RBI Ease of Doing Business Initiatives – Discontinuation of Returns Reports under FEMA, 1999

Drafted by CS Lalit Rajput



Reserve Bank of India (RBI) vide notification / Circular No. RBI/2020-21/66 A.P. (DIR Series) Circular No. 05 dated 13th November, 2020, has published Discontinuation of Returns/ Reports under Foreign Exchange Management Act, 1999 in exercise of the powers conferred under sections Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

The Circular is issued to : All Authorised Persons

  • Aim and Vision of this Circular: 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 Annexure A to this Circular as mentioned below with immediate effect.

  • Provisions of this Circular

The attention of Authorised Persons is invited to the Master Direction – Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016 (click here), as amended from time to time, and other reporting related instructions issued by the Reserve Bank of India. AD banks may bring the contents of this circular to the notice of their constituents.

List of Discontinued Reports                       Annexure A

Sl No. Name of Report Reporting Entity Frequency
1 Category-wise transaction where the amount exceeds USD 5000 per transaction AD Category-II Monthly
2 Category-wise, transaction-wise statement where the amount exceeds USD 25,000 per transaction AD Category- II Monthly
3 Statement of Purchase transactions of USD 10,000 and above (including transactions of their franchisees) FFMCs and AD Category- II Monthly
4 Extension of Liaison Offices (LOs) AD Category-I banks As and when extension is granted
5 Extension of Project Offices (POs) AD Category-I banks As and when extension is granted
6 FII/FPI daily: Daily inflow/outflow of foreign fund on account of investment by FPIs AD banks Daily
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 AD Category-I banks Monthly
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 AD Category-I banks/Custodian banks Monthly
9 Reporting of Inflow/Outflow details in respect of Mutual Fund by Asset Management Companies Asset Management Companies Quarterly
10 Market value of FII Investment in India on fortnightly basis AD Category-I banks Fortnightly
11 Market value of FII Investment in India on Monthly basis AD Category-I banks Monthly
12 FII holdings as percentage of floating stock AD Category-I banks Monthly
13 Form DRR for Issue/transfer of sponsored/unsponsored Depository Receipts (DRs)-Hardcopy@ Custodian At the time of issue/transfer of depository receipts
14 ADR/GDR Movement Report- two way fungibility AD Category-I banks Monthly
15 Repatriation of Sales proceeds of underlying shares represented by FCCBs/GDRs/ ADRs Custodian Monthly
16 GDR/ADR underlying shares issued, re deposited and released monthly reporting Custodian Monthly
17 Monitoring of disinvestments by Overseas Corporate Bodies AD banks Monthly
Please note that it is only the hardcopy filing of form DRR that has been discontinued. The domestic custodian may continue to report the form DRR on FIRMS application in terms of Regulation 4 (5) of FEM (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.



Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.


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