RBI Update - Liberalised Remittance Scheme (LRS) for Resident Individuals- Discontinuation of Reporting of monthly return

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 (Return code : R089).

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 (URL: View Circular ). In case no data is to be furnished, AD Category-I banks shall upload a ‘NIL’ report.

Link - View Circular