Due date for filing – 15 July every year
Last date (after extension) was 31 st July this year.
Consequence of non -filing on or before 31st July, 2019- Voilation of FEMA and Penalty involved for voilation of FEMA.
Penalty as per FEMA:- Thrice the amount of contravention or Rs. Rs. 2 lakh if the offence is non-quantifiable and if the contravention is continuing every day, then Rs. Five Thousand for every day after the first day during which the contravention continues.
Compounding for delay in filing:- The powers to compound the contraventions have been delegated to all Regional Offices of RBI (except Kochi and Panaji) without any limit on the amount of contravention.
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