Liberalised Remittance Scheme for Resident Individuals – Reporting – No Hard Copy report


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.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s