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How does the foreign investment (FDI) get into the Indian company? What is FIRC?
Now that the bank account is open, the parent company can transfer the money into the Indian company. This is the FDI entering the Indian company. After the money has been transferred into the Indian company’s account:
• The Indian bank issues a FIRC (Foreign Inward Remittance Certificate), a document proving the receipt of foreign funds.
• The company then has to issue shares to the foreign investor within 60 days of receiving the money transfer.
• The FC-GPR form has to be filed with the RBI through the bank within 30 days of the allotment of the shares.
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