Thursday, May 24, 2018

Filing of Annual Return on Foreign Liabilities and Assets (FLA return) under FEMA 1999 Due date for filing of FLA Return with RBI is falling on 15th July 2018.


Filing of Annual Return on Foreign Liabilities and Assets (FLA return) under FEMA 1999

Due date for filing of FLA Return with RBI is falling on 15th July 2018.

R V Seckar Consultant in FEMA , Corporate law , insolvency law and NBFC 09849015177 rvsekar2007@gmail.com,

Who has to File ?

Indian resident companies which have received FDI and/ or made overseas investment (ODI) in any of the previous year(s), including current year by July 15 every year. 

Whether Non Filing of FLA Return is an Offence under FEMA?

Yes. 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.

Whether Company has to go for Compounding?

Yes. If FLA Return is not filed within 15th July 2018 , Company has to go for compounding and has to pay penalty.

R V Seckar Consultant in FEMA , Corporate law , insolvency law and NBFC 09849015177 rvsekar2007@gmail.com,


Whether FLA is to be filed even when Audited Accounts are not ready?

Yes. In that case , an Indian Company which has FDI or and ODI has to prepare the FLA on unaudited Financials of the company.

If a company did not receive FDI or made overseas investment in any of the previous year(s) including the current year, do we need to submit the FLA Return?

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

R V Seckar Consultant in FEMA , Corporate law , insolvency law and NBFC 09849015177 rvsekar2007@gmail.com,

If the company has not received any inward FDI / made overseas investment in the latest year, do they need to submit the FLA Return?

 If the company has not ‘received any fresh FDI and/or ODI (overseas direct investment)’ in the latest year but the company has outstanding FDI and/or ODI, then that company is required to submit the FLA Return every year by July 15.

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