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.