Annual Return on Foreign Liabilities and Assets to be filed by July 15, 2018
Reference to the RBI AP Dir Circular No. 145 of dated June 18, 2014 regarding the submission of Annual return on Foreign Liabilities and Assets under FEMA. The return is required to be submitted by all the Companies and Limited Liability Partnerships incorporated in India which have received Foreign Direct Investment and / or made Overseas Investment in any of the previous year(s), including the current year.
Following points should be noted while submitting the FLA return in the revised format:
1. Return should be submitted to the RBI on or before July 15 every year. Non-submission or filing after due date i.e. July 15 will be treated as violation of FEMA and will attract penalty.
2. All the information about the external liabilities and assets of Indian reporting company should be disclosed in Excel based FLA return, available on the website of the Reserve Bank of India.
3. The Excel based format is provided with in-built checks and validations. After filling the information, each section of the return should be validated before proceeding to the next Section of the return.
4. Companies are required to enable the macros in Excel before filling the return.
5. Irrespective of the accounting period of the reporting company, information should be provided for reference period ended March of previous and latest year.
6. No information in separate Annexure or in any other format (word/pdf etc.) should be submitted. The automatic processing system at the RBI will not process such additional information.
7. Only the completely filled FLA return in Excel based format should be forwarded by email at firstname.lastname@example.org by the due date. Companies need not forward the balance sheet along with the return.
8. Unaudited Balance sheet can also be used to fill in the details, any major changes post completion of audit, can be reported later.