{"id":36986,"date":"2022-05-23T14:28:47","date_gmt":"2022-05-23T08:58:47","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=36986"},"modified":"2024-06-01T15:09:45","modified_gmt":"2024-06-01T09:39:45","slug":"foreign-liabilities-and-assets-fla-return","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/foreign-liabilities-and-assets-fla-return\/","title":{"rendered":"All you need to know about Foreign Liabilities and Assets (FLA) Return"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-36990 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/All-you-need-to-know-about-Foreign-Liabilities-and-Assets-FLA-Return.png\" alt=\"Foreign Liabilities and Assets (FLA) Return\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/All-you-need-to-know-about-Foreign-Liabilities-and-Assets-FLA-Return.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/All-you-need-to-know-about-Foreign-Liabilities-and-Assets-FLA-Return-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/All-you-need-to-know-about-Foreign-Liabilities-and-Assets-FLA-Return-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/All-you-need-to-know-about-Foreign-Liabilities-and-Assets-FLA-Return-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/All-you-need-to-know-about-Foreign-Liabilities-and-Assets-FLA-Return-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/All-you-need-to-know-about-Foreign-Liabilities-and-Assets-FLA-Return-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">All\u00a0the companies (whether it is <\/span><span style=\"font-weight: 400;\">Private Companies<\/span><span style=\"font-weight: 400;\">, Public Companies, or <\/span><span style=\"font-weight: 400;\">Limited Liability Partnerships<\/span><span style=\"font-weight: 400;\">) that have received Foreign Direct Investment\u00a0or made any foreign\u00a0investment, have a compulsion to file <\/span><span style=\"font-weight: 400;\">FLA<\/span><span style=\"font-weight: 400;\"> (Foreign Liabilities and Assets) returns. Foreign. FLA is an annual return. In this blog, we will talk about the Foreign Liabilities and Assets (FLA) Return.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li><a href=\"#Foreign\">What is Foreign Liabilities and Assets (FLA) Return?<\/a><\/li>\n<li><a href=\"#Applicability\">Applicability of Foreign Liabilities and Assets (FLA) Return<\/a><\/li>\n<li><a href=\"#Companies\">Companies Exempted from filing FLA Return<\/a><\/li>\n<li><a href=\"#Filing\">Filing of FLA Return<\/a><\/li>\n<li><a href=\"#Important\">Important Points to keep in mind before filing FLA Return<\/a><\/li>\n<li id=\"Foreign\"><a href=\"#Conclusion\">Conclusion<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"text-align: justify;\"><b>What is Foreign Liabilities and Assets (FLA) Return?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Annual return on the Foreign Liabilities and Assets comes under the <\/span><span style=\"font-weight: 400;\">FEMA<\/span><span style=\"font-weight: 400;\"> (Foreign Exchange Management Act),1999.\u00a0FLA return is compulsory to submit by all the Indian businesses which have received FDI. And made any foreign investment in any of the last years, counting the current year\u00a0by 15 July every year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, if there is non-filing of return before the due date, it will come under a violation of FEMA. And such businesses will have to pay a penalty as per the Act.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">However, it becomes essential to follow the rules and regulations of the FEMA and the compliances thereunder, when the businesses include themselves with foreign investments. This return is one of the supreme crucial compliance that has to be met by the businesses that have either received FDI or made ODI.<\/span><\/p>\n<p id=\"Applicability\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, it is important to note that the 15th of July of every year is the due date for filing an FLA return. But, if there is a situation where the accounts are not audited before the due date of submission, then the FLA return shall be submitted based on unaudited or provisional accounts. And after the accounts are audited, one has to submit a revised FLA return by 30th September of the same year.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Applicability of Foreign Liabilities and Assets (FLA) Return<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are the corporate persons who have to file FLA Return:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Companies under Section 1(4) of the Companies Act, 2013;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.cagmc.com\/llp-registration\/\">Limited Liability Partnerships<\/a> (LLPs), and;<\/span><\/li>\n<li id=\"Companies\">Any other bodies like SEBI under AIFs, <a href=\"https:\/\/www.cagmc.com\/partnership-registration\/\"><span style=\"font-weight: 400;\">Partnership<\/span><\/a><span style=\"font-weight: 400;\"> Firms, Public-Private Partnerships (PPP), and many more<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Companies Exempted from filing FLA Return<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are the Companies exempted from filing FLA returns:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Companies which who do not have any outstanding balance of FDI or ODI by the end of the financial year<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Company that has only issued shares on a non-repatriable basis to the non-residents of India<\/span><\/li>\n<li id=\"Filing\">Who has only received share application money and has not received any <a href=\"https:\/\/www.cagmc.com\/foreign-direct-investment-by-nri-non-resident-indian\/\">FDI<\/a> or not made any ODI.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Filing of FLA Return<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Reserve Bank of India in the year 2019, has announced a new web-based online reporting portal that is, \u201cFOREIGN LIABILITIES AND ASSETS INFORMATION REPORTING (<\/span><span style=\"font-weight: 400;\">FLAIR<\/span><span style=\"font-weight: 400;\">) SYSTEM\u201d, for the determination of accept returns through the web and to stop the old-style e-mail-based system<\/span><\/p>\n<h3 style=\"text-align: justify;\"><b>The main features of a FLAIR system are as follows:<\/b><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FLA return is compulsory to submit by all the Indian businesses which have received FDI and made any foreign investment in any of the last years, counting the current year\u00a0by 15 July every year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Filling entities needs to create a login name and password and complete registration on the web portal: https:\/\/flair.rbi.org.in\/fla\/faces\/pages\/login.xhtml<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The current appliance of an email-based submission of FLA forms will be withdrawn<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">File the FLA return beyond a due date or file the returns for any previous years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Erase or change the previous version of the FLA return<\/span><\/li>\n<li id=\"Important\">The Indian corporate bodies which do not comply with it will become defaulters under the Foreign Exchange Management Act and the regulations made hereunder.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Important Points to keep in mind before filing FLA Return<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are some of the Important points to keep in mind for filing FLA returns:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Due date is 15<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> July of each year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If there is a situation where the accounts are not audited before the due date of submission, then the FLA return shall be submitted based on unaudited or provisional accounts. And after the accounts are audited, one has to submit a revised FLA return by 30th September of the same year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the company does not file the FLA return within the set time, then the company will have to pay a penalty of thrice the sum involved in the infringement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In a case the above sum is not measurable, then the company has to pay the penalty of Rs 2,00,000.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If such infringement is continuing, then the company has to pay a penalty of Rs 5,000 per day.<\/span><\/li>\n<li id=\"Conclusion\">The regional offices of<a href=\"https:\/\/www.rbi.org.in\/\" target=\"_blank\" rel=\"noopener\"> RBI<\/a> have the power to compound contraventions without any limit. This, however, does not apply to the regional offices of Kochi and Panaji.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Therefore, Foreign Liabilities and Assets are an annual return. FLA return is compulsory to submit by all the Indian businesses which have received FDI. And made any foreign investment in any of the last years, counting the current year\u00a0by 15 July every year. Filling entities needs to create a login name and password and complete registration on the web portal: https:\/\/flair.rbi.org.in.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All\u00a0the companies (whether it is Private Companies, Public Companies, or Limited Liability Partnerships) that have received Foreign Direct Investment\u00a0or made [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":36990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[88],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All you need to know about Foreign Liabilities and Assets (FLA) Return<\/title>\n<meta name=\"description\" content=\"Latest Article - All you need to know about Foreign Liabilities and Assets (FLA) Return. 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