PROCEDURE TO BE FOLLOWED IN FILING of FLA (Foreign Assets and Liabilities)
with Reserve Bank of India- LAST DATE FOR FILING 15 JULY –EVERY YEAR
Dear Professional Colleagues,
For filing FLA (Foreign Assets and Liabilities)
with Reserve Bank of India, the last date is 15th July 2016. It is
mandatory to file the Annual return on Foreign Liabilities and Assets which has
been notified under FEMA 1999.
- · If accounts are not audited as yet, the company can file it with unaudited figures.
- · All the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who holds foreign Assets or Liabilities in their Balance Sheets.
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- · 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
- · If a company has received only share application money and does not have any foreign direct investment or overseas direct investment outstanding as of end-March of the reporting year, then that company is not required to fill up 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.
- · FLA Return and Annual Performance Report (APR) for ODI are two different returns and monitored by two different departments of RBI. So you are required to submit both the returns if these are applicable for your company.
- · If all non-resident shareholders of a company has transferred their shares to the residents during the reporting period and the company does not have any outstanding investment in respect of inward and outward FDI as on end-March of reporting year, then the company need not submit the FLA Return
- · Shares issued by reporting company to non-resident on Non-Repatriable basis should not be considered as foreign investment; therefore, companies which have issued the shares to non-resident only on Non-Repatriable basis, is not required to submit the FLA Return.
After filling in the requisite
details, the Indian Company can file the FLA Return by e-mailing the same to
the RBI at fla@rbi.org.in.
For information, pls. visit the
following link.
A very useful information sir. Previously i had the doubt regarding FLA return which is cleared now.Thanks a lot
ReplyDeleteGood and Informative article RVS
ReplyDeleteMany many thanks sir, for sharing such information.
ReplyDeleteMany many thanks sir, for sharing such information.
ReplyDeleteIf Shareholders of the Company have transferred all their shares to Foreign Company. Then whether the Company is required to file FLA with RBI???
ReplyDeleteTo Bhavika Yes as the company has become WOS of the foreign parent company
ReplyDelete