RBI decided to discontinue the 17 returns in FEMA to improve ease of doing business

RBI decided to discontinue the 17 returns in FEMA to improve ease of doing business

RESERVE BANK OF INDIA

RBI/2020-21/66 A.P. (DIR Series) Circular No. 05                                                             November 13, 2020 To All Authorised Persons Madam/Sir

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

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.

Yours faithfully,

(Ravinder Singh Amar) Chief General Manager