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FIRC and KYC: Key Documents for FDI Reporting in India

June 10, 2026
Gaurav Vashistha
FDI
0

Table of Content

FIRC and KYC — Key Documents Required for FDI Reporting in India

What Is FDI Reporting in India and Why Does It Matter?

FDI reporting in India is the statutory process of reporting foreign investment received by an Indian entity to the Reserve Bank of India under FEMA 1999, through the RBI FIRMS portal. It is carried out primarily through FC-GPR filing when shares or convertible securities are issued to a non-resident investor. Two documents sit at the heart of this process — the FIRC and the 6-Pointer KYC — and without both, the filing cannot be completed.

FDI reporting in India refers to the statutory process of reporting foreign investment received by an Indian entity to the Reserve Bank of India under the provisions of the Foreign Exchange Management Act 1999 through the RBI FIRMS portal. Such reporting is generally carried out through FC-GPR filing in cases where shares or convertible securities are issued by an Indian company to a person resident outside India.

The RBI has provided the list of documents that are required to be submitted along with the FC-GPR Form. Out of those, the following two documents are considered the most important:

FIRC — Foreign Inward Remittance Certificate b. 6 Pointer KYC — Know Your Customer

FDI reporting in India through Form FC-GPR broadly involves:

Verification of the foreign investor’s identity through KYC; and
Confirmation of receipt of foreign investment through FIRC

which together form the basis for FC-GPR filing within prescribed timelines under FEMA and RBI regulations.

What Are the Three Pillars of FDI Reporting Compliance in India?

FDI reporting in India rests on three pillars — confirming the investment is genuine and identifiable through KYC verification, confirming it has actually been received in India through the FIRC, and ensuring it is properly recorded through FIRMS portal filings. Non-compliance with any of these three pillars can trigger penalties, late submission fees, and compounding proceedings under FEMA.

FDI reporting in India ensures that all foreign investments are:

Genuine and identifiable (through KYC verification)
Actually received in India (through FIRC)
Properly recorded and regulated (through FIRMS portal filings)

Non-compliance with FDI reporting in India requirements may lead to penalties, late submission fees, and compounding proceedings under FEMA.

What Are the Key Documents Required for FDI Reporting in India?

The two most critical documents for FDI reporting in India are the 6-Pointer KYC — which verifies the identity of the foreign investor through the overseas remitter bank — and the FIRC (Foreign Inward Remittance Certificate) — which confirms that foreign funds have actually been received in India by the Indian company. Both are issued by the Authorised Dealer Bank and must be attached to the FC-GPR filing without exception.

A. What Is the 6-Pointer KYC and What Does It Contain?

The KYC is a due diligence process required under the Foreign Exchange Management Act, 1999 and regulated by the Reserve Bank of India to verify the identity and credibility of a foreign investor before accepting FDI reporting in India.

The KYC report generally contains the following 6 important details:

Name of the Remitter: Full legal name of the foreign individual/entity making the investment
Registration Number of the Remitter: Registration or incorporation number of the foreign entity / Passport number of individual
Address of the Remitter: Registered office / permanent address of the investor
Name of Remitter’s Bank: Name of the overseas bank remitting the funds and responsible for providing the KYC confirmation
Bank Account No. of Remitter’s Bank: Account number maintained by the foreign investor with the overseas bank
Duration of Banking Relationship with Remitter: Duration of banking relationship between the investor and the overseas bank

Who Issues and Verifies the KYC?

The 6-Pointer KYC document is generally issued by the Indian AD Bank based on the KYC confirmation and information received from the overseas remitter bank through SWIFT communication or official banking channels.

The process flow is generally as follows:

Indian AD Bank → Sends SWIFT request for KYC information → Foreign Remitter Bank → Sends KYC information through SWIFT response → Indian AD Bank issues 6-Pointer KYC

B. What Is the FIRC and What Does It Contain?

The FIRC (Foreign Inward Remittance Certificate) is a document issued by the Authorised Dealer (AD) Bank in India as proof that foreign investment has been received from outside India. The FIRC plays a crucial role in FDI reporting in India and serves as documentary evidence of receipt of foreign inward remittance by the Indian company.

