The RBI has, by way of Circular dated September 30, 2022 bearing reference RBI/2022-23/122 (‘Circular’), brought uniformity in imposition of late submission fees (‘LSF’) for delay in filing of various forms with RBI. As per the Circular, the calculation of the LSF will be as follows:
1. With respect to late submission of Form ODI Part-II/APR, FCGPR (B), FLA Returns, Form OPI, evidence of investment or any other return which does not capture flow or any other periodical reporting, the LSF will be ₹ 7,500 (approx. US$ 91); and
2. With respect to late submission of 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-fun transaction or any other transactional reporting, the LSF will be:
₹ 7500 + (0.025% * A * n)
where in, (i) “A” is the amount involved in the delayed reporting; and
(ii) “n” is the number of years of delay in submission rounded-upwards to the nearest month and is expressed up to 2 decimal points).
RBI has further clarified the following:
1. LSF amount will be per return. With respect to delay in filing of Form ECB-2 returns, delayed submission for each LRN will be treated as one instance for the fixed component and the higher fee after grossing up the inflow or outflow (including interest and other charges) will be levied.
2. The maximum LSF amount will not be more than 100% of ‘A’ and the same should be rounded upwards to the nearest hundred.
3. If the LSF is not paid within 30 days from the advice issued by RBI, submission of the LSF beyond the aforementioned period will not be acceptable. The reference date for the purpose of calculation of ‘n’ will be the date of receipt of the fresh application submitted by applicant for payment of LSF.
4. Opting for LSF will be available up to 3 years from the due date of reporting/submission.