Please find attached circular issued by RBI. The brief summary of the circular is mentioned below:
|2||Subject||Discontinuation of Returns/Reports under Foreign Exchange Management Act, 1999.|
|4||Applicability||As per circular attached|
With a view to improve the ease of doing business and reduce the cost of compliance, the existing forms and reports prescribed under FEMA, 1999, were reviewed by the Reserve Bank. Accordingly, it has been decided to discontinue the 17 returns/reports as listed in the attachment with immediate effect.
|5||Impact||This is welcome move as reducing burden on Professionals as well as businesses.|