That looks like the charcoal canister to me. It should be connected to the fuel tank breather and the FI air intake hose so that when the bike is started it can suck out fuel gases from the canister and into the fuel injection's air intake system.

 

Yep, Charcoal canister. I am almost certain the single hose at the bottom is open to the atmosphere.

 

I believe that single hose at the bottom is a drain in case the canister gets filled with raw gas, such as if the fuel tank is overfilled on a hot day. If that happens it will drain the gasoline to the pavement under your bike. But then your canister will likely not work properly and will have to be replaced because the filter medium will be clogged and it will no longer vent your tank. If you lived in the U.S. you could just remove the thing and vent the tank to the atmosphere. However, I am not sure if you could get away with that in your country.

 

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Thanks guys
No need to worry then!