Foreign investment into or out of India comes with a filing clock attached, and missing it is treated as a regulatory contravention, not a paperwork slip. Knowing which form applies and when it’s due is most of what FEMA compliance actually is.
Four recurring filings sit at the centre of it. FC-GPR gets filed within 30 days of allotting shares or other capital instruments to a non-resident investor, through the FIRMS portal. FC-TRS covers the transfer of shares between a resident and a non-resident, due within 60 days of the transfer. The FLA return is annual and census-based: if your business has any outstanding FDI or overseas investment on the balance sheet as of 31 March, you file it by 15 July, even if nothing happened during the year and even before your audit is finished, using provisional figures you can revise by 30 September. The Annual Performance Report covers any overseas direct investment your entity holds, due every 31 December.
We at AVS & Associates have carved out a niche as the most trustworthy and reliable FEMA Consultant based in Noida. We do offer FEMA & RBI Consultancy that covers the entire gamut of foreign exchange law in India and abroad. We are just a call away for clearing all your doubts related to FEMA.
ECB rules went through a significant overhaul in February 2026: the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations expanded who counts as an eligible lender, foreign equity holders with 25% or more direct equity, or 51% or more indirect equity, now qualify, raised borrowing limits to 300% of net worth, and simplified the minimum average maturity period to three years across the board. Separately, the compounding framework got more forgiving in April 2025: minor, inadvertent, or first-time contraventions now have compounding capped at ₹2 lakh, and the automatic 50% penalty enhancement that used to apply to repeat offenders has been removed entirely.
Resident individuals remitting money abroad, for education, medical treatment, gifts, investment, or property, work under the Liberalised Remittance Scheme, capped at USD 250,000 per financial year. It doesn’t apply to companies. Remittances above ₹7 lakh in a year for non-education purposes attract 20% TCS, collected upfront and claimable as credit against your tax liability later.
We handle the full range of FEMA and RBI compliance work, FDI and ODI reporting, ECB structuring, LRS advisory, and compounding applications, for Indian companies, LLPs, NRIs, and overseas investors alike.
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FEMA 1999 governs all cross-border foreign exchange transactions in India. It applies to Indian residents receiving FDI, NRIs, overseas investors, companies with foreign shareholders or subsidiaries, and cross-border lenders/borrowers.
FC-GPR must be filed within 30 days of share allotment to foreign investors. The Annual FLA Return is due by July 15 every year for all companies with foreign investment or overseas investment.
FC-TRS is filed when shares transfer between a resident and non-resident (or vice versa). The resident party must submit it to the AD bank within 60 days of receiving/remitting funds.
LRS allows Indian individuals to remit up to USD 2,50,000 per year for permitted purposes. Remittances need Form A2, go through an AD bank, and attract TCS above specified thresholds.
Penalties can be up to 3x the amount involved or ₹2 lakh/day for continuing violations. Past contraventions can be regularised via the RBI compounding mechanism. Camantra handles both proactive compliance and retroactive regularisation.