Home › Circulars › RBI/2010-11/154

RBI eases AAC deadline for foreign BOs/LOs in India

Current · Source: Reserve Bank of India · RBI/2010-11/154 · issued 09 Aug 2010 · ~1 min read
Quick answerRBI has extended the deadline for foreign Branch/Liaison Offices to submit Annual Activity Certificates (AACs) from April 30 to September 30 each year, easing compliance pressure on these entities and their AD banks.
The rule, in the simplest words
How it plays out — a real example

As a forex & trade-finance officer in Indore, I will now have more time to collect and verify Annual Activity Certificates (AACs) from foreign Branch/Liaison Offices in India. This means I can reduce the rush and errors that often come with meeting the previous deadline of April 30. I will also have extra months to finalize audits, making our compliance process smoother and more efficient.

What changed

Earlier, AACs for BOs/LOs had to be filed by April 30 every year. Now, the deadline is pushed to September 30 for accounts ending March 31. For non-March year-ends, AACs must be submitted within six months from the balance sheet due date.

What it means for you

Banks get more time to collect and verify AACs from foreign BOs/LOs, reducing rush and errors. This also gives foreign entities extra months to finalize audits. However, all other compliance requirements from the December 2009 circular remain unchanged.

What you must do

Who it affects

Category-I Authorised Dealer banks, Foreign Branch Offices in India, Foreign Liaison Offices in India, Auditors of foreign BOs/LOs

❓ Common questions

What is the new deadline for submitting AACs for BOs/LOs with March 31 year-end?

The AAC along with audited balance sheet must be submitted on or before September 30 of that year, instead of the earlier April 30 deadline.

What if the BO/LO's financial year ends on a date other than March 31?

In such cases, the AAC and audited balance sheet must be submitted within six months from the due date of the balance sheet.

Does this circular change any other compliance requirements for BOs/LOs?

No. All other instructions from A.P. (DIR Series) Circular No.24 dated December 30, 2009 remain unchanged.

📜 Read the original circular — full text as issued by RBI
RBI/2010-11/154 A.P. (DIR Series) Circular No. 06 August 09, 2010 To All Category - I Authorised Dealer Banks Madam / Sir, Establishment of Branch Offices (BO) / Liaison Offices (LO) in India by Foreign Entities – Delegation of Powers Attention of Authorised Dealer Category – I banks is invited to paragraph 5 (i) of A.P. (DIR Series) Circular No.24 dated December 30, 2009 wherein it was stipulated that the Annual Activity Certificates (AACs) as at the end of March 31, shall be submitted by the Branch Office / Liaison Office (BO/ LO), on or before April 30 every year, to the designated AD Category-I bank and a copy to the Directorate General of Income Tax (International Taxation), New Delhi. 2.  In view of the difficulties expressed by some Liaison Offices / Branch Offices in submitting the AACs within the prescribed period, it has been decided to review the current calendar for the same. Accordingly, the AACs from the Auditors, as at end of March 31, along with the audited Balance Sheet may be submitted on or before September 30 of that year. In case the annual accounts of the LO/ BO are finalized with reference to a date other than March 31, the AAC along with the audited Balance Sheet may be submitted within six months from the due date of the Balance Sheet. 3.  All the other instructions of A.P. (DIR Series) Circular No.24 dated December 30, 2009 shall remain unchanged. 4.  AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any required under any other law. Yours faithfully, (G. Jaganmohan Rao) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/154 · issued 09 Aug 2010. The plain-English explanation above is BankPulse’s own independent summary.
🧰 Tools — save, print, templates & related
Most relevant forCompliance TeamCorporate / Wholesale Banking RMNRI Relationship ManagerCurrent Account / Trade RMTrade Finance / Forex OperationsInternal Audit
🛠 Banker’s toolkit — checklists & reply templates →
Related circulars · Foreign Exchange (FEMA)
RBI raises cash carry limit for travellers to Rs 7,500Rupee Value of Special Currency Basket Revised to Rs.60.897378ECB Policy Liberalised: Cost Ceilings Removed, NBFCs & Realty Get BoostECB: Integrated Township Exemption Removed, Cost Ceilings TightenedRBI Delegates Bank Guarantee Powers for Foreign Airlines to AD Banks
Browse all departments →
Who does what — compliance checklist
⚙️ Operations
  • Maintain records of AACs and audited balance sheets as per existing FEMA guidelines.
📜 Compliance
  • Update internal compliance calendars for BO/LO AAC submissions to September 30 deadline.
  • Notify all foreign BO/LO clients about the revised timeline and documentation requirements.
  • Ensure that for non-March year-end accounts, AACs are collected within six months of balance sheet due date.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Category-I Authorised Dealer banks, Foreign Branch Offices in India, Foreign Liaison Offices in India, Auditors of foreign BOs/LOs), your first concrete step on “RBI eases AAC deadline for foreign BOs/LOs in India” is: “Update internal compliance calendars for BO/LO AAC submissions to September 30 deadline.” (RBI issued this 09 Aug 2010).

  1. Circular: RBI/2010-11/154 -- RBI eases AAC deadline for foreign BOs/LOs in India
  2. Issued: 09 Aug 2010
  3. Action required: Update internal compliance calendars for BO/LO AAC submissions to September 30 deadline.
  4. Action required: Notify all foreign BO/LO clients about the revised timeline and documentation requirements.
  5. Action required: Ensure that for non-March year-end accounts, AACs are collected within six months of balance sheet due date.
  6. Action required: Maintain records of AACs and audited balance sheets as per existing FEMA guidelines.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

💬 Banker Discussion

Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.

Loading comments…
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5926&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
—