What changed
The FLA return format has been marginally revised to collect Outward Foreign Affiliated Trade Statistics (FATS) data, aligning with global trade in services standards. The updated form and FAQs are available on the RBI website. The corresponding FEMA regulations were amended via Notification No. FEMA.307/2014-RB dated May 26, 2014.
What it means for you
Banks must ensure their corporate clients use the revised FLA return format for annual reporting. The change adds a new data requirement for outward foreign affiliate trade, which may require clients to gather additional information. Non-compliance could lead to regulatory scrutiny under FEMA.
What you must do
- Inform all corporate clients with FDI or outward FDI about the revised FLA return format available on RBI's website.
- Guide clients to file the updated soft form by July 15 each year, ensuring inclusion of FATS data.
- Update internal compliance checklists to verify that FLA returns use the new format.
- Refer clients to the FAQs on RBI's site for clarification on the revised return.
Who it affects
All Category-I Authorised Dealer Banks, Indian companies with FDI or outward FDI
What is the new requirement in the FLA return?
The return now includes Outward Foreign Affiliated Trade Statistics (FATS) data, as per global standards on trade in services statistics.
When is the deadline for filing the revised FLA return?
The annual return must be filed by July 15 every year, as previously stipulated.
Where can we find the revised form and FAQs?
The form is under 'Forms category → FEMA Forms' and FAQs under 'FAQs category → Foreign Exchange' on the RBI website (www.rbi.org.in).