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CIRCULAR ON LATE SUBMISSION FEE FOR REPORTING DELAYS UNDER FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (FEMA)

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The Reserve Bank of India has issued a circular on Late Submission Fee (LSF) for reporting delays under Foreign Exchange Management Act, 1999 (FEMA) on 30th September, 2022. The LSF is applicable for submissions made on or after the said date. LSF laid by RBI for reporting delays in Foreign Investment (FI), External Commercial Borrowings (ECBs) and Overseas Investment related transactions were not uniform earlier.  This circular brings uniformity in such fees. The amount of LSF is set forth in detail in the said circular

FORMS INCLUDED


The forms for which the uniform amount of LSF has been introduced are as stated below.
1. Form ODI Part-II/ APR, FCGPR (B), FLA Returns, Form OPI, evidence of investment or any other return which does not capture flows or any other periodical reporting.
2. FC-GPR, FCTRS, Form ESOP, Form LLP(I), Form LLP(II), Form CN, Form DI, Form InVi, Form ODI-Part I, Form ODI-Part III, Form FC, Form ECB, Form ECB-2, Revised Form ECB or any other return which captures flows or returns which capture reporting of non-fund transactions or any other transactional reporting.

ADDITIONAL KEY HIGHLIGHTS


1. Maximum LSF amount will be limited to 100 per cent of the amount involved in delayed reporting.
2. Where an advice has been issued for payment of LSF and such LSF is not paid within 30 days, any LSF received beyond this period shall not be accepted.
3. If an applicant subsequently approaches for payment of LSF for the same delayed reporting, the date of receipt of such application shall be treated as the date of delayed submission.
4. The facility for opting LSF shall be available upto three years from the date of reporting / submission.

Quick link https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12393&Mode=0https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12393&Mode=0
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12393&Mode=0https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12393&Mode=0



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