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of <h1>New Reporting Rules for Banks on Liberalised Remittance Scheme Effective Dec 26, 2023: Submit via CIMS, Not XBRL.</h1> The circular addresses all Category-I Authorized Dealer Banks regarding changes in the reporting process for the Liberalised Remittance Scheme (LRS) for resident individuals. Effective December 26, 2023, banks must submit monthly and daily LRS transaction reports to the Centralised Information Management System (CIMS) instead of the XBRL site. Monthly returns are due by the fifth of the following month, and daily returns must be submitted the next working day. If there are no transactions, banks must file a 'NIL' report. These directives are issued under the Foreign Exchange Management Act, 1999.
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