What is the FLA return and who must file it?

The Foreign Liabilities and Assets (FLA) return is an annual RBI filing due by 15 July each year. It applies to every Indian company (and LLP) that has received foreign direct investment or made overseas investment — even if there was no fresh transaction during the year.

It is filed on the RBI's FLAIR portal based on your financials; if audited accounts aren't ready, you file with provisional numbers and revise later. Non-filing is a FEMA contravention and, like all FEMA gaps, tends to surface at the worst moment — during your next fundraise's due diligence.

Rule of thumb: if your cap table has even one foreign shareholder, put 15 July on your compliance calendar permanently.