Late submission fee for reporting delays under FEMA

Reserve Bank of India (RBI) has revised the Late Submission Fee (LSF) for reporting delays under Foreign Exchange Management Act (FEMA), 1999, bringing uniformity in imposition of LSF across functions.

How is Late Submission Fee (LSF) calculated under revised guidelines?

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% × A × 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.

Maximum LSF amount will be limited to 100% of ‘A’ and will be rounded upwards to the nearest hundred.

LSF is to be paid within 30 days.

The facility for opting for LSF shall be available up to 3 years from the due date of reporting / submission.

References

Reserve Bank of India. (2022, September 30). 'Late Submission Fee for reporting delays under Foreign Exchange Management Act, 1999 (FEMA)'. Retrieved from https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12393&Mode=0

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