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of <h1>RBI Introduces Late Submission Fee for Delays in FEMA Reporting, Effective Immediately; Maximum Fee Capped at 100% of Amount Involved.</h1> The circular issued on September 30, 2022, by the Reserve Bank of India (RBI) addresses the imposition of a Late Submission Fee (LSF) for delays in reporting under the Foreign Exchange Management Act, 1999 (FEMA). The LSF applies to delays in reporting foreign investments, external commercial borrowings, and overseas investment transactions. A standardized matrix for calculating LSF is introduced, specifying fees based on the type of reporting delay and the amount involved. The maximum LSF is capped at 100% of the involved amount. The provisions are effective immediately and apply to delayed filings from the circular's date. Other FEMA reporting provisions remain unchanged.
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