Various reports and returns discontinued under FEMA, 1999

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Various reports and returns discountinued under FEMA, 1999

Recently, vide circular no. RBI/2020-21/66 dated 13th November 2020, the Reserve Bank of India has announced the discontinuation of total 17 reports and returns which were earlier prescribed under Foreign Exchange Management Act, 1999.

The present article briefly explains the object of discontinuation of reports and returns and list of reports and returns discontinued.

The object of discontinuation of reports and returns-

As aware, there are lots of compliance involved under the Foreign Exchange Management Act, 1999. Recently, the Reserve Bank of India has decided to discontinue some of the compliances. The main objective behind the discontinuation of reports and returns is-

  1. To improvise the ease of doing business; and
  2. To reduce the compliance cost to some extent.

List of reports and returns discontinued-

Following tables describes/ summarizes the list of reports and returns discontinued vide circular no. RBI/2020-21/66-

Sr. No. List of reports and returns discontinued Corresponding reporting entity Frequency of filing
1 Extension of Liaison Offices AD Category-I banks As per extension granted
2 Extension of Project Offices AD Category-I banks As per extension granted
3

Category wise transaction –

Cases, wherein, the amount exceeds USD 5000 per transaction

AD Category-II Monthly
4

Category wise transaction –

Cases, wherein, the amount exceeds USD 25,000 per transaction

AD Category-II Monthly
5 Statement relating to purchase transactions of USD 10,000 and above AD Category-II and FFMCs Monthly
6 Daily inflow and outflow of the foreign fund on account of investment by FPIs AD banks Daily
7 Data relating to actual inflow and outflow of remittances on account of investments by FII (i.e., Foreign Institutional Investors) in the Indian Capital market AD Category-I banks Monthly
8 Inflow and outflow of mutual funds by Asset Management Companies Asset Management Companies Quarterly
9 Inflow and outflow of remittances on account of investments and market value thereon of investments made by Foreign Venture Capital Investor AD Category-I or Custodian banks Monthly
10 The market value of Foreign Institutional Investors Investments in India on a fortnightly basis AD Category-I banks Fortnightly
11 The market value of Foreign Institutional Investors Investments in India on a monthly basis AD Category-I banks Monthly
12 Foreign Institutional Investors holding as a percentage of floating stock AD Category-I banks Monthly
13 ADR or GDR movement report AD Category-I banks Monthly
14 ADR or GDR monthly report of underlying shares issued, re-deposited and released Custodian Monthly
15 FCCB or GDR or ADR repatriation of sales proceeds of underlying shares Custodian Monthly
16 Monitoring of disinvestments by Overseas Corporate Bodies AD banks Monthly
17 Hardcopy of form DRR for issue or transfer of sponsored/ unsponsored Depository Receipts Custodian At the time of issue or transfer of depository receipts.

 

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CA Poonam Gandhi is a Chartered Accountant and a Lawyer. With a wide practice experience and deep understanding of different laws and taxes, she has been an independent professional writer in the field of taxation, finance and laws.