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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 FEMA Discontinuation 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 Report Reporting Entity Frequency  
1 Category-wise transaction where the amount exceeds USD 5000 per transaction AD Category-II Monthly
2 Category-wise, transaction-wise statement where the amount exceeds USD 25,000 per transaction AD Category- II Monthly
3 Statement of Purchase transactions of USD 10,000 and above (including transactions of their franchisees) FFMCs and AD Category- II Monthly
4 Extension of Liaison Offices (LOs) AD Category-I banks As and when extension is granted
5 Extension of Project Offices (POs) AD Category-I banks As and when extension is granted
6 FII/FPI daily: Daily inflow/outflow of foreign fund on account of investment by FPIs AD banks Daily
7 FII/FPI Return (Monthly): Data relating to actual inflow /outflow of remittances on account of investments by Foreign Institutional Investors (FIIs) in the Indian Capital market AD Category-I banks Monthly
8 FVCI reporting: Inflows/outflows of remittances on account of investments by Foreign Venture Capital Investor (FVCIs) and Market value of Investments made by FVCIs AD Category-I banks/Custodian banks Monthly
9 Reporting of Inflow/Outflow details in respect of Mutual Fund by Asset Management Companies Asset Management Companies Quarterly
10 Market value of FII Investment in India on fortnightly basis AD Category-I banks Fortnightly
11 Market value of FII Investment in India on Monthly basis AD Category-I banks Monthly
12 FII holdings as percentage of floating stock AD Category-I banks Monthly
13 Form DRR for Issue/transfer of sponsored/unsponsored Depository Receipts (DRs)[email protected] Custodian At the time of issue/transfer of depository receipts
14 ADR/GDR Movement Report- two way fungibility AD Category-I banks Monthly
15 Repatriation of Sales proceeds of underlying shares represented by FCCBs/GDRs/ ADRs Custodian Monthly
16 GDR/ADR underlying shares issued, re deposited and released monthly reporting Custodian Monthly
17 Monitoring of disinvestments by Overseas Corporate Bodies AD banks Monthly
 

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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