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ARTICLE · 19 JULY 2019

Online Filing Of Annual Return On Foreign Liabilities And Assets

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The directions contained in the circular would be applicable for reporting of information for the financial year 2018-19.

IndiaGovernment, Public Sector
Divaspati Singh
Divaspati Singh
Ishita Khare
Ishita Khare
Shivangi Agarwalla
Shivangi Agarwalla
Gaurita Udiyawar
Gaurita Udiyawar
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The Reserve Bank of India (RBI) vide circular numbered RBI/2018-19/226 (FLA Circular) issued on 28 June 2019, introduced a web-based online reporting portal for submission of return on foreign liabilities and assets (FLA) in an effort to enhance the security level in data submission and further improve the data quality.

The Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 mandated the FLA filing for an Indian company which had received foreign direct investment or a limited liability partnership which had received investment by way of capital contribution in the previous year(s) including the current year. Until the issuance of the FLA Circular, alternative investment funds (AIFs) had been filing the excel based FLA return using a dummy Corporate Identity Number (CIN) provided by the RBI.

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