https://www.taxtmi.com/highlights?id=81109 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 The relevant circulars issued earlier regarding the LRS monthly return have been withdrawn with immediate effect. en-us Fri, 06 Sep 2024 20:41:41 +0530 Fri, 06 Sep 2024 20:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81109 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 The relevant circulars issued earlier regarding the LRS monthly return have been withdrawn with immediate effect. Highlights FEMA Fri, 06 Sep 2024 20:41:41 +0530 https://www.taxtmi.com/highlights?id=81109