 "RBI, Reserve Bank of India")
Some of the large companies in the oil and gas sector have written to the Reserve Bank of India (RBI) to waive a late penalty of roughly Rs 225 crore that they need to pay for not reporting their overseas investments in time.
In a circular issued in August 2022, the RBI had said that any Indian entity that did not submit evidence of investment within the specified time frame could make such a submission or file it along with a late submission fee (LSF).
A late submission was allowed within three months, failing which the entity would not be
