Foreign Liabilities and Assets Annual Return – Due Date 15th July, 2021

Foreign Liabilities and Assets Annual Return (FLA Return) – to be submitted through FLAIR portal of RBI on or before 15th July, 2021

Applicability:

• The regulation under FEMA, 1999 requires an entity who has either made ODI or received FDI, to file the FLA annual return. The companies have to report the current financial year’s FLA as well as the previous year(s) assets and liabilities.
• Foreign Liabilities and Assets (FLA) is the annual return to be submitted by all the companies which have received FDI and/or made overseas investment in any of the previous years.

Due date:

• The filing of the FLA annual return has to be done before the 15 of July of the respective year and must include data of FDI or ODI received or made by the company respectively for any previous year(s) and current year, i.e., FY 2020-21.
• In case the company does not have their accounts audited before 15 July, the company is to file the FLA return according to the unaudited accounts and have their accounts audited thereafter.
• After the audit, if there are any changes regarding the details filed, the company has to file another form with the updated details before the last day of September of the same year.

FLA Return are to be submitted through FLAIR portal of RBI, i.e., (https://flair.rbi.org.in/fla/faces/pages/login.xhtml)

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 and the Company may be liable to pay Rs.10000/- per FLA Return delayed.