[RBI/2017-18/161 - A.P. (DIR Series) Circular No. 23
dated April 12, 2018]
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 hitherto.
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.