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of <h1>RBI Updates: Foreign Exchange Reporting Moves Online for AD Banks; Streamlined LRS Transactions Effective April 2016.</h1> The circular issued by the Reserve Bank of India (RBI) addresses changes in the reporting system for foreign exchange transactions by Authorised Dealer (AD) banks. Effective April 2016, data submission under the Foreign Exchange Transactions Electronic Reporting System (FETERS) will transition from email to a web-based portal to enhance security and data quality. The circular also revises the reporting of transactions under the Liberalised Remittance Scheme (LRS) by updating purpose codes and allowing online submission of Form A2 for certain remittances. These changes aim to streamline processes, reduce paperwork, and ensure compliance with the Foreign Exchange Management Act, 1999.
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