Late submission fee regularises delayed foreign exchange guarantee reporting through a prescribed amount-based calculation and rounding mechanism. A person resident in India may regularise delayed reporting by completing the reporting with payment of a Late Submission Fee, or by paying the fee after ... Summary
Late submission fee regularises delayed foreign exchange guarantee reporting through a prescribed amount-based calculation and rounding mechanism.
A person resident in India may regularise delayed reporting by completing the reporting with payment of a Late Submission Fee, or by paying the fee after belated reporting. The fee comprises Rs. 7,500 plus 0.025% of the amount involved in delayed reporting, multiplied by the delay period in years. The fee is rounded upward to the nearest hundred, and the delay period is rounded upward to the nearest month and expressed to two decimal places.
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