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FLA stands for Foreign Liabilities and Assets. Annual Return on FLA has been notified under FEMA 1999 and it is required to be submitted by all the India resident Companies which have received Foreign Direct Investment (FDI) or made any overseas investment (ODI) in any of the previous years, including current year to the RBI.
It may be noted that non-filing of the return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA.
FLA Return filling is not required in the Following case –
Be mindful of the following points:
Annual return on FLA is one of the compliances that should be met by companies that have received FDI or made ODI. If you are a foreigner who wish to start business in India, contact Enterslice.
Read our article: Reporting of Foreign Liabilities and Assets to Reserve Bank of India
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