A.P. (DIR Series) Circular No. 23
All Category - I Authorised
Madam / Sir
Liberalised Remittance Scheme
(LRS) for Resident Individuals – daily reporting of transactions
Please refer to the announcement
made in para 10 of Part II of the First Bi
Monthly Monetary Policy Statement 2018-19 dated April 05, 2018.
2. Currently, transactions under
Liberalised Remittance Scheme (LRS) are being permitted by AD banks based
on the declaration made by the remitter. The monitoring of adherence to the
limit is confined to obtaining such a declaration without independent
verification, in the absence of a reliable source of information.
3. In order to improve
monitoring and also to ensure compliance with the LRS limits, it has been
decided to put in place a daily reporting system by AD banks of
transactions undertaken by individuals under LRS, which will be accessible
to all the other ADs.
4. Accordingly, from the date of
issue of this circular, all AD Category-I banks are required to upload
daily transaction-wise information undertaken by them under LRS at the
close of business of the next working day. In case no data is to be
furnished, AD banks shall upload a ‘Nil’ report. AD banks can upload the
LRS data as CSV file (comma delimited), by accessing XBRL site through the
URL https://secweb.rbi.org.in/orfsxbrl/ as
5. The directions contained in
this circular have been issued under Sections 10(4), 11(1) and 11(2) of the
Foreign Exchange Management Act, 1999 (42 of 1999) and are without
prejudice to permissions/approvals, if any, required under any other law.
(R K Moolchandani)
Chief General Manager