Banking News

Reporting of remittance under Liberalised Remittance Scheme (LRS) scheme

All the AD category-I branches are now required to upload transaction-wise information (LRS data) of resident individuals to RBI on daily basis. According to RBI circular A.P. (DIR Series) Circular No. 23 dated April 12, 2018, all AD-I category branches are required to report remittances made under LRS scheme on a daily basis which will be accessible to all the other ADs. In case no data is to be furnished, AD banks shall upload a ‘Nil’ report. Information can be uploaded as CSV file (comma delimited) at XBRL site.
At present, transactions under LRS are allowed by AD banks on the basis of the declaration of remitter without independent verification of adherence of limit by the remitter.The above change in reporting system is in view of improving monitoring system to check adherence of limit under LRS scheme by the remitter.

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