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News From the Desk of RBI: Discontinuation of Certain Returns/Reports Under FEMA

November 23, 2020
News From the Desk of RBI: Discontinuation of Certain Returns/Reports Under FEMADiscontinuation of certain Returns/Reports under the Foreign Exchange Management Act, 1999

Reserve Bank of India had, with a view to, improve the ease of doing business and reduce the cost of compliance, reviewed the existing forms and reports prescribed under Foreign Exchange Management Act, 1999 and had decided to discontinue the 17 returns/reports referred under Master Direction - Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016 with immediate effect.

The details of aforesaid discontinued returns/reports are provided below:

 
Sl No.Name of ReportReporting EntityFrequency 
1Category-wise transaction where the amount exceeds USD 5000 per transactionAD Category-IIMonthly
2Category-wise, transaction-wise statement where the amount exceeds USD 25,000 per transactionAD Category- IIMonthly
3Statement of Purchase transactions of USD 10,000 and above (including transactions of their franchisees)FFMCs and AD Category- IIMonthly
4Extension of Liaison Offices (LOs)AD Category-I banksAs and when extension is granted
5Extension of Project Offices (POs)AD Category-I banksAs and when extension is granted
6FII/FPI daily: Daily inflow/outflow of foreign fund on account of investment by FPIsAD banksDaily
7FII/FPI Return (Monthly): Data relating to actual inflow /outflow of remittances on account of investments by Foreign Institutional Investors (FIIs) in the Indian Capital marketAD Category-I banksMonthly
8FVCI reporting: Inflows/outflows of remittances on account of investments by Foreign Venture Capital Investor (FVCIs) and Market value of Investments made by FVCIsAD Category-I banks/Custodian banksMonthly
9Reporting of Inflow/Outflow details in respect of Mutual Fund by Asset Management CompaniesAsset Management CompaniesQuarterly
10Market value of FII Investment in India on fortnightly basisAD Category-I banksFortnightly
11Market value of FII Investment in India on Monthly basisAD Category-I banksMonthly
12FII holdings as percentage of floating stockAD Category-I banksMonthly
13Form DRR for Issue/transfer of sponsored/unsponsored Depository Receipts (DRs)-Hardcopy@CustodianAt the time of issue/transfer of depository receipts
14ADR/GDR Movement Report- two way fungibilityAD Category-I banksMonthly
15Repatriation of Sales proceeds of underlying shares represented by FCCBs/GDRs/ ADRsCustodianMonthly
16GDR/ADR underlying shares issued, re deposited and released monthly reportingCustodianMonthly
17Monitoring of disinvestments by Overseas Corporate BodiesAD banksMonthly
 

The said discontinuation of reports has been notified vide A.P. (DIR Series) Circular No. 05) dated November, 13, 2020.

 

The complete text of the notification may be viewed at below link:

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11994&Mode=0

Last updated: 19/11/2020

Article contributed by:

Munesh Gaur

Senior Associate

MBG Corporate Services


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