A. Discontinuance of certain filings and reportings
Recently, on November 13, 2020, the
Reserve Bank of India has passed a Circular
A.P. (DIR Series) Circular No. 05 discontinuing the filing
of various forms and reporting, which were until November 13, 2020
required to be done under the Foreign Exchange Management Act,
1999.
The move has been taken to improve the ease of doing business
and to reduce the cost of compliance. Accordingly, it has been
decided to discontinue the 17 returns/reports as listed in
the
Annexure with immediate effect.
While some of these reportings were one time, the others varied
between daily, fortnightly, monthly and quarterly. One of the
notable features of the RBI Circular is that Form DRR for
Issue/transfer of sponsored/unsponsored Depository Receipts has
been discontinued only in hard copy, while it is still required to
be reported on the FIRMS Application in terms of Regulation 4 (5)
of FEM (Mode of Payment and Reporting of
