Foreign Liabilities and Assets (FLA) return is the return which is to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s).
RBI has prescribed format of FLA Return as an Excel sheet, which is available on RBI website. The duly filled form is required to be mailed to rbi.org.in by July 15 every year from the official email id of any authorized person like CFO, Director, Company Secretary etc.
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.
Prepare Balance sheet
Download excel format from RBI site
Fill all the requisite details
Mail the return at email@example.com
Download the acknowledgement of return filed.
Forward the acknowledgement to authorised person.