What will be the consequences in case we do not file the said FLA Return by July 15, as our accounts are not yet audited, and we do not wish to file it with unaudited figures. Will there be any imposition of penalty or prosecution initiated against the entity by RBI or FEMA?
Annual Return on Foreign Liabilities and Assets (FLA) under FEMA 1999 - As on Nov 14, 2022
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Non filing of FLA return may attract FEMA violation penalties and increase risk of prosecution or enforcement action. Non filing of the FLA return by the due date constitutes a violation of FEMA reporting obligations and may attract penalties; relevant notifications and RBI circulars set out the framework for penalty imposition and related enforcement measures, so omission to file-even due to unaudited accounts-exposes the entity to penalty or prosecution risk under FEMA.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Non filing of FLA return may attract FEMA violation penalties and increase risk of prosecution or enforcement action.
Non filing of the FLA return by the due date constitutes a violation of FEMA reporting obligations and may attract penalties; relevant notifications and RBI circulars set out the framework for penalty imposition and related enforcement measures, so omission to file-even due to unaudited accounts-exposes the entity to penalty or prosecution risk under FEMA.
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