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RBI- FLA reporting through FLAIR

Foreign Liabilities and Assets (FLA) reporting is a requirement for Indian companies and Limited Liability Partnerships (LLPs) that have received Foreign Direct Investment (FDI) or made Overseas Direct Investment (ODI) in the previous year, including the current year. This reporting is mandated by the Reserve Bank of India (RBI) to be done through the Foreign Liabilities and Assets Information Reporting (FLAIR) system.

Key Points on RBI- FLA Reporting through FLAIR

1. Purpose of FLA Reporting:

  • To collect comprehensive information on Indian companies’ foreign liabilities and assets.
  • To compile and publish statistics on FDI and ODI for economic analysis.

Who Must Report:

  • All Indian companies and LLPs which have received FDI and/or made ODI.
  • Entities which have issued shares to non-residents on a non-repatriable basis.

Reporting Timeline:

  • The FLA return must be filed by July 15 every year.

FLAIR System:

  • The FLAIR system is an online reporting platform introduced by the RBI.
  • Entities must register on the FLAIR portal to file their FLA returns.

Steps to Report FLA through FLAIR

Registration:

  • Visit the FLAIR portal (https://flair.rbi.org.in).
  • Register by providing the necessary details such as Company Identification Number (CIN) or Limited Liability Partnership Identification Number (LLPIN).
  • Obtain a login ID and password after successful registration.

Login and Filing:

  • Log in to the FLAIR system using the credentials.
  • Fill in the required details related to foreign liabilities and assets. This includes information on equity capital, other capital, earnings, and so on.
  • Ensure that all data is accurate and up-to-date.

Submission:

  • Verify the details and submit the form online.
  • After submission, an acknowledgment is generated, which should be saved for future reference.

Important Considerations

Accuracy: Ensure that all financial data reported is accurate and reconciles with audited financial statements.

Documentation: Maintain supporting documents and records for the data provided in the FLA return, as it may be subject to inspection by RBI.

Updates: Keep abreast of any updates or changes in the FLA reporting requirements or FLAIR system instructions issued by the RBI.

Consequences of Non-Compliance

  • Non-filing or incorrect filing of FLA return can attract penalties under the Foreign Exchange Management Act (FEMA), 1999.
  • Non-compliant companies may also face difficulties in obtaining future foreign investments or approvals from the RBI.
  • For detailed instructions and FAQs, you can refer to the FLAIR User Manual available on the RBI FLAIR portal.

FAQ

The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad in the previous year(s) including the current year i.e. whos balance sheets contain foreign Assets or Liabilities in their Balance Sheets.

If the Indian company does not have any outstanding investment in respect of inward and outward FDI as on end-March of the reporting year, the company need not submit the FLA Return.

If a company has received only share application money and does not have any foreign direct investment or overseas direct investment outstanding as on end-March of the reporting year, then in that case companies are not required to fill up FLA return.

If the company’s accounts are not audited before the due date of submission, i.e. July 15, then the FLA Return should be submitted based on unaudited figures.

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