The Reserve Bank of India (RBI) on December 22, 2023, notified regarding the Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions.
The following has been stated:
It has now been decided that, with effect from December 26, 2023, the submission of both 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 the CIMS portal, and are currently submitting both the returns on the XBRL site and the CIMS portal. The LRS monthly return and LRS daily return have been assigned return codes- ‘R089’ and ‘R010’ respectively on the CIMS portal.
Accordingly, AD Category-I banks shall upload the LRS monthly return on or before the 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 the CIMS portal (URL: https://sankalan.rbi.org.in).
The Master Direction - Liberalised Remittance Scheme (LRS) has been updated. The Link for the updated master Directions is given as follows:
https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10192
[Notification No. RBI/2023-24/93 A.P. (DIR Series) Circular No. 11]
