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<h1>Missing July 15 Deadline for FLA Filing Violates FEMA 1999; Penalties Detailed in FEMA. 395/2019-RB Notification.</h1> Failure to file the Annual Return on Foreign Liabilities and Assets (FLA) by July 15 is considered a violation of the Foreign Exchange Management Act (FEMA) 1999. This non-compliance may lead to penalties under FEMA. Specific details on the penalty provisions can be found in Notification No. FEMA. 395/2019-RB and A.P. (DIR Series) Circular No.16. Filing with unaudited figures is not advised, but missing the deadline due to unaudited accounts could result in legal consequences.