Due date for filing FLA Return is 15th July 2019
Dear Sir / Madam,
Every Indian Resident companies and LLP’s which have received FDI and/ or made overseas investment in any of the previous year(s), including current year should file the annual return on Foreign Liabilities and Assets(FLA) under FEMA (Foreign Exchange and Management Act, 1999) by 15th July every year.
Hence FLA return should be filed on or before 15th July 2019 for the year 18-19 by every Indian Resident Companies and LLP’s for whom it is applicable.
As per the recent Notification No RBI/2018-19/226 of RBI dated 28th June 2018, the present email-based reporting system for submission of the FLA return will be replaced by the web-based system online reporting portal. Below are the main features of the revised Foreign Liabilities and Assets Information Reporting (FLAIR) system. The notification is attached for your ready reference.
- Reserve Bank would provide a web-portal interface https://flair.rbi.org.in to the reporting entities for submitting “User Registration Form” (containing entity identification and business user details).
- The successful registration on web-portal will enable users to generate RBI-provided login-name and password for using FLA submission gateway and would include system-driven validation checks on submitted data.
- The form will seek investor-wise direct investment and other financial details on fiscal year basis as hitherto, where all reporting entities are required to provide information on FATS related variables (it was mandatory only for subsidiary companies earlier). In addition, the revised form seeks information on first year of receipt of FDI/ODI and disinvestment.
- Reporting entities will get system-generated acknowledgement receipt upon successful submission of the form.
Non-Compliance:- 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.
Kindly go through and let us know in case of any help or clarifications in this regard.
Vishnu Daya Tax Alert
Vishnu Daya & Co LLP
GF 7 & 3rd Floor, Karuna Complex, No. 337,
Sampige Road, Malleswaram,
Office: +91-80-23312779 | +91-80-23560633