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of <h1>RBI Circular: Streamline A1/A2 Form Submission for Foreign Remittances, Align with R-Returns Under FEMA 1999.</h1> The Reserve Bank of India issued a circular to all authorized dealers in foreign exchange regarding the submission of consolidated A1/A2 forms. Residents making remittances exceeding USD 500 for imports must use Form A1, and Form A2 for other remittances. To streamline procedures and reduce paperwork, software exporters and entities with recurring remittances can file consolidated A1/A2 forms with complete transaction details on a fortnightly basis, aligning with R-Returns. These forms can be submitted electronically or via floppy disk. Authorized dealers must ensure this process does not affect the submission of FET ERS. This directive is under the Foreign Exchange Management Act, 1999.
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