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Compliance Calendar under FEMA and RBI for January 2021

 

Applicable Laws/Acts  

Due Dates

 

Compliance Particulars

Forms / (Filing mode)
 

 

FEMA ACT 1999

 

 

15 July every year

Annual Return on Foreign liabilities and assets.

The FLA return is required to be submitted by the companies who have received Foreign direct investment (FDI) and/or made Foreign direct investment abroad in the previous year(s) including the current year

 

 

FLA Return through Flair Portal: Click here

 

FEMA ACT 1999

 

Monthly Basis

External Commercial Borrowings

Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’.

 

ECB 2 Return

 

 

FEMA ACT 1999

 

Not later than 30 days from the date of issue of Capital instrument

 

FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.

 

 

Form FC-GPR

 

 

 

FEMA ACT 1999

 

With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.

 

Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS.

The onus of reporting shall be on the resident transferor/ transferee.

 

 

 

Form FC-TRS.

 

 

FEMA ACT 1999

 

within 30 days from the date of receipt of the amount of consideration.

 

A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1

 

 

Form FDI LLP-I

 

 

FEMA ACT 1999

 

within 60 days from the date of receipt of funds in

 

A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)

 

Form FDI LLP-II

 

FEMA ACT 1999

 

within 30 days from the date of allotment of capital instruments

 

The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts

 

Downstream statement -Form DI & reporting at FIFP too

  • Important Updates, December-2020: 
  1. Private banks taking away share from PSBs in rural credit: RBI

As has been observed for the last few years, including during FY20 also, branch expansion in rural areas remained subdued as the BC model made further inroads in villages with population more than 2,000. Rural credit growth gathered steam in FY20 and surpassed growth in other categories after a gap of four years. Private banks have begun to gain share in this segment even as public sector banks’ (PSB) footprint reduces, the Reserve Bank of India (RBI) said in its report on the trend and progress for the year.

Although the share of rural credit in aggregate credit has been hovering between 8-9%, it still did better than other categories in 2019-20. “While the share of PSBs in rural credit has gradually fallen, PVBs have been making inroads,”.

  1. RBI Releases New Index To Measure Digital Payments Growth In India

The Reserve Bank of India released a Digital Payments Index to measure the growth in cashless transactions in India. The index comprises five broad parameters with varying weights to measure the penetration of digital payments, the central bank said in a statement on Friday. The five key parameters include:

  • Payment enablers (25%).
  • Payment infrastructure—demand-side factors (10%).
  • Payment infrastructure—supply-side factors (15%).
  • Payment performance (45%).
  • Consumer centricity (5%).

These factors include multiple sub-parameters that would help the regulator conduct its study into the digital payment ecosystem.

In December, UPI reported 223 crore transactions worth Rs 4.16 lakh crore compared with 221 crore transactions worth Rs 3.9 lakh crore in November.

  1. FDI ‘violations’: RBI, ED asked to take ‘necessary action’ on allegations against Amazon, Flipkart and Walmart

At present, while the DPIIT formulates and notifies FDI policies, any violation of such rules is dealt under the penal provisions of the Foreign Exchange Management Act (Fema). This Act is administered by RBI, and ED is its enforcement authority.

The commerce and industry ministry has asked the Reserve Bank of India (RBI) and the Enforcement Directorate (ED) to take “necessary action” on allegations made by a key traders’ body against Amazon, Flipkart and Walmart relating to the violations of foreign direct investment (FDI) and other relevant rules.

Nirupama Soundararajan, head of research at Pahle India Foundation, said the directive is “self-explanatory” in that the DPIIT has requested that the “authorities concerned examine the matter at hand to assess if indeed any violations have occurred”. “Any formal investigation can and should ensue only if there is evidence of such violations. If not, this matter should be laid to rest,” she added.

  1. Maintaining 4 percent inflation appropriate for India: RBI paper

Maintaining 4 per cent inflation is appropriate for India as targeting a lower rate could impart deflationary bias to the monetary policy, said a Reserve Bank paper.

  • RBI Circulars / Notifications: December, 2020
 S. N. Particulars of the Circulars Link
1 24×7 Availability of Real Time Gross Settlement (RTGS) System Click here
2 Card transactions in Contactless mode – Relaxation in requirement of Additional Factor of Authentication  

Click here

3 Perpetual Validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) under Payment and Settlement Systems Act, 2007 (PSS Act)  

Click Here

4 Authorisation of entities for operating a Payment System under the Payment and Settlement Systems Act, 2007 (PSS Act) – Introduction of Cooling Period  

Click Here

5 Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Regional Rural Banks (RRBs)  

Click Here

6 RBI releases data on ECB / FCCB/RDB for October 2020 Click Here
7 RBI announces rate of interest on Floating Rate Bonds, 2031 Click Here
8 RBI releases Draft Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2020 under Section 45 W of the RBI Act, 1934  

Click Here

9 Indian growth story continues as is demonstrated by the trends in FPI, FDI and Corporate Bond Market flows  

Click Here

10. Perpetual Validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) under Payment and Settlement Systems Act, 2007 (PSS Act)  

Click here

11. 24×7 Availability of Real Time Gross Settlement (RTGS) System Click here
12 Card transactions in Contactless mode – Relaxation in requirement of Additional Factor of Authentication  

Click Here

13 External Trade – Facilitation – Export of Goods and Services Click Here
14 Directions under Section 35 A read with Section 56 of the BR Act 1949 (AACS)- The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala- Extension of period  

Click Here

15 RBI extends validity of the Directions issued to the People’s Co-operative Bank Ltd., Kanpur (Uttar Pradesh)  

Click Here

16 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract  

Click Here

17 Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020  

Click Here

18 Directions under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, Distt. Latur, Maharashtra – Extension of Period  

Click here

19 RBI Working Paper No. 13/2020: Price Discrimination in Over-the-Counter Currency Derivatives  

Click here

20 RBI Working Paper No. 14/2020: Asset Quality and Credit Channel of Monetary Policy Transmission in India: Some Evidence from Bank-level Data  

 

Click Here

21 Special Open Market Operations (OMO) of Simultaneous Purchase and Sale of Government of India Securities held on December 17, 2020: Cut-Offs  

Click Here

22 Meeting of the Central Board of Reserve Bank of India  

Click Here

23 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract  

Click Here

24 Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes  

Click Here

25 Opening of Current Accounts by Banks – Need for Discipline Click Here
26 Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes  

Click Here

27 Performance of the private corporate business sector during the second quarter of 2020-21  

Click here

28 RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities  

 

Click Here

29 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract  

Click Here

30 RBI Working Paper No. 15/2020: Measuring Trend Inflation in India Click Here
31 RBI releases “Statistical Tables Relating to Banks in India: 2019-20” Click Here
32 Sources of Variation in Foreign Exchange Reserves in India during April-September 2020  

Click Here

33 Developments in India’s Balance of Payments during the Second Quarter (July-September) of 2020-21  

Click Here

34 Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning January 1, 2021  

Click Here

35 RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities  

Click Here

36 RBI Announces Rate of Interest on Floating Rate Savings Bond, 2020 (Taxable) – FRSB 2020 (T) for the Period January 2021- June 2021  

Click Here

37 RBI launches the January 2021 round of the Inflation Expectations Survey of Households Click Here
38 RBI launches the January 2021 round of Consumer Confidence Survey Click Here
39 RBI releases ‘Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks for September 2020′  

Click Here

CS Lalit Rajput TaxClue
CS Lalit Rajputhttp://enlightengovernance.blogspot.com/
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.

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