RBI develops portal FLAIR for reporting of Foreign Liabilities and Assets (FLA)
- The Reserve Bank of India has developed a portal Foreign Liabilities and Assets Information Reporting (FLAIR) system (https://flair.rbi.org.in) for Indian companies to report the Foreign Liabilities and Assets (FLA).
- RBI mandates that all Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year, should file the annual return on Foreign Liabilities and Assets (FLA). Earlier this was reported via e-mail to RBI.
- Now the reporting will be done by companies via the FLAIR portal of RBI. The reporting is done on July 15th of each year.
Points to remember:
- Name of the portal.
- Full form of FLAIR.
- Reporting for?- Foreign Liabilities and Assets (FLA).
- Reporting deadline?- 15 July.