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of <h1>FDI Reporting: Banks to Use VPN via NIC e-Biz Platform, Requires Advance Payment for Two-Year Access.</h1> The circular addresses Category-I Authorized Dealer banks regarding the reporting of Foreign Direct Investment (FDI) under the FDI Scheme via the e-Biz platform. It highlights the finalized financial arrangements for utilizing Virtual Private Network (VPN) accounts from the National Informatics Centre (NIC), which are necessary for accessing the e-Biz portal. The VPN accounts, linked to Digital Signing certificates valid for two years, require advance payments of Rs. 9,654 per account for two years to NICSI's bank account. Banks must maintain records of connections and payments, and resolve reconciliation issues with NICSI. The circular is issued under sections of the Foreign Exchange Management Act, 1999.
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