If the overseas subsidiaries/ joint venture company’s accounting period is different from the reference/reporting period (i.e., April-March) in the Return, then what information should we furnished in Section IV?

Companies must report foreign liabilities and assets by end of March annually, per FEMA guidelines effective July 2021.

Companies must provide information on outstanding external liabilities and assets as of the end of March for both the previous and latest year. If the accounting period of overseas subsidiaries or joint ventures differs from the April-March reporting period, the information should be based on an internal assessment as of the end of March. This requirement pertains to the Annual Return on Foreign Liabilities and Assets (FLA) via the FLAIR online reporting system, as per guidelines effective July 21, 2021, under FEMA regulations.