Country experience: India
2.24. In India, the collection of data of foreign liabilities and assets (FLA) of Indian companies is mandated by the Foreign Exchange Management Act of 1999. It is mandatory for Indian companies that have received FDI and/or made overseas investments in any of the previous years, including the current year, to submit an annual return on FLA to Reserve Bank of India (RBI). Failure to file the return by the due date is treated as a violation of the Act.
2.25. Initially, the objective of the Foreign Exchange Management Act was to collect comprehensive information on the operations of Indian companies having foreign participation in equity capital, including counterparty country information for the participation of India in the annual IMF global coordinated direct investment survey. However, since 2012, the scope of the Act has been extended to collect information for the compilation of inward FATS.
 Further information on Reserve Bank of India’s FLA annual return on foreign liabilities and assets is available from www.rbi.org.in/scripts/FAQView.aspx?Id=95.