With the objective to enhance the security-level in data submission and further improve the data quality, RBI vide notification dated 28th June, 2019 notifies that the present email-based reporting system for submission of the FLA return will be replaced by the web-based system online reporting portal.
It would facilitate data submission by eligible entities including the alternative investment funds (AIF) registered with the Securities and Exchange Board of India (SEBI) as also the reporting of foreign investment in the form of capital/profit share contribution received/transferred in case of LLPs and investment by person resident outside India in an investment vehicle.
Indian entities not complying with above will be treated as non-compliant with Foreign Exchange Management Act, 1999 and regulations made thereunder.
These directions will come into force with immediate effect and would be applicable for reporting of information for the year 2018-19.
The complete content of the notification is attached herewith: