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LRS breach circular

Scim R

What this circular? Any details can we get?

What's RFRC?

Circular No. International Retail/008/2020-21 for Compounding of Contraventions under FEMA – Customer communication in case of LRS Breach,

branch need to inform the customer about the LRS breach within 2 working days of receipt of the mail from RFRC.

Banks Must Report Foreign Remittance Scheme Violations Promptly to Customers Within Two Working Days of Notification A discussion forum thread addresses a FEMA circular regarding Liberalized Remittance Scheme (LRS) breach communication. The circular requires bank branches to inform customers about LRS breaches within two working days of receiving notification from RFRC. Participants suggest seeking professional guidance and confirm potential implications for remittances exceeding USD 250,000 annually. (AI Summary)
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