RBI: RRA Recommends Withdrawal of 100 More Circulars

The Reserve Bank of India (RBI) announced on Friday that the regulatory review authority has recommended that over 100 circulars be withdrawn and that some paper-based returns be phased out. The RBI has established the second Regulation Review Authority (RRA 2.0) in order to lessen the regulatory compliance burden on those who are subject to it. The Reserve Bank has received certain recommendations from the same authority.

“The RRA has recommended the withdrawal of about 100 other circulars in the second part of its recommendations,” RBI stated in a statement. Meanwhile, the central bank has published a number of notices about the removal of circulars, the delay of returns, and the submission of returns over the internet. The body had suggested the removal of about 150 circulars to the Reserve Bank in its first report, which was filed in November of last year.

In addition, the authority has proposed that the paper-based return submission system be phased out, based on the suggestions of one of its internal committees. Apart from that, it has been suggested that roughly 65 regulatory returns be consolidated or closed with other returns, or that they be converted to online returns. “These recommendations should make regulatory compliance easier for the organizations.” The accuracy, speed, and quality of information distribution are also likely to increase, according to the RBI.