The Reserve Bank of India (RBI) has notified the discontinuation of Returns/Reports under the Foreign Exchange Management Act, 1999.
The RBI has invited the attention of Authorised Persons to the Master Direction – Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016, as amended from time to time, and other reporting related instructions issued by the Reserve Bank of India.
In order to improve the ease of doing business and reduce the cost of compliance, the existing forms and reports prescribed under FEMA, 1999, were reviewed by the Reserve Bank.
Accordingly, it has been decided to discontinue the 17 returns/reports namely Category-wise transaction where the amount exceeds USD 5000 per transaction; Category-wise, transaction-wise statement where the amount exceeds USD 25,000 per transaction; Statement of Purchase transactions of USD 10,000 and above (including transactions of their franchisees); Extension of Liaison Offices (LOs); Extension of Project Offices (POs); Daily inflow/outflow of foreign fund on account of investment by FPIs; Data relating to actual inflow /outflow of remittances on account of investments by Foreign Institutional Investors (FIIs) in the Indian Capital market; Reporting of Inflow/Outflow details in respect of Mutual Fund by Asset Management Companies; Market value of FII Investment in India on fortnightly basis; Market value of FII Investment in India on Monthly basis; FII holdings as percentage of floating stock; Form DRR for Issue/transfer of sponsored/unsponsored Depository Receipts; ADR/GDR Movement Report- two way fungibility; Repatriation of Sales proceeds of underlying shares represented by FCCBs/GDRs/ ADRs; GDR/ADR underlying shares issued, re deposited and released monthly reporting and Monitoring of disinvestments by Overseas Corporate Bodies.
“The Master Direction – Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016, shall accordingly be updated to reflect the above changes. AD banks may bring the contents of this circular to the notice of their constituents,” the RBI notified.
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