P0010 Purpose Code: Foreign portfolio investment in India, debt

P0010 is the RBI purpose code for: Foreign Portfolio Investment made by overseas Investors in India in debt Instruments.. It sits in group 00, Capital and Financial Account, of the receipt purposes RBI uses to classify foreign exchange coming into India.

P0010 at a glance

Can a P0010 remittance become an eBRC?

No, as a rule. RBI places P0010 outside both the exports of goods (group 01) and the service groups, so the money is not proceeds of an export, and an eBRC certifies export proceeds. DGFT's eBRC guidelines do not name P0010. If the payment was in fact for goods or services you exported, the classification is wrong, and the bank that reported it is the one to correct it.

The rule is DGFT’s, from its General Guidelines for Generating eBRC (last updated 26 March 2024). The full list, and what each rule means when you map remittances, is in how to generate an eBRC on the DGFT portal.

What this code says about the money

A purpose code is your bank speaking, not you. When a foreign payment reaches your account, the AD bank reports it with a purpose code that states the RBI classification of the transaction, and that report is the Inward Remittance Message, the IRM. A remittance carrying P0010 has been classified as: Foreign Portfolio Investment made by overseas Investors in India in debt Instruments..

In FETERS reporting

FETERS is the Foreign Exchange Transactions Electronic Reporting System, the system under which Authorised Dealer banks report their foreign exchange transactions to the RBI, and its receipt purpose list is where P0010 is defined. That list, Annex I to A.P. (DIR Series) Circular No. 84 dated 29 February 2012, places P0010 in group 00, Capital Account; Financial Account, under Foreign Portfolio Investment, and describes it as: Foreign Portfolio Investment made by overseas Investors in India in debt Instruments.. That is the wording a bank’s reporting desk works from, so it is the wording to match when you ask the bank what a remittance was reported as.

P0010 or a neighbouring code

The codes below are the ones most easily confused with P0010. The difference is in RBI’s wording, so the table quotes it, with what DGFT allows for each.

If the code on your remittance looks wrong

The code is attached at reporting time by the bank, so the fix runs through the bank, not through DGFT. Ask the AD branch that received the payment to confirm the classification; an amended report shows up as a revised IRM. What each IRM status means, and what you can do with a remittance in each state, is in the IRM explainer, and the errors DGFT returns when a code does not fit the filing are in IRM mapping errors on DGFT. Exporters who agree the purpose code with their buyer's bank once, at onboarding, rarely meet this page twice.

Other codes in group 00

• P0001Repatriation of portfolio investment abroad, equityNot an export receipt
• P0002Repatriation of portfolio investment abroad, debtNot an export receipt
• P0003Repatriation of direct investment abroad, equityNot an export receipt
• P0004Repatriation of direct investment abroad, debtNot an export receipt
• P0005Repatriation of investment abroad in real estateNot an export receipt
• P0006FDI into India in equity sharesNot an export receipt
• P0007FDI into India in debt instrumentsNot an export receipt
• P0008FDI into India in real estateNot an export receipt
• P0009Foreign portfolio investment in India, equityNot an export receipt
• P0011Repayment of loans extended to non-residentsNot an export receipt
• P0012External commercial borrowingsNot an export receipt
• P0013Short-term trade credit from non-residentsNot an export receipt
• P0014Non-resident deposits, FCNR(B) and NR(E)RANot an export receipt
• P0015Loans and overdrafts taken by AD banksNot an export receipt
• P0016Purchase of one foreign currency against anotherNot an export receipt
• P0017Sale of non-produced assets, governmentNot an export receipt
• P0019Sale of non-produced assets, non-governmentNot an export receipt
• P0020Financial derivative receiptsNot an export receipt
• P0021Sale of shares under employee stock optionNot an export receipt
• P0022Other investment in ADRs and GDRsNot an export receipt
• P0024External assistance received by IndiaNot an export receipt
• P0025Repayments of external assistance extended by IndiaNot an export receipt
• P0028Capital transfer receipts, governmentNot an export receipt
• P0029Capital transfer receipts, non-governmentNot an export receipt
• P0099Other capital receiptsNot an export receipt

All 26 Capital and Financial Account purpose codes