Late Submission Fee for reporting delays under Foreign Exchange Management Act, 1999 (FEMA)

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..... 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. It has now been decided to bring uniformity in imposition of LSF across functions. The following matrix shall be used henceforth for calculation of LSF, wherever applicable: Sr. N .....

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..... r, for any number of Form ECB-2 returns, delayed submission for each LRN will be treated as one instance for the fixed component. Further, 'A' for any ECB-2 return will be the gross inflow or outflow (including interest and other charges), whichever is more. d) Maximum LSF amount will be limited to 100 per cent of 'A' and will be rounded upwards to the nearest hundred. e) Where an advice has b .....

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..... se a person responsible for any submission or filing under the provisions of FEMA, neither makes such submission/filing within the specified time nor makes such submission/filing along with LSF, such person shall be liable for penal action under the provisions of FEMA, 1999. 2. The above provisions shall come into effect immediately for the delayed filings made on or after the date of this circul .....

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