The Reserve Bank of India (RBI) on September 06, 2024, issued the notification regarding the Liberalised Remittance Scheme (LRS) for Resident Individuals-Discontinuation of Reporting of monthly return.
The following has been stated namely: -
• It has now been decided to discontinue the requirement for submission of LRS monthly return by AD Category-I banks. Accordingly, from the reporting month of September 2024, AD Category-I banks shall not submit LRS monthly return.
• AD Category-I banks, henceforth, will be required to upload only transaction-wise information under LRS daily return (CIMS return code: R010) at the close of business of the next working day on CIMS. In case no data is to be furnished, AD Category-I banks shall upload a ‘NIL’ report.
[Notification No. RBI/2024-25/74 ]
