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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.
1. Purpose of FLA Reporting:
Who Must Report:
Reporting Timeline:
FLAIR System:
Registration:
Login and Filing:
Submission:
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.
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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