Category: FEMA Update

FEMA Update
Reserve Bank of India (‘RBI’) vide A.P. (DIR Series) Circular No. 16 dated September 30, 20221 had revised the Late Submission Fee (‘LSF’) computation matrix for reporting delays under the Foreign Exchange Management Act, 1999 (‘FEMA’), to bring uniformity in imposition of LSF across functions.
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FEMA Update
RBI had introduced Single Master Form (‘SMF’) vide A.P. (DIR Series) Circular No. 30 dated 7 June 2018, with an objective of integrating the reporting requirements of foreign investment in India. On 4 January 2023, RBI has released a circular for rationalizing the reporting of foreign investment on the Foreign Investment Reporting and Management System (‘FIRMS’) Portal.
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