The main FEMA reporting deadlines are: Form FC-GPR within 30 days of allotting shares to a non-resident, Form FC-TRS within 60 days of a share transfer, the FLA return by 15 July each year, Form ECB-2 within 7 working days of each month end, and the Annual Performance Report for overseas investment by 31 December.
Which FEMA forms are triggered by a transaction?
These forms are filed when the event happens. The clock starts on the date of allotment, transfer or receipt of money, as shown.
| Event | Form | Due date | Filed with |
|---|---|---|---|
| Indian company issues shares or other equity instruments to a non-resident | FC-GPR | Within 30 days of allotment | FIRMS portal, through the authorised dealer bank |
| Transfer of equity instruments between a resident and a non-resident | FC-TRS | Within 60 days of the transfer or of receipt or remittance of funds, whichever is earlier | FIRMS portal, through the authorised dealer bank |
| LLP receives capital contribution from a non-resident | LLP (I) | Within 30 days of receipt of the contribution | FIRMS portal |
| Disinvestment or transfer of an LLP interest between a resident and a non-resident | LLP (II) | Within 60 days of receipt of funds | FIRMS portal |
| Start-up issues convertible notes to a non-resident | CN | Within 30 days of issue | FIRMS portal |
| Issue of employee stock options or sweat equity to non-resident employees | ESOP | Within 30 days of issue | FIRMS portal |
| Indian company with foreign investment invests in another Indian company (downstream investment) | DI | Within 30 days of allotment | FIRMS portal |
| Indian entity or individual makes an overseas direct investment | FC | At or before the time of the remittance or financial commitment | Authorised dealer bank |
| Disinvestment of an overseas investment | FC | Within 30 days of receipt of the disinvestment proceeds | Authorised dealer bank |
| Indian borrower raises an external commercial borrowing | ECB | Before the first drawdown, to obtain the loan registration number | Authorised dealer bank |
Allotment timeline. An Indian company that receives money for shares from a non-resident must issue the shares within 60 days of receipt. If it does not, the money must be refunded within 15 days after the 60 days end.
Which FEMA returns are filed every year or every month?
| Filing | Who files | Due date | Filed with |
|---|---|---|---|
| FLA return (Foreign Liabilities and Assets) | Indian entities with foreign investment received or overseas investment made | 15 July each year, for the position on 31 March. Revised return by 30 September if filed on unaudited figures. | RBI FLAIR portal |
| Annual Performance Report | Indian entities and individuals holding overseas direct investment | 31 December each year | Authorised dealer bank |
| Annual Activity Certificate | Liaison, branch and project offices of foreign companies | 30 September each year | Authorised dealer bank and the income-tax department |
| ECB-2 return | Borrowers with an outstanding external commercial borrowing | Monthly, within 7 working days of the month end | Authorised dealer bank |
Where do these deadlines come from?
- Foreign investment forms: the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.
- Overseas investment forms: the Foreign Exchange Management (Overseas Investment) Rules, 2022 and the Foreign Exchange Management (Overseas Investment) Regulations, 2022.
- Liaison, branch and project offices: the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016.
- Borrowings: the RBI's framework for external commercial borrowings.
The RBI sometimes extends a due date for a particular year. Check the RBI website for the current year's position before relying on a date.
What should a company do if it has missed a filing?
- List every allotment, transfer and remittance since the first foreign investment and match each one to a filed form.
- File the pending forms with the late submission fee.
- Where the delay involves more than reporting, such as shares issued after 60 days or at a price below fair value, apply for compounding.
- Put the recurring dates in a tracker. The compliance calendar for FY 2026-27 lists them with tax and company law dates.
Frequently asked questions
What is the due date for Form FC-GPR?
Form FC-GPR is due within 30 days from the date of allotment of equity instruments to a person resident outside India.
What is the due date for Form FC-TRS?
Form FC-TRS is due within 60 days of the transfer of equity instruments or of the receipt or remittance of funds, whichever is earlier.
Who has to file the FLA return?
Every Indian company, LLP and other entity that has received foreign direct investment or made overseas direct investment, in the current year or any earlier year, and has outstanding foreign assets or liabilities on 31 March.
Can the FLA return be filed before the audit is complete?
Yes. The return can be filed by 15 July on the basis of unaudited figures and revised by 30 September once the accounts are audited.
What if a FEMA form was not filed on time?
Delayed reporting can generally be regularised by paying a late submission fee calculated on the amount and period of delay. Contraventions that cannot be regularised that way are compounded under s.15 of the Foreign Exchange Management Act, 1999.