FOREIGN EXCHANGE MANAGEMENT

With the transition to a market-based system for determining the external value of the Indian rupee the foreign exchange market in India gained importance in the early reform period.

Notifications

(19 kb)
Date : Oct 21, 2015
Annual Return on Foreign Liabilities and Assets (FLA Return) – Reporting by Limited Liability Partnerships

RBI/2015-16/210
A. P. (DIR Series) Circular No. 22

October 21, 2015

To

All Authorised Dealer Category-I banks

Madam / Sir,

Annual Return on Foreign Liabilities and Assets (FLA Return) – Reporting by Limited Liability Partnerships

Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to A.P (DIR Series) Circular No. 145 dated June 18, 2014 prescribing the format for filing of FLA return by Indian companies.

2. In order to capture the statistics relating to Foreign Direct Investments (FDI), both inward and outward, by Limited Liabilities Partnerships (LLPs) in India, it has been decided that henceforth, all LLPs that have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) as well as in the current year, shall submit the FLA return to the Reserve Bank of India by July 15 every year, in the format as prescribed in the A.P (DIR Series) Circular No. 145 dated June 18, 2014. Since, LLPs do not have21-Digit CIN (Corporate Identity Number), they are advised to enter ‘A99999AA9999LLP999999’ against CIN in the FLA Return.

3. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

4. Reserve Bank has since amended the subject Regulations accordingly through the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventh Amendment) Regulations, 2015 which have been notified through Notification No. FEMA. 351/2015-RB dated September 30, 2015, vide G.S.R. No. 745(E) dated September 30, 2015.

5. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(A K Pandey)
Chief General Manager

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