RBI Discontinues 17 Returns/Reports under FEMA, 1999
[RBI Circular No. 05 dated 13th November
2020]
Sub: Discontinuation of Returns/Reports under
Foreign Exchange Management Act, 1999.
The
attention of Authorised Persons is
invited to the Master Direction - Reporting under Foreign Exchange
Management Act, 1999 dated January 01, 2016, as amended from time to time, and
other reporting related instructions issued by the Reserve Bank of India.
2. With a
view to improve the ease of doing business and reduce the cost of compliance,
the existing forms and reports prescribed under FEMA, 1999, were reviewed by
the Reserve Bank. Accordingly, it has been decided to
discontinue the 17 returns/reports as listed in the Annexure with immediate
effect.
3. The
Master Direction - Reporting under Foreign Exchange Management Act, 1999 dated
January 01, 2016, shall accordingly be updated to
reflect the above changes. AD banks may bring the contents of this circular to
the notice of their constituents.
4. The
directions contained in this circular have been issued under Section 10(4) 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.
|
Annexure List of Discontinued Reports |
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|
Sl No. |
Name of
Report |
Reporting
Entity |
Frequency |
|
1 |
Category-wise
transaction where the amount exceeds USD 5000 per transaction |
AD
Category-II |
Monthly |
|
2 |
Category-wise,
transaction-wise statement where the amount exceeds USD 25,000 per
transaction |
AD
Category- II |
Monthly |
|
3 |
Statement
of Purchase transactions of USD 10,000 and above (including transactions of
their franchisees) |
FFMCs
and AD Category- II |
Monthly |
|
4 |
Extension
of Liaison Offices (LOs) |
AD
Category-I banks |
As and
when extension is granted |
|
5 |
Extension
of Project Offices (POs) |
AD
Category-I banks |
As and
when extension is granted |
|
6 |
FII/FPI
daily: Daily inflow/outflow of foreign fund on account of investment by FPIs |
AD
banks |
Daily |
|
7 |
FII/FPI
Return (Monthly): Data relating to actual inflow /outflow of remittances on
account of investments by Foreign Institutional Investors (FIIs) in the
Indian Capital market |
AD
Category-I banks |
Monthly |
|
8 |
FVCI
reporting: Inflows/outflows of remittances on account of investments by
Foreign Venture Capital Investor (FVCIs) and Market value of Investments made
by FVCIs |
AD
Category-I banks/Custodian banks |
Monthly |
|
9 |
Reporting
of Inflow/Outflow details in respect of Mutual Fund by Asset Management
Companies |
Asset
Management Companies |
Quarterly |
|
10 |
Market
value of FII Investment in India on fortnightly basis |
AD
Category-I banks |
Fortnightly |
|
11 |
Market
value of FII Investment in India on Monthly basis |
AD
Category-I banks |
Monthly |
|
12 |
FII
holdings as percentage of floating stock |
AD
Category-I banks |
Monthly |
|
13 |
Form
DRR for Issue/transfer of sponsored/unsponsored Depository Receipts
(DRs)-Hardcopy@ |
Custodian |
At the
time of issue/transfer of depository receipts |
|
14 |
ADR/GDR
Movement Report- two way fungibility |
AD
Category-I banks |
Monthly |
|
15 |
Repatriation
of Sales proceeds of underlying shares represented by FCCBs/GDRs/ ADRs |
Custodian |
Monthly |
|
16 |
GDR/ADR
underlying shares issued, re deposited and released monthly reporting |
Custodian |
Monthly |
|
17 |
Monitoring
of disinvestments by Overseas Corporate Bodies |
AD
banks |
Monthly |
|
@
Please note that it is only the hardcopy filing of form DRR that has been discontinued. The domestic custodian may continue
to report the form DRR on FIRMS application in terms of Regulation 4 (5) of
FEM (Mode of Payment and Reporting of Non-Debt Instruments) Regulations,
2019. |
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