♦ Filing of FLA Return is a mandatory under FEMA 1999. Non-filing of the return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA.
♦ This compliance update provides information regarding FLA Return in following manner;
√ Who is required to file;
√ When to be filed;
√ Where to be filed;
√ What if not filed.
♦ Who is required to file:
Any of the following entities which have received FDI and/or made overseas investments in any of the previous years including the current year.
1. Companies;
2. LLPs;
3. Other Entities [SEBI registered AIF, Partnership Firms etc.]
♦ When to be filed:
Due date is 15th July of every year. However, it shall be noted that if the FLA Return is filed based on unaudited/ provisional accounts then the revised FLA Return shall be filed with audited accounts by 30th September of the same year.
♦ Where to be filed:
It shall be noted that the RBI in the year 2019 introduced new web based interface named Foreign Liabilities and Assets Information Reporting System (FLAIR), for the purpose of accepting FLA Returns. Further, first time user shall register itself on FLAIR Portal.
♦ What if not filed:
It shall be noted that non-filing of FLA Return by due date will be treated as a violation of FEMA and penalty clause may be invoked for such violation.
[NOTE: For any query related to the FLA Return you can either contact through phone or through an email. The Email on which the query will be answered is surveyfla@rbi.org.in. The contact details for the FLA Helpline are (022) 26578662/ 26578217/ 26578348/ 26578214/ 26578340.]
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Disclaimer: The entire contents of this article have been prepared based on relevant provisions and as per the information existing at the time of the preparation. Although utmost care has been taken to ensure the accuracy, completeness, and reliability of the information provided, I assume no responsibility, therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a piece of professional advice and is subject to change without notice. I assume no responsibility for the consequences of the use of such information.
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