RBI extends Annual Return of Foreign Liabilities and Assets

RBI - extends - Annual Return of Foreign Liabilities and Assets - taxscan

The Reserve Bank of India (RBI) has extended the last date for filing Annual Return of Foreign Liabilities and Assets (FLA) to 31st July, 2021.

The Annual Return on Foreign Liabilities and Assets required to be filed by an Indian Company and LLP to RBI within the prescribed due date. This Return is filed Online on RBI Portal. The portal on which you can file the return is   https://flair.rbi.org.in/fla/

Generally, the filing of the FLA annual return has to be done before the 15 of July of the respective year and must include data of FDI or ODI received or made by the company for previous year or current financial year.

Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and afterwards they can file FLA return. However, the entities which have already registered earlier may submit FLA 2021 using their earlier login credentials.

Being an online filing, the Company needs to get themselves register first on the RBI Portal for filing the FLA Return. (First Time User)

Once you open the portal you will find the drafts of Authority Letter and Verification Letter at the bottom of the page. You need to download it and get it printed and signed by the authorized person and upload it on the portal to get the registration successful. This process is for the Companies registering it for the First time.

Afterwards you can simply login through the Username and Password set by the Company. Once you enter the login details it will ask for the OTP and which will be sent to the registered Mobile number. Enter the OTP and you will be successfully logged in.

The Companies which have received FDI (Foreign Direct Investments) and/or made FDI abroad in any of the financial year are required to submit FLA Return to RBI. The Financial Statement of the company for such particular FY can exactly explain the status of Inward FDI or Outward FDI.

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