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Introducing the “In Favour Of” filter in Case Laws.
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of The Reserve Bank of India (RBI) has discontinued the requirement for Authorized Dealer Category-I (AD Category-I) banks to submit a monthly return on the Liberalised Remittance Scheme (LRS) for resident individuals. Previously, AD Category-I banks were mandated to furnish information on the number of applications received and total amount remitted under LRS on a monthly basis. However, from September 2024 onwards, AD Category-I banks will no longer need to submit the LRS monthly return (Return code: R089). Instead, they will be required to upload only transaction-wise information under LRS daily return (CIMS return code: R010) at the close of the next working day. In case no data is to be furnished, AD Category-I banks shall upload a 'NIL' report. The relevant circulars issued earlier regarding the LRS monthly return have been withdrawn with immediate effect.
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