The Reserve Bank of India (RBI) on September 30, 2022, issued a notification on Late Submission Fee for reporting delays under Foreign Exchange Management Act, 1999 (FEMA)
The Late Submission Fee (LSF) was introduced for reporting delays in Foreign Investment (FI), External Commercial Borrowings (ECBs), and Overseas Investment related transactions with effect from November 07, 2017, January 16, 2019, and August 22, 2022, respectively.
The following matrix shall be used subsequently for the calculation of LSF, wherever applicable:
•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, for this LSF Amount (INR) is 7500.
•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, for this LSF Amount (INR) is [7500 + (0.025% × A × n)]
The above provisions shall come into effect immediately for the delayed filings made on or after the date of this circular.
All other provisions of reporting under FEMA remain unchanged. AD Category - I banks should bring the contents of this circular to the notice of their constituents and customers.
[Notification No. RBI/2022-23/122]
