RBI-Liberalised Remittance Scheme for Resident Individuals Reporting
May, 24th 2013
RBI/2012-13/504 A. P. (DIR Series) Circular No. 106
May 23, 2013
To All Category - I Authorised Dealer Banks
Madam / Sir,
Liberalised Remittance Scheme for Resident Individuals – Reporting
Attention of all Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.36 dated April 04, 2008, in terms of which, AD Category -I banks were required to furnish information on the number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme), on a monthly basis, in the prescribed format in both hard copy as well as soft copy in Excel format. All AD banks were also advised to submit the monthly statement before 5th of the succeeding month to the Reserve Bank of India.
2. Since October 2008, AD Banks were required to submit the LRS data through the Online Returns Filing System (ORFS) of Reserve Bank, in addition to submitting the same in hard copy.
3. It has now been decided, to collect the data in soft form only and to dispense with the submission of hard copies of the monthly statements by the AD banks. Accordingly, with effect from July 01, 2013, AD Category – I banks are required to upload the data (LRS data of June 2013) in ORFS on or before fifth of the following month. Where there is no data to furnish, AD banks are advised to upload ‘nil’ figures in the ORFS system.
5. In case any clarifications are required, AD banks may send their queries through e-mail or contact by phone at 22601000 extn:2676 or 22701232 (direct)
6. The directions contained in this circular have been issued under Sections 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.
(Rudra Narayan Kar) Chief General Manager-in-Charge