1. Key Compliances under FEMA / RBI
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Applicable Laws/Acts |
Due Dates |
Compliance Particulars |
Forms / (Filing mode) |
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FEMA ACT 1999 |
15th of every year (Revised return can be filed) |
Annual return on Foreign Liabilities and Assets is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15thevery year. |
FLAIR System |
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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 |
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FEMA ACT 1999 |
With in 60 days of receipt/ remittance of funds or transfer of capitalinstruments 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. |
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FEMA ACT 1999 |
Within30 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 |
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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 |
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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 |
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Types of Accounts |
Capital Account and Current Account – The purpose of the capital account is to adjust the assets and liabilities of individuals outside India to persons residing in India. Thus any transaction that results in a change of the overseas assets and liabilities in India of an Indian residing outside India or transactions overseas of a person residing in India will be considered under the capital account. All other transactions fall under the category of the current account. |
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NRI Bank Accounts |
There is option for the Non-Resident Indians to set up various bank accounts in India, like FCNR, NRE and NRO Accounts. |
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RBI Circulars / Notifications: August, 2023
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Sl. |
Particulars of the Circulars |
Link |
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1 |
RBI-Digital Payments Index for March 2023 |
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2 |
Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption due on August 05, 2023 (Series I of SGB 2016-17) |
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3 |
Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract |
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4 |
Sectoral Deployment of Bank Credit – June 2023 |
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5 |
Lending and Deposit Rates of Scheduled Commercial Banks - July 2023 |
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6 |
Withdrawal of ₹2000 Denomination Banknotes – Status |
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7 |
Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2022-23 |
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8 |
Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract |
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9 |
Reserve Bank of India to Launch the Pilot Project for Public Tech Platform for Frictionless Credit |
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10. |
Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract |
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11. |
Data on India’s Invisibles for Fourth Quarter (January - March) 2022-23 |
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12 |
10 NBFCs surrender their Certificate of Registration to RBI |
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13 |
Result of Yield Based Auction of State Government Securities |
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14 |
Reserve Bank of India Act, 1934 - Section 42(1A) - Requirement for maintaining additional CRR |
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15 |
Enhancing transaction limits for Small Value Digital Payments in Offline Mode |
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16 |
Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans |
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17 |
Review of Regulatory Framework for IDF-NBFCs |
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18 |
Minutes of the Monetary Policy Committee Meeting, August 8 to 10, 2023 |
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19 |
Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract |
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20 |
30th Meeting of the FSDC Sub-Committee |
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21 |
Financial Action Task Force (FATF) High risk and other monitored jurisdictions – June 23, 2023 |
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22 |
Overseas Direct Investment for July 2023 |
Important Updates, August - 2023
1. RBI Monetary Policy Highlights: MPC keeps repo rate unchanged at 6.5%; inflation for FY24 pegged at 5.4%
RBI keeps repo rate unchanged at 6.5%. Besides the repo rate, RBI Governor has made a slew of announcements related to the central bank’s GDP projection, inflation outlook, liquitidy, macro economy, UPI payments, etc. Here are the key details.
RBI Monetary Policy Highlights
Following are the highlights of the bi-monthly monetary policy announced by the Reserve Bank Governor Shaktikanta Das on Thursday.
- Reserve Bank of India (RBI) has retained key policy repo rate retained at 6.5 per cent. This is the third meeting on the trot that the MPC decided to maintain the status quo on the repo rate.
- RBI has maintained that the focus would be on withdrawal of accommodative policy stance to ensure that inflation progressively aligns with target, while supporting growth
- It has retained GDP growth projection for FY24 at 6.5 per cent
- RBI has marginally revised inflation forecast to 5.4 per cent. According to the central bank, spike in vegetable prices, led by tomatoes, may exert sizeable upside pressures on near-term inflation trajectory
- RBI will take steps to ensure greater transparency in interest rate reset of EMI-based floating interest loans. The borrowers to get options of switching to fixed rate loans or foreclosure of loans
- The Reserve Bank is planning to artificial intelligence (AI) in UPI payments. Near Field Communication (NFC) technology will be deployed in offline payments via in UPI-Lite
- RBI proposes to enhance transactions limits for small value digital payments to ₹500 from ₹200 in UPI Lite
- To absorb surplus liquidity generated by various factors, including return of ₹2000 notes to the banking system, RBI has asked banks to maintain an incremental Cash Reserve Ratio (ICRR) of 10 per cent on the increase in their deposits between May 19 and July 28.
