RBI FLA Return

Compliance to RBI requirements keeps records rightIf you have Foreign liability and assets, then compliance is mandatory

Avoid penalty thrice the sum involved in the contravention

₹ 7999 + Actual govt fees
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₹7,999+GST
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RBI FLA Return
Evaluate the amount and trace them in books for filling of returns
Evaluate your Balance sheet
Obtain details of all assets and liability in foreign currency
Evaluate Foreign Liabilities
To trace the amount in bank statement and books of accounts
Evaluate Foreign assets
Trace amount in Balance sheet and bank
Preparation and Submission of the form
Form to be submitted
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WHAT IS RBI FLA RETURN?

Foreign Liabilities and Assets (FLA) return is the return which is to be submitted by all the Indian resident companies which have received FDI and/ or made overseas investment in any of the previous year(s).

WHAT IS THE DUE DATE FOR FILING OF FLA RETURN?

Annual return on Foreign Liabilities and Assets (FLA) is required to be submitted by all the companies which have received FDI and/or made overseas investment in any of the previous year(s), including the current year (July 15 every year) i.e. entities who have Foreign Assets and Liabilities in its Balance Sheet. FLA Return now submitted online by using the FLAIR Portal.

WHETHER FLA RETURN IS REQUIED TO BE SUBMITTED BY PARTNERSHIP FIRMS?

If the partnership firm have any outward FDI outstanding as of March end of the reporting year then they are required to file the FLA return.

WHAT IS THE PENALTY FOR NON FILING OF FLA RETURN?

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. The penalty as prescribed under the FEMA is “THRICE” the sum involved in contravention or Rs. 2 lakh if the offence is non-quantifiable and if the contravention is continuing every day, then Rs. Five Thousand for every day after the first day during which the contravention continues.

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Documents Required For RBI FLA Return

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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KEY HIGHLIGHTS

WHEN YOU NEED TO FILE

If company does not have any outstanding investment in respect of FDI and/or ODI as on end of the reporting year, the Company need not submit the FLA Return. However if the company has not ‘received any fresh FDI and/or ODI in the latest year but there is outstanding FDI and/or ODI, then it is still required to submit

WHAT DOCUMENTS REQUIRED

To register - Authorization letter and verification letter
Annual submission - Audited or unaudited financial statement. If you submit unaudited results within date, then on completion of audit, audited financials has to be uploaded.

PENAL CLAUSE .

In case of not filing the FLA return within the given time, the company will be liable to pay a penalty of thrice the sum involved in the contravention. In case it is not quantifiable, then a penalty of Rs 2,00,000. A penalty of Rs 5,000 per day will have to be paid by the company if the contravention continues

APPLICABILITY.

1. A Company within the meaning of section 1(4) of the Companies Act, 2013.
2. A Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008
3. Others [include SEBI registered Alternative Investment Funds (AIFs), Partnership Firms, Public Private Partnerships (PPP) etc.]

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Frequently asked questions

If the overseas subsidiaries/ joint venture company’s accounting period is different from the reference/reporting period (i.e. April-March) in the Return, then what information should we furnished in Section IV?

Companies are required to furnish the information on outstanding external liabilities and assets as on end-March of previous and latest year. In case if the accounting period of overseas subsidiaries/ joint venture of Indian reporting company is different from the reference period, then the information for end-March should be given on internal assessment basis.

What information should be reported in FLA return, if balance sheet of the company is not audited before the due date of submission?

The FLA return should be submitted based on unaudited (provisional) account if the company's accounts are not audited before July 15th. Once they get reviewed and any revisions from provisional information given by them, then you can submit a revised tax filing with finalized figures by September end

If a company wants to file the previous year FLA form; can the company file the previous year FLA form?

Yes, company can file the previous year FLA form (through online FLA portal only) by taking approval from RBI. For taking approval, they need to send mail to surveyfla@rbi.org.in.

What is Residence of Enterprises

An enterprise is said to have a centre of economic interest and be resident in the country when it engages in significant production. The company must maintain at least one establishment within this area, which means they will always operate from there or plan on doing so indefinitely or for a long period of time

What is the Direct investment

Direct investment is a category of international investment in which a resident entity in one economy [Direct Investor (DI)] acquires a lasting interest in an enterprise resident in another economy [Direct Investment Enterprise (DIE)]. It consists of two components, viz., Equity Capital and Other Capital.

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