With this article we are starting our series on Monthly Compliances under various laws in India so that MSMEs, Startups and taxpayers stays updated and timely comply with the applicable laws and avoid any penalty or fine under the relevant law. We are highlighting various updates during the month of June 2023 in FEMA and RBI along with list of compliances under FEMA & RBI during the month of July 2023.
Key Compliances under FEMA and RBI for the Month of July 2023.
| S.No. | Compliance Details | Due Date | Forms |
| 1 | FLA- Annual return on foreign assets and liabilities by all the Indian entities which have received FDI or made ODI. | 15-07-2023 | Online on FLAIR system |
| 2 | Filling of FC-GPR (An Indian entity on receipt of FDI and allotment of shares to a person resident outside India) | Within 30 days of issue of share | FC-GPR |
| 3 | Filing of FC-TRS (Any transfer of shares and other eligible securities between resident and non-resident to be reported in FC-TRS by the resident) | With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier. | FC-TRS |
| 4 | Form FDI LLP-1 (To be filed by a LLP receiving amount of consideration and acquisition of profit shares) | Within 30 days of receipt of consideration | FDI LLP-I |
| 5 | A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non-resident | within 60 days from the date of receipt of funds in | FDI LLP-II |
RBI/FEM updates (Circulars and Notifications issued during the month of June 2023)
| Circular/Notification No. | Date | Details |
| RBI/2023-24/36 A. P. (DIR Series) Circular No. 05 | 06-06-23 | RBI’s Regulatory Updates on Non-Deliverable Derivative Contracts |
| RBI/2023-24/37 CO.DPSS.POLC.No.S-258/02-01-010/2023-24 | 07-06-23 | RBI Expands Trade Receivables Discounting System (TReDS) for MSMEs |
| Press Release No. 2023-2024/362 | 07-06-23 | RBI Updates Alert List of Unauthorized Forex Trading Platforms – June 2023 |
| Press Release No. 2023-2024/366, Press Release No. 2023-2024/364, Press Release No. 2023-2024/365 | 08-06-23 | RBI Keeps Repo Rate Unchanged at 6.50% in June 2023 |
| RBI/2023-24/41 DOR.CRE.REC.21/21.07.001/2023-24 | 08-06-23 | Analysis of RBI Guidelines on Default Loss Guarantee in Digital Lending |
| Notification No. RBI/2023-24/40 DOR.STR.REC.20/21.04.048/2023-24 | 08-06-23 | RBI Framework for Compromise Settlements and Technical Write-offs |
| RBI/2023-24/42 DOR.CRE.REC.18/07.10.002/2023-24 | 08-06-23 | RBI Extends Deadline for Priority Sector Lending Targets for Co-operative Banks |
| RBI/2023-24/39 DOR.REG.No.19/07.01.000/2023-24 | 08-06-23 | Branch Authorization Policy for Urban Co-operative Banks |
| RBI/2022-23/38/ FMRD.DIRD.02/14.01.001/2023-24 | 08-06-23 | RBI Reviews Borrowing Limits in Call and Notice Money Markets |
| Press Release No. 2023-2024/406 | 14-06-23 | Sovereign Gold Bonds 2023-24 |
| RBI/2023-24/43 CO.DGBA.GBD.No.S295/31-12-010/2023-2024 | 14-06-23 | Modification of Agency Commission for Indirect Tax Collection via ICEGATE Payment Gateway |
| Notification No. RBI/2023-24/44 IDMD.CDD.No.S650/14.04.050/2023-24 | 15-06-23 | Sovereign Gold Bond Scheme 2023-24: Subscription Dates & Application Process |
| Press Release: 2023-2024/428 | 17-06-23 | Clearing the Air: RBI Addresses Allegations of Missing Banknotes |
| RBI/2023-24/46 FMRD.FMSD.03/03.07.25/2023-24 | 23-06-23 | RBI Circular: Status of MIFOR as a Significant Benchmark |
| Notification No. RBI/2023-24/45 A.P. (DIR Series) Circular No. 06 | 22-06-23 | RBI Allows Remittances to IFSCs for ‘Studies Abroad’ under LRS |
| RBI/DOR/2023-24/103 DOR.ORG.REC.22/21.06.050/2023-24 | 26-06-23 | RBI Master Direction on Minimum Capital Requirements for Operational Risk |
| Notification No. G.S.R. 472(E) | 30-06-23 | Rules related to use of International credit cards during foreign trips |
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