Reporting of Liberalised Remittance Scheme for Resident Individuals


Dated 29th July 2013

Reserve Bank of India vide its notification no. RBI/2012-13/504 dated May 23, 2013 issued to All Category – I Authorised Dealer Banks notified that:

With reference 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.

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.

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. 

SOURCE: RESERVE BANK OF INDIA

 

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