rbi
The Reserve Bank of India (RBI) has made a significant announcement regarding the reporting framework for the Liberalised Remittance Scheme (LRS) in Circular A.P. (DIR Series) No. 11, dated December 22, 2023. This circular alerts all Category-I Authorised Dealer Banks about the transition from the eXtensible Business Reporting Language (XBRL) system to the Centralised Information Management System (CIMS) for the submittal of both daily and monthly returns.
This circular references previous notifications, specifically A.P. (DIR Series) Circular No. 07, dated June 17, 2021, and A.P. (DIR Series) Circular No. 23, dated April 12, 2018, which required the submission of LRS data via the XBRL platform. Effective December 26, 2023, AD Category-I banks must cease submitting returns through XBRL and transition to the newly implemented CIMS, which serves as RBI's advanced data warehouse.
Key directives for AD Category-I banks include:
Both returns must use the designated return codes:
Banks that have no transactions to report must ensure a ‘NIL’ report is filed.
The circular, endorsed by Puneet Pancholy, Chief General Manager of RBI, underscores that AD Category-I banks must inform their clients about these changes. The directives outlined in Circular No. 11 are established under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, and are independent of any other legal permissions or approvals that may be necessary. This transition to CIMS represents a move towards a more centralized and efficient reporting process, supporting RBI's commitment to enhancing operational efficiency in financial services.