Foreign Liability & Asset Form: RBI compliance

FOREIGN LIABILITIES AND ASSETS INFORMATION REPORTING (FLAIR) SYSTEM

?Kind Attention: The due date for submitting the annual census on FLA as on end March-2024 on the FLAIR portal is?July 15, 2024.

Key Steps suggested at RBI FLAIR Portal (For Educational Purposes)

Step 1: Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and afterwards they can file FLA return. However, the entities which have already registered earlier may submit?FLA-2024?using their earlier login credentials.

Step 2: Please keep the authority letter (PDF/JPG copy) and the verification letter (word-file saved as PDF) ready for user-registration. Please read instruction number 6 to 11 mentioned below carefully for further guidance on filling “FLA user registration form’’ and “FLA form’’.

?Step 3: For Investment Vehicles/AIFs, which have not registered in 2023 through the FLAIR portal are required to register in FLAIR system through “User Registration Form” (AIF/IV which have already registered in 2023 through FLAIR portal are not required to re-register). However, it may be noted that AIFs/Investment vehicles are required to submit the?FLA-2024?return in excel based format (which will be provided to AIFs/IVs through email) to [email protected] and not through the FLAIR portal. In case of any queries / clarification, please mail to [email protected] and specify the subject as ‘‘Query related to AIFs’’.

Step 4: Procedure for revision of current year FLA return:

?The reporting entity need to take approval from RBI in case of revision of duly submitted current year FLA return. Visit https://flair.rbi.org.in/fla --->Login to FLAIR --->Click on MENU tab on the left-hand side of the homepage --->ONLINE FLA FORM --->FLA ONLINE FORM--->"Please click here to get the approval to fill revised FLA form for current year after due date/previous year” --->select "Year" and click on --->Click “Request”. Your request status will be visible in the table below available on the screen. After sending request to RBI through FLA portal, entities need to wait for at least one working day for approval. Entities can check the status of their request in “Multiple Year Enable Screen” under menu on the left corner. Once approved by RBI, the entity can revise FLA return for current year.

Step 5: Procedure for submission of previous year's FLA return:

?In case of submission of FLA returns for previous years, the reporting entity need to take approval from RBI. Visit https://flair.rbi.org.in/fla -- Login to FLAIR -- Go to “Menu” (upper left corner) -- Go to “Multiple Year CIN Enable Screen” -- select year 2023 (2022,2021,2020,2019,2018, … 2012,2011). Click “-->” then Click “Request”. After sending request to RBI through FLA portal, entities need to wait for at least one working day for approval. Entities can check the status of their request in “Multiple Year CIN Enable Screen” under menu on the left corner in the table given in the screen. Once approved by RBI, the entity can submit FLA return for the requested previous year”. It may be noted that if FLA return for approved years is not submitted then request for submission other years will not be allowed.

?Step 6: Please read the User Manual and the FAQs before filling the return.?

Step 7: The User Registration requires two uploads (a)authority letter?SCANNED?(as PDF/JPG) and (b) verification letter (SAVED AS?XXXX.PDF?(NOT SCANNED), NOT SIGNED). Format of these documents are available on the FLAIR portal.??

UPLOAD Authority Letter:

In view of COVID-19 situation; signing/seal of this authority letter is waived, however mobile image of signature (of a person as mentioned in authority letter) may be pasted on authority letter. Please note, after furnishing all details, scan the authority letter or mobile photo image will also work and then convert it to PDF and then upload the same in FLA user registration form.

UPLOAD Verification Letter:

Simple typed letter (without any signature) in the prescribed format and?SAVED as?XXXX.pdf on the desktop, needs to be uploaded (Please do not scan). Please note that Verification letter will have?only the name and designation of the signatory?that authorised the user in the authority letter and?NOT his signature. Verification letter should not be signed.

?Step 8: The CIN of reporting company and PAN of the authorized person in verification letter must not contain any special characters or/and spaces (space in the beginning/end if remained, may not be accepted).

?Step 9: Please fill FLA return carefully in the units as indicated.

?Step 10: Fields with * are mandatory.

?Step 11: Confirm variation report at the end before the FINAL FLA submission.

Step 12: RBI allows for revision in the current year. It also allows for submission of FLA returns of the previous year(s). For this, the reporting company needs to make request to RBI to enable the same in the portal. The portal has a provision to make such a request.

Disclaimer: The above text is for educational and information sharing purpose only. For more details kindly visit RBI FLA

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