LRS for Resident Individuals- Reporting of monthly return and daily transactions
FinTech BizNews Service
Mumbai, December 25, 2023: Attention of all Authorised Dealer Category-I (AD Category- I) banks is invited to A.P. (DIR Series) Circular No. 07 dated June 17, 2021, in terms of which, AD Category-I banks were required to upload data in respect of number of applications received and the total amount remitted under Liberalised Remittance Scheme (LRS) on a monthly basis on XBRL site and A.P. (DIR Series) Circular No. 23 dated April 12, 2018, in terms of which, AD Category-I banks were required to upload daily transaction-wise information undertaken by them under LRS on XBRL site.
It has now been decided by the RBI that, with effect from December 26, 2023, the submission of both the returns through the XBRL site will be discontinued and shifted to the Centralised Information Management System (CIMS), which is the Bank’s new data warehouse. AD Category-I banks have already been onboarded on CIMS portal, and are currently submitting both the returns on XBRL site as well as CIMS portal. The LRS monthly return and LRS daily return have been assigned return codes- ‘R089’ and ‘R010’ respectively on CIMS portal.
Accordingly, AD Category-I banks shall upload the LRS monthly return on or before fifth of the succeeding month commencing from the reporting month of December 2023, and LRS daily return from December 26, 2023 onwards on the next working day on CIMS portal (URL: https://sankalan.rbi.org.in). In case no data is to be furnished, AD Category-I banks shall upload a ‘NIL’ report.
AD Category-I banks may bring the contents of this circular to the notice of their constituents.
The directions contained in this circular have been issued under Section 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.