The FIRC generally contains the following essential details:

Name & Address of Remitter (Foreign Investor)
Name of Beneficiary (Indian Company)
Amount Received (Foreign currency & INR equivalent)
Date of Receipt of Funds
Purpose Code (e.g., investment in equity shares)
Bank Reference Number / FIRC Number
Mode of Transfer (SWIFT/Bank transfer)
Certification by the AD Bank

C. How Does FC-GPR Filing Work With These Documents?

At the time of FC-GPR filing with the RBI, the above documents are attached as mandatory supporting documents and serve as important evidence regarding the receipt of foreign investment in India.

However, in many cases, the AD Bank raises queries and seeks resubmission due to the following common mistakes:

Mismatch in details mentioned in FIRC and KYC
Absence of a stamp or signature of a banking official
Expiry of FIRC validity (generally considered valid for one year by banks)
Failure to attach both FIRC and KYC to Form FC-GPR
Mismatch between details mentioned in Form FC-GPR and supporting documents

What Is the Timeframe to Issue KYC and FIRC for FDI Reporting in India?

There is no fixed statutory deadline for banks to issue FIRC and KYC — some AD Banks issue both documents within a few working days, while others may take several weeks or even a month. Since FC-GPR filing must be completed within 30 days of share allotment under FEMA, proper coordination between the Indian AD Bank, the overseas remitter bank, and the foreign investor is critical to avoid delays and penalties.

These documents are issued and provided by the AD Bank. The timeline for issuance of FIRC and KYC depends upon the circumstances of the transaction and the banking partner involved. Certain banks issue both documents within a few working days, whereas some banks may take several weeks or even a month to issue the same.

Proper coordination between the Indian AD Bank, overseas remitter bank, and foreign investor is therefore extremely important to obtain the documents on time and complete FDI reporting in India within the prescribed timelines.

Conclusion

The FIRC and 6-Pointer KYC are two of the most important documents required for FDI reporting in India. These documents not only establish the identity of the foreign investor and proof of receipt of foreign investment but also form the foundation for FC-GPR filing with the RBI through the FIRMS Portal.

The proper preparation, verification, and timely collection of these documents are essential to ensure smooth reporting compliance under FEMA and to avoid delays, re-submissions, penalties or compounding proceedings. Therefore, Indian companies receiving foreign investment should maintain proper coordination with the AD Bank and the foreign investor to ensure accurate and timely FDI reporting in India.

If your company needs support with FDI reporting, FC-GPR filing, or end-to-end FEMA compliance, CorporateLegit provides expert advisory services to ensure your foreign investment is reported accurately and on time — every time.

Frequently Asked Questions

What is the deadline for FC-GPR filing after receiving foreign investment?

FC-GPR filing must be completed within 30 days from the date of receipt of funds or date of allotment of shares — whichever is earlier — on the RBI FIRMS portal. Delayed filing requires prior RBI approval through the Authorised Dealer Bank and may attract a compounding fee under FEMA. This makes timely collection of FIRC and KYC documents critical to meeting the deadline.

What happens if there is a mismatch between the FIRC and the KYC document?

A mismatch between the FIRC and KYC is one of the most common reasons for AD Bank query and re-submission during FDI reporting in India. The names, amounts, account details, and remittance references must match exactly across both documents and the FC-GPR form. Any discrepancy must be resolved with the AD Bank before filing, as incorrect submissions can trigger FEMA non-compliance proceedings.

Can FDI reporting in India be done without a FIRC?

No. The FIRC is a mandatory document for FC-GPR filing and cannot be substituted. It is the primary evidence that foreign funds have actually been received in India. Without a valid and current FIRC, the AD Bank will not process the FC-GPR submission on the FIRMS portal.

How long is a FIRC considered valid for FDI reporting purposes?

Banks generally consider a FIRC valid for one year from the date of issuance. If the FC-GPR filing is not completed within this period, the company may need to obtain a fresh FIRC or a revalidation from the AD Bank before proceeding. This is another reason why early coordination with the bank is strongly recommended.

Who is responsible for ensuring FDI reporting in India is completed on time?

The primary responsibility for FDI reporting in India lies with the Indian company receiving the foreign investment. The company must coordinate with its AD Bank to obtain the FIRC and KYC, ensure the FC-GPR is filed within 30 days of share allotment, and retain all supporting documents for future regulatory scrutiny. Directors of the company can face personal liability for FEMA non-compliance if filings are delayed or incorrect.