The Reserve Bank of India (RBI) has discontinued the requirement ...

RBI scraps monthly reporting for banks on Liberalised Remittance Scheme for individuals.

Circulars     FEMA

September 6, 2024

The Reserve Bank of India (RBI) has discontinued the requirement for Authorized Dealer Category-I (AD Category-I) banks to submit a monthly return on the Liberalised Remittance Scheme (LRS) for resident individuals. Previously, AD Category-I banks were mandated to furnish information on the number of applications received and total amount remitted under LRS on a monthly basis. However, from September 2024 onwards, AD Category-I banks will no longer need to submit the LRS monthly return (Return code: R089). Instead, they will be required to upload only transaction-wise information under LRS daily return (CIMS return code: R010) at the close of the next working day. In case no data is to be furnished, AD Category-I banks shall upload a 'NIL' report. The relevant circulars issued earlier regarding the LRS monthly return have been withdrawn with immediate effect.

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