- RBI Governor Shaktikanta Das has announced that the cash reserve ratio (CRR) remains unchanged at 4.5 per cent
- According to RBI projections, current account deficit to remain eminently manageable during FY24
- Next meeting of the RBI rate setting panel (MPC) will be held October 4-6.
Source: Click Here
2. RBI urges urban cooperative banks to strengthen governance
The Reserve Bank of India (RBI) on August 30 urged directors of urban cooperative banks (UCBs) to further strengthen their governance practices, especially the three supporting pillars of compliance, risk management and internal audit.
“The quality of governance was the most important aspect in ensuring stability of individual banks and the directors of UCBs are urged to further strengthen governance practices,” RBI Governor Shaktikanta Das said at a conference of directors on the boards of Tier 3 and 4 UCBs in Mumbai Zone.
On the functioning of boards, the governor emphasised five aspects - adequate skills and expertise of directors, constitution of a professional board of management, diversity and tenure of board members, transparent and participatory nature of board discussions, and effective functioning of board-level committees, the central bank said in a release.
The conference was also attended by deputy governors M Rajeshwar Rao and Swaminathan J, along with executive directors representing the RBI’s Departments of Supervision, Regulation and Enforcement, and other senior officials, according to the press release.
The central bank has started engaging with the directors of its regulated entities. Two separate conferences were held with directors on boards of public sector banks and private sector banks in May 2023.
To Read more Click Here
2. Compliance requirement under Income Tax Act, 1961
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Sl. |
Compliance Particulars |
Due Dates |
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1 |
Due date for deposit of Tax deducted/collected for the month of August, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan |
07.09.2023 |
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2. |
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of July, 2023 |
14.09.2023 |
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3 |
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of July, 2023 |
14.09.2023 |
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4 |
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of July, 2023 |
14.09.2023 |
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5 |
Due date for issue of TDS Certificate for tax deducted under section 194S in the month of July, 2023 Note: Applicable in case of specified person as mentioned under section 194S |
14.09.2023 |
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6 |
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of August, 2023 has been paid without the production of a challan |
15.09.2023 |
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7 |
Second instalment of advance tax for the assessment year 2024-25 |
15.09.2023 |
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8 |
Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of August, 2023 |
15.09.2023 |
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9 |
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of August, 2023 |
30.09.2023 |
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10 |
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of August, 2023 |
30.09.2023 |
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11 |
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of August, 2023 |
30.09.2023 |
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12 |
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of August, 2023 Note: Applicable in case of specified person as mentioned under section 194S |
30.09.2023 |
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13 |
Due date for filing of audit report under section 44AB for the assessment year 2023-24 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2023) |
30.09.2023 |
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14 |
Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on November 30, 2023). |
30.09.2023 |
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15 |
Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit return of income on November 30, 2023). |
30.09.2023 |
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16 |
Quarterly statement of TCS deposited for the quarter ending June 30, 2023 Note: The due date of furnishing TCS statement has been extended from June 30, 2023 to September 30, 2023 vide Circular no. 9/2023, dated 28-06-2023 |
30.09.2023 |
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17 |
Quarterly statement of TDS deposited for the quarter ending June 30, 2023 Note: The due date of furnishing TDS statement has been extended from June 30, 2023 to September 30, 2023 vide Circular no. 9/2023, dated 28-06-2023 |
30.09.2023 |
Centre Announces 3-Month Extension For Implementing Revised TCS Rates
Increased TCS rates to apply from 1st October, 2023: The increase in TCS rates; which were to come into effect from 1st July, 2023 shall now come into effect from October 1, 2023. Source: Click Here
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