Hi Folks!
Whether, any assets or liabilities for Indian party (i.e. domestic assets and liabilities) are to be included in the FLA return?
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we know that Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999 and it is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15 every year. 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.
The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who holds foreign Assets or Liabilities in their Balance Sheets.
Earlier we had to file in Excel based FLA return and that should be sent by email by 15 July. Any other attachment should not be forwarded along with the FLA return but now its totally online and need to file through flair Portal RBI;
The format is available on https://flair.rbi.org.in However, the format and email-based reporting system has been replaced by the web-based formats for submission of annual FLA return from June 2019 (i.e., reporting from the 2018-19 round of FLA). In this web-based reporting system of FLA, entities first need to create business-user through “Entity-User Registration form”.
But someone having, Share the Word / Excel file of FLA Return format, so that the relevant data or details can be obtained from the Company before filing the final return at FLAIR Portal.
Dear All Members,
A private company wants to sell its assets and liabilities, if someone could help me with the checklist for the same, kindly share.
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You can't not incorporate with take over object clause because liabilities of proprietorship is unlimited and so Company can't acquire the business.
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Dear All
Please share the format of Statement of Assets and Liabilities to be enclosed with Form STK-2 for striking off the Company.
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statement
What are the liabilities of directors after striking off the name of the Company by ROC ?
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striking
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What will be the consequences in case we do not file the said FLA Return by 15th July, as our accounts are not audited as yet, and we do not wish to file it with unaudited figures. Will there be any imposition of penalty or prosecution initiated against the company by RBI or FEMA? Since nowhere it is mentioned either in the Circular No. 145 dated June 18, 2014 or in the Annex to AP (DIR Series) Circular No. 145 about the penalty or the prosecution, so, can we assume that we can file the same once our accounts are audited without any risk of penalty or other proceedings from the concerned authority in future?
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