Discontinuation of FEMA returns: specified reports withdrawn with immediate effect, Master Direction to be updated. The Reserve Bank of India has withdrawn a specified set of returns and reports under the Master Direction - Reporting under FEMA with immediate effect to reduce compliance burden; the Master Direction will be updated accordingly and authorised dealers should inform their constituents. The circular is issued under Section 10(4) and Section 11(2) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions, and the Annexure lists the discontinued reports by reporting entity and frequency, noting that hardcopy DRR filing alone is discontinued.