further regulatory clarification and professional FEMA assistance.

Conclusion

Excess FDI caused by foreign exchange fluctuation is a practical issue that can arise even when the foreign investor has remitted the agreed foreign-currency amount.

The key point is to distinguish between:

• foreign currency actually remitted;
• INR amount credited by the bank;
• FEMA-compliant issue price;
• amount for which equity instruments are actually issued; and
• excess amount requiring appropriate treatment.

RBI's FIRMS guidance specifically recognises the situation where total inflow exceeds the amount for which capital instruments have been issued and requires the company to explain the treatment of the excess.

Depending on the facts, the excess may need to be linked to a previous allotment, considered for a subsequent permissible allotment, refunded or otherwise dealt with through the applicable FEMA framework.

The safest approach is to prepare a clear transaction reconciliation, involve the AD bank, ensure the FC-GPR reporting accurately reflects the transaction and maintain a complete documentary trail.

Companies should also avoid relying on old FEMA articles or assumed forex tolerance thresholds without verifying the current regulatory position.

Official Government & Regulatory Sources

• Reserve Bank of India – Master Direction – Foreign Investment in India
• Reserve Bank of India – FEMA 395 – Mode of Payment and Reporting of Non-Debt Instruments
• Reserve Bank of India – FIRMS/FC-GPR Reporting Guidance
• Reserve Bank of India
• India Code – Foreign Exchange Management Act, 1999