Annual Return on Foreign Liabilities and Assets by Indian Companies

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Jul 31, 2019

Annual Return on Foreign Liabilities and Assets by Indian Companies

RBI by a circular dated June 28, 2019 has introduced a web-based reporting portal, the Foreign Liabilities and Assets Information Reporting (‘FLAIR’) system, to replace the e-mail based reporting of (i) the foreign liabilities and assets (‘FLA’) of Indian companies, (ii) the foreign direct investment (‘FDI’) received by Indian companies, and (iii) the inward and outward foreign affiliate trade statistics (‘FATS’). The FLAIR system has been brought into force with immediate effect and has been made applicable for reporting of information for the year 2018-2019. The last date for filing the FLA return through the FLAIR system for the year 2018-2019 was extended from July 15, 2019 to July 31, 2019. Non-compliance with the provisions of the circular will be treated as default under the Foreign Exchange Management Act, 1999 and the regulations made thereunder.

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