**Policy Summary: RBI Circular on Liberalised Remittance Scheme (LRS) Reporting**
This circular, RBI20232493 A.P. DIR Series Circular No. 11, issued on December 22, 2023, by the Reserve Bank of India (RBI), announces changes to the reporting mechanism for the Liberalised Remittance Scheme (LRS) for Resident Individuals. The circular is addressed to all Category-I Authorised Dealer (AD Category-I) banks.
Effective December 26, 2023, the existing system of submitting LRS monthly and daily transaction reports via the XBRL site will be discontinued. Reporting will transition to the Centralised Information Management System (CIMS), the bank's new data warehouse. AD Category-I banks are already onboarded on the CIMS portal and are currently submitting returns on both the XBRL site and CIMS portal.
The LRS monthly return and LRS daily return have been assigned return codes R089 and R010, respectively, on the CIMS portal. Banks are required to upload the LRS monthly return on or before the fifth of the succeeding month, commencing from the reporting month of December 2023. The LRS daily return must be uploaded from December 26, 2023, onwards, on the next working day. The CIMS portal URL is https://sankalan.rbi.org.in. Banks must upload a NIL report in case there is no data to furnish.
The circular directs AD Category-I banks to inform their constituents of these changes. The directives are issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and do not override any other legal requirements.
Contact: Puneet Pancholy, Chief General Manager.
Key Entities Referenced
Liberalised Remittance Scheme (LRS): A scheme allowing resident individuals to remit a certain amount of money abroad.
Authorised Dealer Category-I (AD Category-I): Banks authorized to deal in foreign exchange.
A.P. DIR Series Circular No. 07: RBI circular dated June 17, 2021, related to LRS reporting requirements.
A.P. DIR Series Circular No. 23: RBI circular dated April 12, 2018, related to LRS reporting requirements.
XBRL: Extensible Business Reporting Language, a format previously used for data submission to RBI.
Centralised Information Management System (CIMS): RBI's new data warehouse for regulatory reporting.
Foreign Exchange Management Act, 1999: The Act of the Parliament of India enacted to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Puneet Pancholy: Chief General Manager at Reserve Bank of India.
RBI/2023-24/93
A.P. (DIR Series) Circular No.11 December 22, 2023
To
All Category-I Authorised Dealer Banks
Madam/Sir,
Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly
return and daily transactions
Attention of all Authorised Dealer Category-I (AD Category- I) banks is invited to A.P. (DIR Series)
Circular No. 07 dated June 17, 2021, in terms of which, AD Category-I banks were required to
upload data in respect of number of applications received and the total amount remitted under
Liberalised Remittance Scheme (LRS) on a monthly basis on XBRL site and A.P. (DIR Series)
Circular No. 23 dated April 12, 2018, in terms of which, AD Category-I banks were required to
upload daily transaction-wise information undertaken by them under LRS on XBRL site.
2. It has now been decided that, with effect from December 26, 2023, the submission of both the
returns through the XBRL site will be discontinued and shifted to the Centralised Information
Management System (CIMS), which is the Bank’s new data warehouse. AD Category-I banks
have already been onboarded on CIMS portal, and are currently submitting both the returns on
XBRL site as well as CIMS portal. The LRS monthly return and LRS daily return have been
assigned return codes- ‘R089’ and ‘R010’ respectively on CIMS portal.
3. Accordingly, AD Category-I banks shall upload the LRS monthly return on or before fifth of the
succeeding month commencing from the reporting month of December 2023, and LRS daily
return from December 26, 2023 onwards on the next working day on CIMS portal (URL:
https://sankalan.rbi.org.in). In case no data is to be furnished, AD Category-I banks shall upload
a ‘NIL’ report.
4. AD Category-I banks may bring the contents of this circular to the notice of their constituents.5. The directions contained in this circular have been issued under Section 10 (4) and 11 (1) of
the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to
permissions/approvals, if any, required under any other law.
Yours faithfully,
(Puneet Pancholy)
Chief General Manager