RBI vide Circular RBI/2016-17/220 A.P. (DIR Series) Circular No. 29 on Thursday, 2nd February, 2017, in partial modification of Foreign Exchange (Compounding Proceedings) Rules, 2000, it has been stated that for Delay in filing the Annual Return on Foreign Liabilities and Assets (FLA return), by all Indian companies which have received FDI in the previous year(s) including the current year:
- Power to Compound the said contravention have been delegated to all Regional Offices (except Kochi & Panaji) without any limit on amount of contravention.
- For Kochi & Panaji, contravention upto Rs. 100 Lakh is with Regional Office & above that will continue to be with Central Office.
The said Circular can be accessed from the following link:FEMA cir. dt 02.02.2017(CompoundingProceedings)Rules,2000