RBI FLA RETURN FILING
(Return on Foreign Liabilities & Assets of the Company / LLP)
Every Company, LLP or Partnership Firms which is having Liabilities and Assets in Foreign Currency will have to file the Return with Reserve Bank of India (RBI) on their foreign assets and liabilities under provisions of Foreign Exchanges Management Act, 1999 and the rules made thereunder and pursuant to the RBI/2010-11/427 A.P. (DIR Series) Circular No. 45. on or before July 15 of every year with the Reserve Bank of India (RBI).
Following are the types of the Foreign Assets and Foreign Liabilities:
- Investment by Indian Company outside India
- Foreign Investment in Indian Company
- lending to foreign entity or person or Director
- Borrowings from Foreign entity or persons or Directors
- Trade Payables
- Trade Receivables
What is the impact for non-filing of the RBI Return on Foreign Liabilities and Assets annually
Pursuant to the provisions of section 13 Foreign Exchanges Management Act, 1999 Non-filing of the return before due date is treated as a contravention of the the Act which is a serious offence under FEMA and is punishable with the stringent penalties and punishments.
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