The FLAIR Portal (Foreign Liabilities and Assets Information Reporting) is the Reserve Bank of India’s web application at flair.rbi.org.in for filing the annual Foreign Liabilities and Assets (FLA) Return under the Foreign Exchange Management Act, 1999. Live since 28 June 2019, it replaced the earlier email-and-Excel system, giving companies, LLPs and other reporting entities a single online channel to declare foreign assets and liabilities on their books as at 31 March each year.
Definition
In formal terms, the FLAIR Portal is the RBI’s electronic reporting interface for the FLA census, the annual return that captures an Indian entity’s outstanding foreign financial assets and liabilities. The reporting obligation flows from the Foreign Exchange Management Act, 1999, read with the RBI’s Master Direction on Reporting under FEMA, 1999. In plain English: if your entity holds foreign equity, overseas investments or similar cross-border positions, FLAIR is where you declare them once a year.
Governing Provision
The FLA Return is notified under the Foreign Exchange Management Act, 1999, and its operational details are set out in FED Master Direction No. 18/2015-16 (Reporting under FEMA, 1999), administered by the RBI’s Department of Statistics and Information Management. The portal itself was introduced by A.P. (DIR Series) Circular No. 37 dated 28 June 2019, which moved FLA filing online and ended email submission. Section 13 of FEMA, 1999, is the penal provision for non-filing or incorrect filing.
Key Features
FLAIR is built around a one-time entity registration followed by annual online filing. Registration links the entity’s identity to an authorised person and is secured at every login by a one-time password. The form is structured, validated and comparable year-on-year, and the portal carries a dedicated screen for back-year and revised filings. The core components are:
| No | Key Features | Particulars |
|---|---|---|
| 1 | Entity registration | Required for first-time filers and on any change of CIN/LLPIN/UIN; partnership firms obtain a dummy CIN from the RBI. |
| 2 | Authorisation & Verification | An Authority Letter and a Verification Letter are two documents that name the authorised person; the portal cross-checks their details against the registration form. |
| 3 | OTP-based login | A one-time password is sent to the authorised person’s registered email or mobile at every login. |
| 4 | Five-section form | Identification, Financials, Foreign liabilities (FDI), Foreign assets (ODI), and an auto-generated variation report. |
| 5 | Multiple Year CIN Enable Screen | Seeks RBI approval (usually within 1 working day) to file prior-year returns or to revise a submitted return. |
Related Terms
- FLA Return
- Foreign Direct Investment (FDI)
- Alternative Investment Fund (AIF)
- Overseas Direct Investment (ODI)
- FC-GPR
Frequently Asked Questions
Is the FLAIR Portal the same as the FLA Return?
Who must register on the FLAIR Portal?
Can the FLA Return still be filed by email?
References
- Foreign Exchange Management Act, 1999
- FED Master Direction No. 18/2015-16
- A.P. (DIR Series) Circular No. 37 dated 28 June 2019.
- Companies Act, 2013
- Limited Liability Partnership Act, 2008.
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Author Bio
Meet Sanjeev Kumar, a distinguished advocate before the Supreme Court of India, High Courts, and National Tribunals. Founding Partner of Juriskps Law Offices, a premier law firm, he specializes in commercial, corporate, tax, arbitration, and IPR matters. His incisive legal insights enrich Setindiabiz’s blog with expert commentary.
