Way back in 2008, Reserve Bank of India introduced the Online Returns Filing System (ORFS)
ORFS is a single window returns submission system which harnesses the power of internet, to streamline the collection of data from RBI regulated institutions. An introduction of ORFS can be read here.
XBRL is the preferred choice for data standardization in ORFS. XBRL enables standardization and rationalization of elements of different returns using internationally recognized best practices in electronic transmission
To fully move into the eMode era, RBI vide Notification No RBI/2012-13/504 A. P. (DIR Series) Circular No. 106 dt.May 23, 2013 has advised banks to submit the LRS data only through the Online Returns Filing System (ORFS) of Reserve Bank, and discontinue the submission of Hard copy.
LRS Monthly report contains the information on the number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme), on a monthly basis
The effective date of the circular in July 01, 2013, AD Category – I.
Banks are required to upload the data (LRS data of June 2013) in ORFS on or before fifth of the following month.
Where there is no data to furnish, AD banks are advised to upload ‘nil’ figures in the ORFS system.
- Delay in re-presentation of technical return cheques and levy of charges for such returns (simplybanking.wordpress.com)
- SEC Using XBRL to Flag Reports for Review (aicpa.org)
- XBRL: The Standard for Exchanging Business Information (andrefinanceblog.wordpress.com)