RBI Update – Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions

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 Liberalised Remittance Scheme (LRS) monthly return and LRS daily return have been assigned return codes- ‘R089’ and ‘R010’ respectively on CIMS portal.

 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.

Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12575&Mode=0

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