Representation to RBI requesting relaxation in timelines from compliance with various reporting requirements by ICSI

The Institute of Company Secretaries of India has written a representation letter to the Reserve Bank of India requesting for relaxation from compliance with various reporting requirements under the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 due to the second wave of the COVID-19 pandemic. Read the official representation letter below:

ICSI: PFP: 2021

Foreign Exchange Department 
Reserve Bank of India 
11th Floor, Central Office Building, 
Shahid Bhagat Singh Road, 
Mumbai-400 001 

Sub: Relaxation from compliance with various reporting requirements under the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 due to the Second Wave of COVID-19 pandemic

Respected Sir/Madam, 

As your goodself is aware, the second wave of COVID-19 pandemic is spreading fast and economy is again gripping in the crisis. The situation in the major cities is again worsening and the Government has imposed various restrictions as well as lockdown to curb the impacts. In these challenging times stakeholders are finding it difficult to meet the ends and function smoothly.

Further, the pandemic has strongly bounced back and the intensity of the second wave of the CoVID-19 pandemic is much more severe than it was during last year i.e. 2020. Corporates are also facing various challenges during this period due to various reasons and many factors arising out of it. Developments arising due to the COVID-19 virus have warranted the need for temporary relaxations in compliance requirements under various laws.

Considering the gravity of the situation and also keeping in view the public health, regulators such as Ministry of Corporate Affairs and the Securities & Exchange Board of India, etc., have already extended deadlines for filings and other statutory compliances by the corporates.

In this regard, we wish to submit that companies are facing difficulty in complying with RBI reporting requirements due to problem in signing of documents from Authorized Signatories.

To read more in details, find the enclosed file