RBI Discontinues 17 FEMA Returns/ Reports for Different Entities

For improving the ease of doing business in India and to reduce the cost of compliance, RBI has made a review of requirements of submission of various forms and reports under FEMA and has decided to discontinue submission of 17 such returns/ reports with immediate effect.

RBI Circular No. 05 dt. 13 Nov. 2020: Submission of 17 FEMA Returns/ Reports Discontinued >> View/ Download

Discontinuation of Returns/ Reports under Foreign Exchange Management Act, 1999

1. The attention of Authorised Persons is invited 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.

2. With a view 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 as listed in the Annexure with immediate effect.

3. 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.

4. The directions contained in this circular have been issued under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

List of Discontinued Reports

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- II
Monthly
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
Companies
Quarterly
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
** Please note that it is only the hardcopy filing of form DRR that has been discontinued. The domestic custodian may continue to report the  form  DRR  on  FIRMS  application  in  terms  of  Regulation  4(5)  of  FEM  (Mode  of  Payment  and  Reporting  of  Non-Debt  Instruments)
Regulations, 2019.

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