Uniformity of Late Submission Fees under FEMA, 1999
PUBLISHED ON: 4-10-2022
RBI had introduced late submission fee (“LSF”) to report delays in foreign investments, external commercial borrowings and overseas investment related transactions, to bring uniformity in imposition of LSF, as per the following matrix, subject to other condinalities:
| Type of reporting delays | LSF Amount (INR) |
| 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. | 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. | [7500 + (0.025% x A x n)] |
- “n” is the number of years of delay in submission rounded upwards to the nearest month and expressed up to 2 decimal points.
- “A” is the amount involved in the delayed reporting.
The aforementioned changes were notified vide RBI circular dated September 30, 2022 and would come into effect from September 30, 2022 (available here).
