RBI ends monthly returns reporting under liberalised remittance scheme
This story was originally published at 20:28 IST on 6 September 2024
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MUMBAI – The Reserve Bank of India today discontinued the requirement for authorised dealer category-I banks to submit monthly returns under the liberalised remittance scheme for resident individuals. Accordingly, these banks no longer need to submit the monthly returns data from September.
According to a notification from the RBI, authorised dealer category-I banks will now only have to upload transaction-wise information of daily returns under the scheme, at the close of the next working day. If no data is available, the authorised dealer category-I banks have to upload a 'NIL' report.
Earlier, the banks had to submit in the centralised information management system every month information on the number of applications received under the liberalised remittance scheme and the total amount remitted.
Reported by Ashna Mariam George
Edited by Rajeev Pai
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