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FLA return is mandatory under FEMA 1999 and companies are required to submit the same based on audited/ unaudited account by July 15 every year.

FLA Return to be filed by those entities which have received FDI and/or made overseas investments in any of the previous year including the current year. i.e. Entities which have foreign liabilities and assets standing in their balance sheet.

📛 FLA filing portal by RBI

🇮🇳 https:// flair.rbi.org.in

📛 FLA filing support by OZG

🇮🇳 https://flair.rbi.ozg.in

If you need to get consultation about pending FLA return / compounding then please book a tele-appointment with Ozg Lawyers or write an email to: ask@fema.in

Appointment ☎️ ozglaw.com/appointment

📛 Penalty:

🚩 There are no specific penalties for FLA however, as per. (A.P. (DIR Series) Circular No. 29, dated February 02, 2017), Non-filing of FLA return before the due date will be treated as a violation of FEMA and penalty will be levied on defaulters which shall be –

🚩 If, the amount against which offense is quantifiable, then the penalty will be “THRICE” the sum involved in the contravention.

🚩 Where the amount cannot be quantified the penalty may be imposed up to two lakh rupees.

🚩 If, the contravention is continuing every day, then Five Thousand for every day after the first day during which the contravention continues.

🚩 Further, in addition to the penalty, any currency, security or other money or property involved in the contravention may also be confiscated.

WhatsApp Chat ☎️ WA.me/918779696580

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Write Email to 📮 ask@fema.in

📛 How to file Form – FLA?

RBI has provided a web-based interface https://flair.rbi.org.in for filling FLA form. Learn more about this by going through FAQ at RBI portal and also visit to http://flair.rbi.ozg.in for filing support, which is maintained by Ozg Documentation Centre.

If you are a practicing professional then you may also join to Ozg RBI Compliance Group. It’s FREE.

📛 Following companies are not required to file FLA return-

a) Where the Indian company does not have any outstanding investment in respect of inward and outward FDI as on end-March of reporting year.

b) If a company has received only share application money and does not have any foreign direct investment or overseas direct investment outstanding as on end-March of the reporting year.

c) Companies which have issued the shares to non-resident only on Non-repatriable basis (i.e investment net of taxes not to be taken outside India)

Contact to #OzgSupport Team for return filing issues at RBI-FLAIR portal and also visit to https://flair.rbi.ozg.in

📛 Note:

  1. If the accounts of the Company/LLP are not Audited before the due date of submission, then the FLA Return can be submitted based on unaudited balance sheet.
  2. However, once the accounts are Audited and if there are significant revisions from the provisional information submitted by the Company/LLP, then a revised FLA return should be submitted by September 30th.

Ozg Lawyers: FEMA Advisory

Page 📲 https://femaconsultant.ozg.in

Appointment ☎️ ozglaw.com/appointment

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Write Email to 📮 ask@fema.in

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📛 FLA filing portal by RBI

🇮🇳 https:// flair.rbi.org.in

📛 FLA filing support by OZG

🇮🇳 https://flair.rbi.ozg.in

WhatsApp Chat ☎️ WA.me/918779696580

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