RBI puts in daily reporting system for all AD Category-I banks Liberalised Remittance Scheme (LRS) for Resident Individuals

Reserve Bank of India (RBI) vide circular dated April 12, 2018 has decide to put in daily reporting system for all AD category-I banks Liberalised Remittance Scheme (LRS) for Resident Individuals.

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.

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.

Accordingly, 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/.

[RBI/2017-18/161 A.P. (DIR Series) Circular No. 23]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT16183D2CE70DFD24A228C84A43F127D910E.PDF