The Reserve Bank of India (“RBI”) on November 13, 2020, issued a circular regarding the discontinuation of certain Reports & Returns under the Foreign Exchange Management Act, 1999. This initiative has been taken on account of ease of doing business and to reduce the cost of compliance for concerned entities. A total of 17 reports and returns have been discontinued with immediate effect.

The said Reports and Returns are as follows:

1. A category-wise transaction where the amount exceeds $5000 per transaction.
2. Category-wise, transaction-wise statement where the amount exceeds $25,000 per transaction.
3. Statement of Purchase transactions of $10,000 and above (including transactions of their franchisees).
4. Extension of Liaison Offices (LOs).
5. Extension of Project Offices (POs).
6. FII/FPI daily: Daily inflow/outflow of the foreign fund on account of investment by FPIs.
7. FII/FPI Return (Monthly): Data relating to actual inflow/outflow of remittances on account of investments by Foreign Institutional Investors (FIIs) in the Indian Capital market.
8. FVCI reporting: Inflows/outflows of remittances on account of investments by Foreign Venture Capital Investor (FVCIs) and Market value of Investments made by FVCIs.
9. Reporting of Inflow/Outflow details in respect of Mutual Fund by Asset Management Companies.
10. Market value of FII Investment in India on fortnightly basis.
11. Market value of FII Investment in India on Monthly basis.
12. FII holdings as a percentage of floating stock.
13. Form DRR for Issue/transfer of sponsored/unsponsored Depository Receipts (DRs) -only Hardcopy filing is being discontinued.
14. ADR/GDR Movement Report – two-way fungibility.
15. Repatriation of Sales proceeds of underlying shares represented by FCCBs/GDRs/ADRs.
16. GDR/ADR underlying shares issued, redeposited, and released monthly reporting.
17. Monitoring of disinvestments by Overseas Corporate Bodies.

To read the full RBI circular, please click on the link