Transition of LRS Return Submission From Monthly to Daily

The Reserve Bank of India (RBI) has announced the discontinuation of the requirement for Authorized Dealer Category-I (AD Category-I) banks to submit monthly returns in the Centralised Information Management System (CIMS) under the Liberalized Remittance Scheme (LRS) for Resident Individuals.

Instead, banks will now be required to upload transaction-wise data on a daily basis at the close of business on the following working day, using CIMS return code R010. In cases where no transactions have been carried out, banks will need to upload a ‘NIL’ report. AD Category-I banks shall notify their customers of these changes and update their reporting practices accordingly.

This change, effective from September 2024, aims to streamline the reporting process for banks handling foreign remittances.