Introduction: The Reserve Bank of India (RBI) has announced a significant update regarding the reporting mechanism for the Liberalised Remittance Scheme (LRS). In circular A.P. (DIR Series) No. 11, dated December 22, 2023, RBI has informed all Category-I Authorised Dealer Banks about the transition from XBRL to the Centralised Information Management System (CIMS) for the submission of monthly and daily returns.
Detailed Analysis: The circular refers to the previous directives, A.P. (DIR Series) Circular No. 07 dated June 17, 2021, and A.P. (DIR Series) Circular No. 23 dated April 12, 2018, which mandated the uploading of LRS data on the XBRL site. However, effective December 26, 2023, AD Category-I banks are instructed to discontinue submitting returns through XBRL and shift to the newly introduced CIMS, RBI’s advanced data warehouse.
AD Category-I banks, already onboarded on the CIMS portal, must upload the LRS monthly return by the fifth of the succeeding month, starting from December 2023. Additionally, the LRS daily return should be uploaded on the next working day from December 26, 2023, onwards. The circular emphasizes the use of return codes ‘R089’ for the monthly return and ‘R010’ for the daily return on the CIMS portal.
The CIMS portal’s URL for submission is provided as https://sankalan.rbi.org.in. In instances where no data is available, AD Category-I banks are required to submit a ‘NIL’ report.
Conclusion: The circular, signed by Puneet Pancholy, Chief General Manager at RBI, concludes by instructing AD Category-I banks to communicate the changes to their constituents. The directives outlined in Circular No. 11 are issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, and are independent of any other permissions or approvals required under different laws. This transition to CIMS signifies a streamlined and centralized approach to reporting, aligning with RBI’s ongoing efforts to enhance efficiency in financial operations.
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Reserve Bank of India
RBI/2023-24/93
A.P. (DIR Series) Circular No.11 Dated: December 22, 2023
To
All Category-I Authorised Dealer Banks
Madam/Sir,
Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions
Attention of all Authorised Dealer Category-I (AD Category- I) banks is invited to A.P. (DIR Series) Circular No. 07 dated June 17, 2021, in terms of which, AD Category-I banks were required to upload data in respect of number of applications received and the total amount remitted under Liberalised Remittance Scheme (LRS) on a monthly basis on XBRL site and A.P. (DIR Series) Circular No. 23 dated April 12, 2018, in terms of which, AD Category-I banks were required to upload daily transaction-wise information undertaken by them under LRS on XBRL site.
2. 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 LRS monthly return and LRS daily return have been assigned return codes- ‘R089’ and ‘R010’ respectively on CIMS portal.
3. 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.
4. AD Category-I banks may bring the contents of this circular to the notice of their constituents.
5. The directions contained in this circular have been issued under Section 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.
Yours faithfully,
(Puneet Pancholy)
Chief General Manager
