भारतीय रजव बक

___________
___________Reserve Bank of India____________
www.rbi.org.in

FED/MRO/APRD/2509/91.00.004
91.00.004/2019-20 June 09, 2020

The Managing Director

All FFMCs/non-bank AD Cat-II

Madam/Sir

Reminder - Daily reporting of Liberalised Remittance Scheme ((LRS) transactions

Your attention is drawn to A.P. (DIR Series) Circular No. 23 and 32 dated April 12, 2018,
2018 and
June 19, 2018 respectively (copies enclosed) wherein furnishing of Permanent Account Number
(PAN) was made mandatory for making all remittances under LRS and the AD Cat I banks were
advised to report daily LRS transactions undertaken by individuals.

2. Further, a mailbox clarification ((copy enclosed), issued on May 7, 2018, clarified that AD Cat I
banks shall include the details of LRS transactions carried out by AD Cat II banks, non-bank
non AD
Cat II (AD Cat II) and FFMCs attached to them/maintaining an account with them, them while
reporting the LRS data. All FFMCs/AD Cat II were advised to necessarily obtain PAN for all LRS
transactions and submit the information to an AD Cat-I bank,, not later than close of business of
the next working day. It has, h however, been observed that some FFMCs/AD AD Cat II are not
complying with the daily LRS reporting requirement
requirement.

3. All FFMCs/AD Cat II are, hereby, advised to submit their compliance of the above said
instructions along with details of the AD Cat I bank (viz. bank name and full address of the
branch) to whom the LRS transaction data is being reported,, within seven days from resuming
business operations. In case, any AD Cat I bank refuses to accept such reporting
orting, the details
along with the copies of correspondence made with such AD Cat I bank may be submitted.

4. Any non-compliance
compliance in this regard shal
shall be deemed to be a contravention of the extant
guidelines under the Foreign Exchange Management Act, 1999 and necessary action, as
deemed fit, shall be taken.

Yours faithfully

(Sandeep Mahajan)
Deputy General Manager

Encl.: As above

Foreign Exchange Department, Mumbai Regional Office, Shahid Bhagat Singh Marg, Mumbai - 400 001
Telephone: (0
(022)22603913/3926 e-mail: fedmro@rbi.org.in