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  • Foreign Liability and Assets Return (Fla Return)

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    rushi Sathe
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    The Reserve Bank of India has extended the deadline for submitting the 2021 Foreign Liability and Assets Return (FLA Return) to July 31, 2021. The FLA Return must be filed by companies and limited liability partnerships that have made overseas direct investments or received foreign direct investments. It must also be filed by partnerships that have made overseas direct investments or received foreign direct investments after obtaining a dummy registration number from RBI. The FLA Return requires reporting assets and liabilities as of March 31 and must be filed through RBI's online portal after completing registration, with the original deadline being July 15 or a revised filing by September 30 if the initial filing was based on unaudited accounts.

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    The Reserve Bank of India has extended the deadline for submitting the 2021 Foreign Liability and Assets Return (FLA Return) to July 31, 2021. The FLA Return must be filed by companies and limited liability partnerships that have made overseas direct investments or received foreign direct investments. It must also be filed by partnerships that have made overseas direct investments or received foreign direct investments after obtaining a dummy registration number from RBI. The FLA Return requires reporting assets and liabilities as of March 31 and must be filed through RBI's online portal after completing registration, with the original deadline being July 15 or a revised filing by September 30 if the initial filing was based on unaudited accounts.

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    56 views2 pages

    Foreign Liability and Assets Return (Fla Return)

    Uploaded by

    rushi Sathe
    The Reserve Bank of India has extended the deadline for submitting the 2021 Foreign Liability and Assets Return (FLA Return) to July 31, 2021. The FLA Return must be filed by companies and limited liability partnerships that have made overseas direct investments or received foreign direct investments. It must also be filed by partnerships that have made overseas direct investments or received foreign direct investments after obtaining a dummy registration number from RBI. The FLA Return requires reporting assets and liabilities as of March 31 and must be filed through RBI's online portal after completing registration, with the original deadline being July 15 or a revised filing by September 30 if the initial filing was based on unaudited accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    FOREIGN LIABILITY AND ASSETS RETURN (FLA RETURN)

    The Reserve Bank of India (RBI) have extended the last date of submission of FLA
    Returns for the Year 2021 to July 31, 2021.

    With that said, let’s discuss the FLA Return first:

    Introduction:

    With day by day increase in foreign investments, in India and outside India, the importance
    of Foreign Exchange Management Act (FEMA) and its Regulations has been increased by
    many folds. For regulating and tracking of such transactions, FEMA has enumerated certain
    filing compliances on the Party(ies) resident in India. One of such is filing of Foreign
    Liabilities and Assets Return also known as FLA Return.

    Filing Requirements:

    The Companies / LLPs who have made Overseas Direct Investment (ODI) abroad and / or
    received Foreign Direct Investment (FDI) in any financial year are required to submit FLA
    Return to the RBI. The FEMA regulations also require Partnership firms to file the FLA
    Return if they have made ODI and / or received FDI. The Partnership firms need to send
    mail at surveyfla@rbi.org.in to get a dummy CIN number which will enable them to file FLA
    Return. If the Partnership firm has already got the dummy CIN number, then they should
    use the same CIN number.

    Assets and Liabilities as on March 31 shall be considered.

    Mandatory Registration:

    Since, the FLA Return is to filed online, the Entity filing the same needs to first get registered
    on the RBI filing portal as the First Time User. On opening the portal, one can find drafts of
    Authority Letter and Verification Letter which is to be signed and uploaded while making
    the registration. After successful registration, one can start filing of FLA Return.

    Due Date:

    The Entities are required to file the FLA Return based in audited / unaudited accounts by
    July 15, every year.

    If the Entity’s Accounts are not audited before the due date of submission, then the FLA
    Return should be filed based on unaudited / provisional accounts. Although, the entities are
    supposed to submit the revised FLA Return based on the Audited Accounts by September
    30.

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