The Reserve Bank with effect from June 29, 2019, will replace the email-based annual reporting of Foreign Liabilities and Assets (FLA) by direct investment companies, with web-based Foreign Liabilities and Assets Information Reporting (FLAIR) system. The web-portal would also contain the user manual and FAQs in this regard. The move is consistent with the enhanced information security policy and is expected to further improve the quality of data. The form will seek investor-wise direct investment and other financial details on a fiscal year basis as hitherto, where all reporting entities are required to provide information on FATS related variables (it was mandatory only for subsidiary companies earlier). In addition, the revised form seeks information on the first year of receipt of FDI/ODI and disinvestment. Reporting entities will get system-generated acknowledgment receipt upon successful submission of the form. They can revise the data, if required, and view/download the information submitted. Entities can submit FLA information for earlier year/s after receiving RBI confirmation on their request email. The existing mechanism of email-based submission of FLA forms will be discontinued. Indian entities not complying with above, will be treated as non-compliant with Foreign Exchange Management Act, 1999 and regulations made thereunder.