The Reserve Bank of India, through an amendment to the earlier A.P. (DIR Series) Circular No. 16 dated September 06, 2024, has extended the requirement of submitting the ‘LRS Daily Return’ to AD Category-II banks/entities and Full-Fledged Money Changers (FFMCs). These entities will now be provided access to the Centralised Information Management System (CIMS), enabling them to verify the cumulative PAN-wise LRS remittances of resident individuals before processing further transactions. Effective January 01, 2026, AD Category-II banks/entities and FFMCs must submit the ‘LRS Daily Return’ (including nil reports) directly on CIMS and may discontinue routing such data through AD Category-I banks. All authorised persons must follow the instructions given in the CIMS User Manual, and newly onboarded entities may approach the Foreign Exchange Department of their respective RBI Regional Office for any operational issues. Corresponding updates will be made to the Master Direction – Reporting under FEMA, 1999. Directions are issued under Sections 10(4) and 11(2) of FEMA, 1999.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13172&Mode=0
