In case where account closing period of the entity is different from reference period (end-March), can we report the information as per account closing period?
Annual Return on Foreign Liabilities and Assets (FLA) under FEMA 1999 - As on Nov 14, 2022
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Foreign liabilities and assets reporting must follow the March reference period, not an entity's own year-end. An entity must report the Annual Return on Foreign Liabilities and Assets for the prescribed reference period ending in March and cannot use a different ... Summary
Foreign liabilities and assets reporting must follow the March reference period, not an entity's own year-end.
An entity must report the Annual Return on Foreign Liabilities and Assets for the prescribed reference period ending in March and cannot use a different account closing period; reporting should cover the previous March and the latest March reference dates, with the entity allocating items to each reference date based on its internal assessment.
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